ETF Comparison

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

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

Data updated September 4, 2026

Best for

SPYInvestors who want higher current income (0.99% vs 0.49% for SPYG).
SPYGInvestors who want broad equity exposure.

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Visual comparison

Key metrics

Projected income on $10K

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

Total returns

SPY has lagged SPYG over the trailing twelve months, posting a 20.97% total return against 22.85%. The lead holds up over 10 years too: SPYG has compounded at 17.74% a year, against 15.24% for SPY. SPY has been the steadier holding, though — annualized volatility of 15.3% against 19.6% for SPYG. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD	1Y	3Y	5Y	10Y	Since Sep 2000	Volatility	Sharpe	Sortino	Max drawdown
SPY	13.34%	20.97%	21.20%	12.70%	15.24%	8.60%	15.3%	0.97	1.41	-18.8%
SPYG	14.30%	22.85%	25.77%	13.10%	17.74%	7.56%	19.6%	0.94	1.37	-22.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Sep 2000” measures every fund from September 29, 2000 — 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	SPY	SPYG
Full name	SPDR S&P 500 ETF Trust	State Street SPDR Portfolio S&P 500 Growth ETF
Issuer	State Street	State Street
Underlying index	S&P 500 Index	S&P 500 Growth Index
Last Close	$770.19 as of September 4, 2026	$121.70 as of September 4, 2026
Distribution rate	0.99%	0.49%
Distribution Safety Score™	100	82
Safety-Adjusted Yield	0.99%	0.40%
Expense ratio	0.09%	0.04%
AUM	$805B	$53.9B
Distribution frequency	Quarterly	Quarterly
Objective	Track the S&P 500 Index before expenses.	Provide exposure to the fund's underlying index or strategy per issuer materials.
Asset class	Equity	Equity
Inception date	01/22/1993	09/25/2000
Beta	1.0	1.21
Last dividend	$1.9035	$0.148
Ex-dividend date	06/18/2026	06/22/2026

Bottom lineChoose SPY if you want higher current income (0.99% vs 0.49% for SPYG). Choose SPYG if you want broad equity exposure.

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Income calculator

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

State Street

ETFs179

Total AUM$2124B

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.

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Quick verdict

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

SPY offers the higher yield at 0.99% vs 0.49% for SPYG. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPYG is cheaper with an expense ratio of 0.04% compared to 0.09%.

They have different reference exposures: SPY is linked to S&P 500 Index while SPYG is linked to S&P 500 Growth Index, which means their performance drivers differ.

SPY is the larger fund by assets ($805B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose SPY

SPDR S&P 500 ETF Trust

Want higher current income — SPY yields 0.99% vs 0.49% for SPYG.
Want simple, diversified core exposure as a portfolio building block.
Prefer lower volatility — a beta of 1.0 vs 1.2 for SPYG.

Choose SPYG

State Street SPDR Portfolio S&P 500 Growth ETF

Want broad equity exposure.
Want to keep costs low — a 0.04% expense ratio vs 0.09% for SPY.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

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Deep dive

Yield & income

On a $10,000 investment, SPY would generate roughly $8.25/month, while SPYG would produce $4.08/month, at current distribution rates. Both pay quarterly distributions.

SPY yield0.99%

SPYG yield0.49%

Monthly diff on $10K$4.17

Cost & efficiency

Over 10 years on $10,000, SPY would cost approximately $90 in fees vs $40 for SPYG (simplified, not compounded). The $50.00 difference may be offset by yield or performance.

SPY ER0.09%

SPYG ER0.04%

Strategy & risk

SPY tracks S&P 500 Index with a large cap approach, while SPYG tracks S&P 500 Growth Index with an index approach. Beta is 1.0 for SPY and 1.21 for SPYG, making SPY the less volatile of the two by this measure.

SPY beta1.0

SPYG beta1.21

Fund details

SPY is managed by State Street (launched 01/22/1993) with $805B in assets. SPYG is managed by State Street (launched 09/25/2000) with $53.9B in assets.

