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.
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 SPY and SPYG.
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 22.00% total return against 23.24%. The lead holds up over 10 years too: SPYG has compounded at 17.57% a year, against 15.11% for SPY. SPY has been the steadier holding, though — annualized volatility of 15.2% against 19.4% for SPYG. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 16, 2026. YTD and 1Y are cumulative; longer windows 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.
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 1.01% vs 0.50% 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 0.10%.
They track different benchmarks: SPY is linked to S&P 500 Index while SPYG tracks S&P 500 Growth Index, which means their performance drivers differ.
SPY is the larger fund by assets ($789B), which generally means tighter spreads and better liquidity.
Who should choose each?
Choose SPY
SPDR S&P 500 ETF Trust
Want higher current income — SPY yields 1.01% vs 0.50% 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 0.10% for SPY.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Deep dive
Yield & income
On a $10,000 investment, SPY would generate roughly $8.42/month, while SPYG would produce $4.17/month, at current distribution rates. Both pay quarterly distributions.
SPY yield1.01%
SPYG yield0.50%
Monthly diff on $10K$4.25
Cost & efficiency
Over 10 years on $10,000, SPY would cost approximately $100 in fees vs $40 for SPYG (simplified, not compounded). The $60.00 difference may be offset by yield or performance.
SPY ER0.10%
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 1.2 for SPYG, indicating SPY is less volatile relative to the market.
SPY beta1.0
SPYG beta1.2
Fund details
SPY is managed by State Street (launched 01/22/1993) with $789B in assets. SPYG is managed by State Street (launched 09/25/2000) with $51.4B in assets.
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Frequently asked questions
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.
Which has lower fees, SPY or SPYG?
SPY has an expense ratio of 0.10% 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 $8.42 per month ($101.00 annually). The same in SPYG would produce about $4.17 per month ($50.00 annually).
Which has performed better historically, SPY or SPYG?
SPY has lagged SPYG over the trailing twelve months, posting a 22.00% total return against 23.24%. The lead holds up over 10 years too: SPYG has compounded at 17.57% a year, against 15.11% for SPY. SPY has been the steadier holding, though — annualized volatility of 15.2% against 19.4% for SPYG. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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