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 21, 2026

Best for

SPYInvestors who want higher current income (0.98% vs 0.48% 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

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

SPY has lagged SPYG over the trailing twelve months, posting a 17.25% total return against 18.47%. The lead holds up over 10 years too: SPYG has compounded at 18.12% a year, against 15.55% 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	14.11%	17.25%	22.96%	13.76%	15.55%	8.61%	15.3%	1.07	1.56	-18.8%
SPYG	16.69%	18.47%	28.54%	14.53%	18.12%	7.63%	19.6%	1.06	1.54	-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 21, 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 start of shared available history — 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	$773.50 as of September 21, 2026	$124.10 as of September 21, 2026
Distribution rate	0.98%	0.48%
Distribution Safety Score™	100	82
Safety-Adjusted Yield	0.98%	0.39%
Expense ratio	0.0945%	0.04%
AUM	$785B	$55.0B
Distribution frequency	Quarterly	Quarterly
Objective	Track the S&P 500 Index before expenses.	Seeks to track the total return of the S&P 500 Growth Index before fees and expenses.
Asset class	Equity	Equity
Inception date	01/22/1993	09/25/2000
Beta	1.0	1.22
Last dividend	$1.8888	$0.1482 declared, pays 09/23/2026
Ex-dividend date	09/18/2026	09/21/2026

Bottom lineChoose SPY if you want higher current income (0.98% vs 0.48% for SPYG). Choose SPYG if you want broad equity exposure.

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Income calculator

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State Street

ETFs179

Total AUM$2099B

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 0.98% vs 0.48% 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 0.0945%.

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 ($785B), 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 0.98% vs 0.48% 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 0.0945% 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 $24.50 cash per distribution, while SPYG would produce $12.00 cash per distribution, at current distribution rates. Both pay quarterly distributions.

SPY yield0.98%

SPYG yield0.48%

Cash diff on $10K$12.50

Cost & efficiency

Over 10 years on $10,000, SPY would cost approximately $95 in fees vs $40 for SPYG (simplified, not compounded). The $54.50 difference may be offset by yield or performance.

SPY ER0.0945%

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 1.22 for SPYG, making SPY the less volatile of the two by this measure.

SPY beta1.0

SPYG beta1.22

Fund details

SPY is managed by State Street (launched 01/22/1993) with $785B in assets. SPYG is managed by State Street (launched 09/25/2000) with $55.0B in assets.

SPY AUM$785B

SPYG AUM$55.0B

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Frequently asked questions

What is the current distribution rate for SPY and SPYG?

SPY currently distributes 0.98% and SPYG 0.48%, 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 1.22 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 0.0945% 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 $24.50 cash per distribution ($98.00 annually). The same in SPYG would produce about $12.00 cash per distribution ($48.00 annually).

Which has performed better historically, SPY or SPYG?

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SPY vs SPYG — at a glance

Generated September 19, 2026.

Overview

SPY and SPYG are both State Street ETFs that track S&P 500 segments, but they target different slices of the market. SPY holds the full S&P 500—all 500 large-cap stocks weighted by market cap—while SPYG holds only the growth subset of that index, meaning companies with higher expected earnings growth and lower valuations relative to that growth. The key difference: SPY is broad market exposure; SPYG concentrates on faster-growing businesses within the large-cap universe.

How they differ

The biggest distinction is scope. This shows up immediately in beta: SPYG carries a 1.22 beta versus SPY's 1.0, meaning SPYG amplifies market moves in both directions.

Income yield reflects the style split. Growth stocks typically pay less in dividends; value stocks anchor SPY's yield higher. Both pay quarterly, so the timing is identical.

On fees, SPYG wins cleanly: 0.04% expense ratio versus SPY's 0.0945%.

Who each is best for

SPY: Fits investors seeking a single, complete large-cap holding that balances growth and value, with modest income and the lowest possible trading friction.

SPYG: Designed for growth-tilted portfolios where an investor wants pure-play upside to faster-growing companies within the large-cap category, willing to accept lower current yield and higher volatility in exchange for that tilt.

Key risks to know

Sector and style concentration in SPYG. Growth stocks cluster in technology, communication services, and discretionary sectors. A rotation away from growth—particularly a sustained shift into value—could underperform SPY materially. This is not temporary volatility; it's structural to the index selection.

Higher volatility and drawdown risk in SPYG. The 1.22 beta means SPYG swings about 22% more sharply than the broad market. In prolonged downturns, this amplification compounds losses relative to SPY.

Yield cliff for income investors. SPYG's 0.48% distribution rate offers minimal cash flow. Investors relying on quarterly distributions for spending will find SPYG insufficient; SPY's 0.98% is still modest but nearly twice as much.

Overlap and style-drift interaction. Both hold the same underlying universe (the S&P 500), and holdings may overlap significantly. Performance divergence depends entirely on whether growth outpaces value, not on fundamental diversification between them.

Bottom line

SPY is the default core holding for broad large-cap exposure with the lowest cost and highest liquidity; SPYG is a style bet within the same market cap bucket. If you want maximum diversification across the full large-cap spectrum with income, SPY's simplicity and scale stand out. If you're tilting explicitly toward growth and can tolerate higher volatility and lower yields, SPYG offers a cheaper way to express that view than buying growth stocks directly. Past performance doesn't predict future results; style performance cycles, and SPYG's outperformance in recent years is not guaranteed to persist.

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

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The metrics behind this comparison, explained in the Academy.

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