SPY AUM$805B

SPYG AUM$53.9B

Ready to act?

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Frequently asked questions

What is the current distribution rate for SPY and SPYG?

SPY currently distributes 0.99% and SPYG 0.49%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is SPY or SPYG better for dividend income?

It depends on your goals. SPY 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 SPY and SPYG?

SPY (SPDR S&P 500 ETF Trust) tracks S&P 500 Index with a large cap approach, while SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) tracks S&P 500 Growth Index with an index approach. They are issued by State Street and State Street respectively.

Can I hold both SPY and SPYG?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is SPY or SPYG safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPY scores 100, SPYG scores 82, so SPY's payout currently looks the more resilient of the two. SPY has also shown lower price volatility (beta 1.00 vs 1.21 for SPYG). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, SPY or SPYG?

SPY has an expense ratio of 0.09% while SPYG charges 0.04%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in SPY would generate roughly $8.25 per month ($99.00 annually). The same in SPYG would produce about $4.08 per month ($49.00 annually).

Which has performed better historically, SPY or SPYG?

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SPY vs SPYG — at a glance

Generated September 5, 2026.

Overview

SPY and SPYG are both State Street ETFs that track S&P 500 components, but they divide the market along a fundamental stock characteristic. The result is a style split: SPY holds value, blend, and growth together; SPYG holds only growth names and carries higher volatility as a result.

How they differ

The primary difference is index construction. SPY tracks the full S&P 500 without style filtering, so it includes financials, utilities, energy, and value-oriented industrials alongside technology and growth stocks. SPYG excludes value stocks entirely, concentrating its $53.9B portfolio in growth and momentum names—a narrower bet that amplifies upside in growth cycles but deepens drawdowns when growth falls out of favor.

Second, volatility and sensitivity differ sharply. SPYG's beta of 1.21 versus SPY's 1.0 means SPYG moves 21% more than the market in either direction. Over a full market cycle, that leverage cuts both ways.

Third, yield and cost favor different strategies. SPY's higher yield reflects exposure to dividend-paying financials and utilities; SPYG's lower yield is typical of fast-growing stocks that reinvest earnings. The size gap is vast: SPY manages $805B versus SPYG's $53.9B.

Who each is best for

SPY: Fits investors seeking core large-cap U.S. equity exposure with balanced sector and style representation. The broad index, minimal cost, and quarterly dividends suit buy-and-hold allocators who want a single holding to represent U.S. large-cap growth and income.

SPYG: Fits investors with conviction in growth-stock outperformance and higher risk tolerance. Best suited to portfolios that pair growth exposure with value or dividend strategies elsewhere, or as a tactical overweight when technology and momentum align with their outlook.

Key risks to know

Style concentration. SPYG holds only growth stocks, so prolonged underperformance of growth versus value—or a sharp repricing of valuations—can hurt returns substantially. SPY's balanced approach avoids this.

Beta amplification. SPYG's 1.21 beta means losses in down markets are magnified; in a 20% S&P 500 decline, SPYG is likely to fall closer to 24%. This makes it unsuitable for investors approaching a spending horizon or unable to tolerate drawdowns.

Earnings sensitivity. Growth stocks are more sensitive to interest rates and recession signals. Rising rates or earnings disappointment can trigger sharper selloffs in SPYG than in SPY, which has defensive holdings to cushion downturns.

Holdings overlap. Both funds own many of the same mega-cap growth stocks (technology, consumer discretionary). Their correlation is high, so holding both provides less diversification than the style labels might suggest.

Bottom line

SPY is the default core holding for buy-and-hold investors who want the entire S&P 500 in one low-cost vehicle; SPYG is a growth tilt for those with the risk appetite and time horizon to ride out style rotations. If you want broad market exposure with income, SPY's cost and simplicity are hard to beat. If you're building a multi-strategy portfolio and want a pure growth sleeve, SPYG's lower fee and higher beta may fit better—but confirm you can stomach the extra volatility. Past performance of either strategy does not predict future results.

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

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