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. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
SPYD has lagged SPYM over the trailing twelve months, posting a 8.61% total return against 16.23%. The lead holds up over 10 years too: SPYM has compounded at 15.38% a year, against 7.83% for SPYD. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 2015” measures every fund from October 22, 2015 — 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.
Bottom lineChoose SPYD if you want a high-dividend stock tilt and accept dividend cuts and concentration. Choose SPYM if you want broad S&P 500 exposure and accept its large-company concentration.
High-dividend selection versus the broad S&P 500
SPYD targets the 80 highest dividend-yielding companies in the S&P 500 through its index. SPYM tracks the broad S&P 500. Their selection and weighting produce different portfolios even though they draw from the same stock universe.
SPYD
SPYM
Approach
S&P 500 High Dividend Index
S&P 500 Index
Risk review
Dividend cuts, high-yield selection, and sector concentration
U.S. large-cap and market-cap-weighted concentration
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 SPYD and SPYM.
SPYD (State Street® SPDR® Portfolio S&P 500® High Dividend ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both quarterly-pay dividend ETFs, but they take different approaches.
SPYD offers the higher yield at 4.57% vs 1.07% for SPYM. 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 0.07%.
They have different reference exposures: SPYD is linked to S&P 500 High Dividend Index while SPYM is linked to S&P 500 Index, which means their performance drivers differ.
SPYM is the larger fund by assets ($176B), but assets alone do not establish trading costs or liquidity.
Still deciding? Track SPYD & SPYM for free
Create a free Dividend Vision account to keep them on a watchlist, get notified when they declare dividends, and see how much income they would add to your portfolio.
On a $10,000 investment, SPYD would generate roughly $114.25 cash per distribution, while SPYM would produce $26.75 cash per distribution, at current distribution rates. Both pay quarterly distributions.
SPYD yield4.57%
SPYM yield1.07%
Cash diff on $10K$87.50
Cost & efficiency
Over 10 years on $10,000, SPYD would cost approximately $70 in fees vs $20 for SPYM (simplified, not compounded). The $50.00 difference may be offset by yield or performance.
SPYD ER0.07%
SPYM ER0.02%
Strategy & risk
SPYD targets the 80 highest dividend-yielding companies in the S&P 500 through its index. SPYM tracks the broad S&P 500. Their selection and weighting produce different portfolios even though they draw from the same stock universe. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
SPYD beta0.59
SPYM beta1.0
Fund details
SPYD is managed by State Street (launched 10/21/2015) with $7.19B in assets. SPYM is managed by State Street (launched 11/08/2005) with $176B in assets.
Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.
Frequently asked questions
Does SPYD's higher yield make it safer than SPYM?
No. A higher yield can reflect a falling share price, and dividends can be reduced. It does not require the fund to make up dividend cuts with return of capital. SPYD's holdings overlap the S&P 500, so adding it to SPYM creates a dividend tilt. Compare the combined sector weights and total returns.
What is the difference between SPYD and SPYM?
SPYD (State Street® SPDR® Portfolio S&P 500® High Dividend ETF) screens S&P 500 high-dividend names. SPYM (State Street SPDR Portfolio S&P 500 ETF) holds the full S&P 500. The screen tilts income and sector mix; it is not the index. Cost is 0.07% versus 0.02%; size is $7.19B versus $176B. Distributions are 4.57% and 1.07% as of September 2026. Screen versus index, not a one-date yield, is the split.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
Still deciding? Compare them against your own portfolio
See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.
