Dividend comparison

SPY vs TSPY: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR S&P 500 ETF and TappAlpha SPY Growth & Daily Income ETF, side by side. Updated October 21, 2026.

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SPY vs TSPY: key differences
The short answer, from the latest data on this page.
  • Fees. SPY is cheaper at 0.09% a year versus 0.71% for TSPY. On $10,000 that is $62 a year less in fees.
  • Income. TSPY pays more income, yielding 14.08% over the last twelve months versus 0.98% for SPY. That is about $1,310 more a year on $10,000. SPY pays quarterly, TSPY pays monthly.
  • Performance. Over the last 1 year, SPY returned 15.5% versus 2.0% for TSPY, with dividends reinvested. $10,000 would have grown to $11,551 in SPY and $10,197 in TSPY.
  • Risk. SPY has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -24.5%, against -18.0% for TSPY.
  • Diversification. SPY holds 504 positions and TSPY holds 4. The ten largest positions make up 38.7% of SPY and 99.8% of TSPY.
  • Size. SPY is the larger fund with $816.6 billion in assets, against $359 million for TSPY.

Bottom line: SPY fits better if you care most about lower fees, stronger 1-year returns and broader diversification. TSPY fits better if you care most about more income today and smaller drawdowns.

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
TSPY
TappAlpha SPY Growth & Daily Income ETF
Dividend yield (TTM)0.98%14.08%
Dividend / share (TTM)$7.53$3.57
Payout frequencyQuarterlyMonthly
Last dividend$1.9035 on Jul 31, 2026$0.2968 on Oct 7, 2026
Ex-dividend dateSep 18, 2026Oct 6, 2026
Next payment$1.8888 on Oct 30, 2026—
Dividend growth (CAGR)6.4% over 4 yrs—
Price$769.05$25.32
Dividend growth streak16 years—
Beta1.011.04
Max drawdown (5Y)-24.5%-18.0%
Market cap$813.99B$118.0M
ExchangeAMEXNASDAQ
Expense ratio0.09%0.71%
Assets under management$816.57B$358.9M
Number of holdings5044
Top 10 concentration38.7%99.8%
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

TSPY

$117.33/mo

$1408 /yr at 14.08% yield

Dividend history
Total dividends paid per share in each calendar year. SPY pays quarterly; TSPY pays monthly.
YearSPYTSPY
2025$7.2533$3.4921
2024$7.0056—
2023$6.5091—
2022$6.1723—
2021$5.6618—
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 TSPY 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 Aug 15, 2024 would now be worth $14,234 in SPY and $12,351 in TSPY.
PeriodSPYTSPY
1 month0.97%0.00%
3 months3.63%0.32%
Year to date13.37%-0.71%
1 year15.51%1.97%
3 years88.86%—
5 years81.29%—
  • SPY
  • TSPY
88118148202420252026142124

Both series indexed to 100 on 2024-08-15 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
  • TSPY
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%
SPY vs TSPY holdings overlap
At least 0% overlap by weight, with 0 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
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%

TSPY4 holdings total

NameWeight
VOOVanguard S&P 500 ETF99.80%

Quick verdict

SPY fits better if you care most about lower fees, stronger 1-year returns and broader diversification. TSPY fits better if you care most about more income today and smaller drawdowns. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is SPY or TSPY better for dividend income?
It depends on your goals. SPY currently yields 0.98% Trailing Twelve Months (TTM) while TSPY yields 14.08%. 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 TSPY?
State Street SPDR S&P 500 ETF (SPY) is an ETF listed on AMEX. TappAlpha SPY Growth & Daily Income ETF (TSPY) 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 is cheaper, SPY or TSPY?
SPY has the lower expense ratio. SPY charges 0.09% a year and TSPY charges 0.71%, a difference of $62 a year on a $10,000 investment.
Which has performed better, SPY or TSPY?
Over the last 1 year, SPY has the higher total return with dividends reinvested: SPY returned 15.5% and TSPY returned 2.0%. Past performance does not predict future returns.
Which is riskier, SPY or TSPY?
Measured by the worst peak-to-trough decline over the last five years, SPY has been riskier: SPY fell as much as 24.5% and TSPY as much as 18.0%. Their betas are 1.01 and 1.04.
How often do SPY and TSPY pay dividends?
SPY pays quarterly and TSPY pays monthly.
How much income does $10,000 in SPY vs TSPY generate?
At current TTM yields, $10,000 in SPY would generate roughly $8.15 per month ($98 annually). The same amount in TSPY would produce about $117.33 per month ($1408 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPY and TSPY?
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 TSPY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPY and TSPY 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.