Dividend comparison

SPY vs SWPPX: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR S&P 500 ETF and Schwab S&P 500 Index Fund- Select Shares, side by side. Updated October 21, 2026.

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SPY vs SWPPX: key differences
The short answer, from the latest data on this page.
  • Income. Their trailing yields are almost the same: 0.98% for SPY and 0.98% for SWPPX. SPY pays quarterly, SWPPX pays annual.
  • Performance. Over the last 5 years, SWPPX returned 81.7% versus 81.3% for SPY, with dividends reinvested. $10,000 would have grown to $18,168 in SWPPX and $18,129 in SPY.
  • Risk. Their worst declines over the last 5 years were similar: -24.5% for SPY and -24.6% for SWPPX from peak to trough.
  • Dividend growth. SPY grew its yearly payout 6.4% a year over the last 4 years, versus 6.0% for SWPPX.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPY
State Street SPDR S&P 500 ETF
SWPPX
Schwab S&P 500 Index Fund- Select Shares
Dividend yield (TTM)0.98%0.98%
Dividend / share (TTM)$7.53$0.19
Payout frequencyQuarterlyAnnual
Last dividend$1.9035 on Jul 31, 2026$0.1946 on Dec 12, 2025
Ex-dividend dateSep 18, 2026Dec 12, 2025
Next payment$1.8888 on Oct 30, 2026—
Dividend growth (CAGR)6.4% over 4 yrs6.0% over 4 yrs
Price$769.05$19.93
Dividend growth streak16 years4 years
Beta1.011.01
Max drawdown (5Y)-24.5%-24.6%
Market cap$813.99B$148.68B
ExchangeAMEXNASDAQ
Expense ratio0.09%—
Assets under management$816.57B—
Number of holdings504—
Top 10 concentration38.7%—
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPY

$8.15/mo

$98 /yr at 0.98% yield

SWPPX

$8.14/mo

$98 /yr at 0.98% yield

Dividend history
Total dividends paid per share in each calendar year. SPY pays quarterly; SWPPX pays annual.
YearSPYSWPPX
2025$7.2533$0.1946
2024$7.0056$0.1850
2023$6.5091$0.1743
2022$6.1723$0.1635
2021$5.6618$0.1540
Strategy: Broad index
Low-cost funds that hold an entire market or index at market-cap weights and make no attempt to select securities. Return is the index return less a small fee, and dividends are a by-product of what the underlying companies choose to pay rather than an objective of the strategy. Differences between funds tracking the same index usually come down to fee, wrapper structure, share price and trading liquidity, not to holdings.

Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.

What SPY vs SWPPX actually do

SPY
The original S&P 500 ETF, launched in 1993 and still the most heavily traded equity fund in the world.

It holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.

Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.

Core holding, trading vehicle

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $18,129 in SPY and $18,168 in SWPPX.
PeriodSPYSWPPX
1 month0.97%0.86%
3 months3.63%3.86%
Year to date13.37%13.63%
1 year15.51%15.80%
3 years88.86%88.73%
5 years81.29%81.68%
  • SPY
  • SWPPX
73132190202120222023202420252026181182

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • SPY
  • SWPPX
0%10%19%29%38%Technology38.4%Financial Services11.7%Communication Services9.8%Healthcare9.6%Consumer Cyclical8.8%Industrials8.0%Consumer Defensive4.7%Energy3.6%Utilities2.0%Real Estate1.7%Other1.9%
Top 10 holdings
Largest positions by portfolio weight.

SPY504 holdings total

NameWeight
NVDANVIDIA CORP7.93%
AAPLAPPLE INC7.55%
MSFTMICROSOFT CORP5.98%
AMZNAMAZON.COM INC3.89%
GOOGLALPHABET INC CL A3.05%
GOOGALPHABET INC CL C2.44%
AVGOBROADCOM INC2.40%
METAMETA PLATFORMS INC CLASS A2.35%
TSLATESLA INC1.57%
MUMICRON TECHNOLOGY INC1.54%

Quick verdict

SPY currently posts the higher TTM yield (0.98%). SPY yields 0.98%; SWPPX yields 0.98%. Choose based on whether you prioritize current cash flow, dividend growth, or total return — then model the holding inside your real portfolio.

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Frequently asked questions

Is SPY or SWPPX better for dividend income?
It depends on your goals. SPY currently yields 0.98% Trailing Twelve Months (TTM) while SWPPX yields 0.98%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SPY and SWPPX?
State Street SPDR S&P 500 ETF (SPY) is an ETF listed on AMEX. Schwab S&P 500 Index Fund- Select Shares (SWPPX) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which has performed better, SPY or SWPPX?
Over the last 5 years, SWPPX has the higher total return with dividends reinvested: SPY returned 81.3% and SWPPX returned 81.7%. Past performance does not predict future returns.
Which is riskier, SPY or SWPPX?
Measured by the worst peak-to-trough decline over the last five years, SWPPX has been riskier: SPY fell as much as 24.5% and SWPPX as much as 24.6%. Their betas are 1.01 and 1.01.
How often do SPY and SWPPX pay dividends?
SPY pays quarterly and SWPPX pays annual.
How much income does $10,000 in SPY vs SWPPX generate?
At current TTM yields, $10,000 in SPY would generate roughly $8.15 per month ($98 annually). The same amount in SWPPX would produce about $8.14 per month ($98 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPY and SWPPX?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SPY vs SWPPX with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPY and SWPPX fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.