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ETF Comparison

SPY vs SPYM: Same Index, Different State Street Wrapper

A head-to-head of the SPDR S&P 500 ETF Trust and the SPDR Portfolio S&P 500 ETF covering cost, size, and why the payouts track.

Data updated September 18, 2026

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 SPYM over the trailing twelve months, posting a 17.12% total return against 17.19%. The lead holds up over 10 years too: SPYM has compounded at 15.49% a year, against 15.38% for SPY. 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.
SymbolYTD1Y3Y5Y10YSince Nov 2005Volatility Sharpe Sortino Max drawdown
SPY12.36%17.12%21.19%13.03%15.38%11.16%15.3%0.971.41-18.8%
SPYM12.39%17.19%21.29%13.09%15.49%11.24%14.9%1.001.44-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Nov 2005” measures every fund from November 15, 2005 — 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.
MetricSPYSPYM
Full nameSPDR S&P 500 ETF TrustState Street SPDR Portfolio S&P 500 ETF
IssuerState StreetState Street
Last Close$761.69 as of September 18, 2026$89.64 as of September 18, 2026
Distribution rate0.99%1.07%
Distribution Safety Score™ 100100
Safety-Adjusted Yield 0.99%1.07%
Expense ratio0.0945%0.02%
AUM$783B$157B
Distribution frequencyQuarterlyQuarterly
Underlying indexS&P 500 IndexS&P 500 Index
ObjectiveTrack the S&P 500 Index before expenses.Tracks the S&P 500 Index, providing broad U.S. large-cap equity exposure at a low cost.
Asset classEquityEquity
Inception date01/22/199311/08/2005
Beta1.01.0
Last dividend$1.8888$0.239
Ex-dividend date09/18/202609/11/2026

Bottom lineSPY and SPYM are nearly interchangeable — both track the S&P 500 with very similar cost and risk. The clearest tie-breaker is cost: SPYM is cheaper at 0.02% vs 0.0945%.

SPY vs SPYM: two State Street S&P 500 wrappers

Same index. SPY is the original trust. SPYM is the lower-cost portfolio share class. The fee is the live difference.

SPYSPYM
IndexS&P 500 IndexS&P 500 Index
StructureUnit investment trustOpen-end ETF
Expense ratio0.0945%0.02%
Distribution yield0.99%1.07%
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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$2092B

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 SPYM.

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Quick verdict

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

SPYM offers the higher yield at 1.07% vs 0.99% for SPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPYM is cheaper with an expense ratio of 0.02% compared to 0.0945%.

SPY is the larger fund by assets ($783B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, SPY would generate roughly $8.25/month, while SPYM would produce $8.92/month, at current distribution rates. Both pay quarterly distributions.

SPY yield0.99%
SPYM yield1.07%
Monthly diff on $10K$0.67

Cost & efficiency

Over 10 years on $10,000, SPY would cost approximately $95 in fees vs $20 for SPYM (simplified, not compounded). The $74.50 difference may be offset by yield or performance.

SPY ER0.0945%
SPYM ER0.02%

Strategy & risk

Both SPY and SPYM 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.

SPY beta1.0
SPYM beta1.0

Fund details

SPY is managed by State Street (launched 01/22/1993) with $783B in assets. SPYM is managed by State Street (launched 11/08/2005) with $157B in assets.

SPY AUM$783B
SPYM AUM$157B
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Frequently asked questions

What is the difference between SPY and SPYM?

Same index, two State Street wrappers. SPY (SPDR S&P 500 ETF Trust) is the original unit-investment-trust S&P 500. SPYM (State Street SPDR Portfolio S&P 500 ETF) is the lower-cost portfolio share class of the same index. Cost is 0.0945% versus 0.02%; distributions are 0.99% and 1.07% as of September 2026. Size is $783B versus $157B. The fee, not a yield race, is the live difference.

Is SPLG the same as SPYM?

Yes — same fund, new ticker. State Street renamed the State Street SPDR Portfolio S&P 500 ETF from SPLG to SPYM; the strategy and holdings carried over unchanged, and existing shareholders kept their position under the new symbol. So results for "SPLG" are answered by SPYM's numbers: 1.07% distribution yield at a 0.02% expense ratio, with $157B in assets as of September 2026.

What is the current distribution rate for SPY and SPYM?

SPY currently distributes 0.99% and SPYM 1.07%, 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 SPYM better for dividend income?

It depends on your goals. SPYM 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.

Is SPY or SPYM safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: SPY scores 100, SPYM scores 100. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, SPY or SPYM?

SPY has an expense ratio of 0.0945% while SPYM charges 0.02%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in SPY would generate roughly $8.25 per month ($99.00 annually). The same in SPYM would produce about $8.92 per month ($107.00 annually).

Which has performed better historically, SPY or SPYM?

SPY has lagged SPYM over the trailing twelve months, posting a 17.12% total return against 17.19%. The lead holds up over 10 years too: SPYM has compounded at 15.49% a year, against 15.38% for SPY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SPY vs SPYM — at a glance

Generated September 19, 2026.

Overview

SPY and SPYM are both ETFs tracking the identical S&P 500 Index, issued by State Street, and offering broad exposure to 500 large-cap U.S. equities. The key distinction is cost: SPYM operates at 0.02%, while SPY charges 0.0945%, making SPYM roughly five times cheaper on an expense basis despite SPY's vastly larger asset base of $783B versus $157B.

How they differ

Both track the same index and hold nearly identical underlying stocks, so the strategic exposure is functionally identical. The second difference is distribution yield: SPYM's 1.07% slightly exceeds SPY's 0.99%, likely reflecting SPYM's lower costs allowing slightly more income to flow through to shareholders.

Who each is best for

  • SPY: Fits investors prioritizing maximum trading liquidity and the tightest spreads, particularly those building or rebalancing large positions, or who value the fund's 33 years history as the original large-cap S&P 500 vehicle.
  • SPYM: Fits investors focused on minimizing ongoing fees over a long holding period, where SPYM's 0.02% advantage compounds into meaningful savings, especially those building core allocations they plan to hold through multiple market cycles.

Key risks to know

  • Index concentration: Both funds replicate the S&P 500, which means exposure is concentrated among the largest market-cap companies; a sharp decline in mega-cap stocks directly impacts the fund's NAV.
  • Liquidity premium decay: SPY's superior liquidity creates a temporary trading advantage, but that spread advantage narrows for investors who hold shares long-term and never resell; the benefit to buy-and-hold holders is minimal.
  • Market-beta risk: Both funds carry a 1.0 beta to broad market moves, meaning they move in lockstep with S&P 500 drawdowns and rallies—there is no downside cushion or defensive characteristic in either fund.

Bottom line

If you trade frequently or manage very large positions, SPY's unmatched liquidity justifies its higher fee. If you're building a core holding and plan to stay invested, SPYM's 0.02% expense ratio will compound into meaningful savings over years without sacrificing index exposure. Both deliver identical S&P 500 exposure; the choice hinges on your trading frequency and time horizon, not on which fund is "better."

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.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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