Compare/Updated Oct 26, 2026, refreshed every trading day
SPY vs SPLG
State Street SPDR S&P 500 ETF against SPDR Portfolio S&P 500 ETF: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
SPLG did slightly better over the Jul 19, 2022–Apr 24, 2026 period: $1,000 grew to $1,921 versus $1,915 for SPY, a 92.1% versus 91.5% total return. SPLG also led over three years, 79.7% versus 79.2%, while results were nearly identical across shorter periods. The difference matters mainly because SPLG charges a lower 0.02% expense ratio versus SPY’s 0.09%; its performance advantage was modest, but its lower cost is structurally favorable. Risk was effectively the same: both had 12.9% volatility over the last 12 months, while maximum drawdown was -18.7% for SPLG versus -18.8% for SPY. Daily-move correlation was 0.998, making the funds near-substitutes. SPY remains the much larger fund, with $809B in assets versus SPLG’s $102B.
- Price is below its 200-day average ($725); 50-day at $767.
- RSI 42, neutral. Supertrend says sell. ADX 14, so the trend is weak.
- Price is above its 200-day average ($78); 50-day at $79.
- RSI 71, overbought. Supertrend says buy. ADX 27, so the trend is strong.
Head to head
Which has returned more, SPY or SPLG?
SPY beat SPLG in 21 of the last 45 months; SPLG won the other 24. The typical monthly gap was 0.03 points.
Total return by period
Which is riskier?
Both: Feb 19, 2025 to Apr 8, 2025
- 0.998
- correlation of daily moves, 4 years
- 1.02
- SPY move per 1% in SPLG
- 0.998
- correlation, last 12 months
Month by month
Of the last 45 months. The typical gap was 0.03 points.
When did they diverge?
| Month | SPY | SPLG | Gap |
|---|---|---|---|
| December 2022 | -5.8% | -5.7% | -0.11 pts |
| November 2022 | +5.6% | +5.5% | +0.08 pts |
| August 2024 | +2.3% | +2.4% | -0.08 pts |
| July 2024 | +1.2% | +1.1% | +0.08 pts |
Where the numbers come from. 944 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with SPY and SPLG?
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