ETF Comparison

SPLG vs SPY: Which Is the Better Pick in 2026?

A head-to-head comparison of SPDR Portfolio S&P 500 ETF and SPDR S&P 500 ETF Trust covering yield, cost, risk, and income potential.

Data updated July 4, 2026

State Street

ETFs182

Total AUM$2107B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on SPLG and SPY.

See all State Street ETFs

Side-by-side snapshot

	SPLG	SPY
Full name	SPDR Portfolio S&P 500 ETF	SPDR S&P 500 ETF Trust
Issuer	State Street	State Street
Last Close	$80.86 as of July 4, 2026	$744.78 as of July 4, 2026
Distribution yield	1.18%	1.02%
Distribution Safety Score	79	100
Expense ratio	0.02%	0.10%
AUM	$97.3B	$783B
Distribution frequency	Quarterly	Quarterly
Underlying index	S&P 500 Index	S&P 500 Index
Objective	Track the S&P 500 Index at a low expense ratio for core U.S. equity exposure.	Track the S&P 500 Index before expenses.
Asset class	Equity	Equity
Inception date	11/08/2005	01/22/1993
Beta	1.0	1.0
Last dividend	$0.2392	$1.9035
Ex-dividend date	06/12/2026	09/18/2026

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — no signup required.

Build a sample portfolio Forecast income

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

SPLG has outpaced SPY over the trailing twelve months, posting a 22.04% total return against 21.61%. The lead holds up over 10 years too: SPLG has compounded at 15.45% a year, against 15.30% for SPY. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	3Y	5Y	10Y	Since Nov 2005	Volatility	Sharpe	Sortino	Max drawdown
SPLG	9.63%	22.04%	20.42%	13.18%	15.45%	11.23%	14.9%	0.95	1.37	-18.7%
SPY	9.32%	21.61%	20.24%	13.05%	15.30%	11.13%	15.2%	0.92	1.33	-18.8%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Nov 2005” measures every fund from November 15, 2005 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

SPLG (SPDR Portfolio S&P 500 ETF) and SPY (SPDR S&P 500 ETF Trust) are both quarterly-pay dividend ETFs, but they take different approaches.

SPLG offers the higher yield at 1.18% vs 1.02% for SPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPLG is cheaper with an expense ratio of 0.02% compared to 0.10%.

SPY is the larger fund by assets ($783B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, SPLG would generate roughly $9.83/month, while SPY would produce $8.50/month, at current distribution rates. Both pay quarterly distributions.

SPLG yield1.18%

SPY yield1.02%

Monthly diff on $10K$1.33

Cost & efficiency

Over 10 years on $10,000, SPLG would cost approximately $20 in fees vs $100 for SPY (simplified, not compounded). The $80.00 difference may be offset by yield or performance.

SPLG ER0.02%

SPY ER0.10%

Strategy & risk

Both SPLG and SPY wrap S&P 500 Index with similar strategies (large cap and large cap). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic.

SPLG beta1.0

SPY beta1.0

Fund details

SPLG is managed by State Street (launched 11/08/2005) with $97.3B in assets. SPY is managed by State Street (launched 01/22/1993) with $783B in assets.

SPLG AUM$97.3B

SPY AUM$783B

Ready to act?

Open in Comparator Model in portfolio See pricing

Frequently asked questions

Is SPLG or SPY better for dividend income?

It depends on your goals. SPLG currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between SPLG and SPY?

Both SPLG (SPDR Portfolio S&P 500 ETF) and SPY (SPDR S&P 500 ETF Trust) track S&P 500 Index with similar approaches — the labels "large cap" and "large cap" describe closely related mechanics. The real differences show up in yield target (1.18% vs 1.02%), expense ratio (0.02% vs 0.10%), and issuer (State Street vs State Street).

Can I hold both SPLG and SPY?

You can, but expect significant overlap. Both funds use similar strategies on S&P 500 Index, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Which has lower fees, SPLG or SPY?

SPLG has an expense ratio of 0.02% while SPY charges 0.10%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in SPLG vs SPY generate?

At current rates, $10,000 in SPLG would generate roughly $9.83 per month ($118.00 annually). The same in SPY would produce about $8.50 per month ($102.00 annually).

Which has performed better historically, SPLG or SPY?

More comparisons to explore

People also compare SPLG with

People also compare SPY with

Popular comparisons

SPLG vs SPY — at a glance

Generated June 2026 from current fund data.

Overview

SPLG and SPY are both State Street S&P 500 tracking ETFs that hold identical underlying exposure—the 500 largest U.S. companies. The critical difference is cost: SPLG charges 0.02% annually while SPY charges 0.10%, making SPLG eight times cheaper. SPY is the original and far larger fund with $783B in assets; SPLG launched 12 years later as a lower-cost alternative within State Street's portfolio lineup.

How they differ

The expense ratio gap is the defining distinction. SPLG's 0.02% fee versus SPY's 0.10% means that over 20 years, the difference in cumulative costs compounds to roughly 0.4 percentage points of total return—a material drag on a fund held for decades. SPY has a significant size advantage at $783B in assets, which translates to tighter bid-ask spreads and higher daily trading volume, useful if you're moving large positions or need instant liquidity. Both funds have identical beta (1.0) and distributions, and both track the same index, so the performance difference over time will almost entirely reflect that 0.08% annual fee gap.

Who each is best for

SPLG: Fits investors building a core S&P 500 holding in a buy-and-hold portfolio where cumulative fee savings matter over a multi-decade horizon, and who are comfortable with smaller trading volume.

SPY: Fits investors who prioritize maximum trading liquidity and the smallest possible bid-ask spread, or who plan to trade the position actively rather than hold it for decades; also fits those who value the option to use options strategies tied to the most heavily traded S&P 500 vehicle.

Key risks to know

Fee erosion at identical returns. Both funds track the same index, so any outperformance by SPY relative to SPLG will be due to lower tracking error—yet SPY's higher expense ratio works in the opposite direction. Over 15+ years, the fee drag is the dominant factor in relative returns.

Concentration in the largest 500 names. Both funds have heavy weighting to the "Magnificent Seven" mega-cap tech stocks and other concentration at the portfolio level; a sharp downturn in large-cap U.S. equities affects both identically. This is not diversification into small-cap or international equity.

Liquidity mismatch for smaller investors. While SPY's $783B AUM ensures tight spreads during normal trading, SPLG's smaller size means less depth; selling a very large SPLG position during a market dislocation could face wider spreads than SPY, eroding returns in that scenario.

Bottom line

If you hold either fund for a long buy-and-hold horizon, SPLG's lower fee will compound into meaningfully better returns; if you trade frequently or need guaranteed tight spreads during stress, SPY's liquidity and options ecosystem justify the higher cost. Neither fund offers yield—SPY's 1.04% distribution rate is minimal and typical of equity index funds—and both are pure vehicles for U.S. large-cap equity beta, not income generation. Past performance doesn't predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.