At a glance
SPY charges 0.09% a year, below the 0.12% average of the 8 funds most like it (the 7th cheapest of 9). It has $781.19B in assets, the 3rd largest of that group; it paid 1.01% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.5% with distributions reinvested, 7th of those 9 funds; over three years it returned +21.9% a year. At its worst it fell 33.7% in the 2020 crash and 24.5% in the 2022 bear market, and was back at its earlier high 5 months and 14 months after the lows. Its ten largest positions make up 36.4% of the fund, out of 503 in all.
The short version
SPDR S&P 500 ETF Trust (SPY) holds the stocks of the S&P 500 Index as a unit investment trust, a structure that cannot lend its stocks or reinvest dividends between payouts. It puts NVIDIA, Apple and the rest of the index in one fund, but its 0.0945% yearly cost is above the 0.03% charged by IVV and VOO, which hold the same stocks. That cost is still below the 0.12% average for similar funds.
Price history
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SPY +11.5% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPY official prospectus, to — | — | +17.73% | — | +14.28% | +14.66% | — |
| SPY price data to Nov 2, 2026 | +11.2% | +11.5% | +21.9% | +11.7% | +15.4% | +10.1% |
- Over the year to Nov 2, 2026, SPY returned +11.5%, 7th of 9 among similar funds.
- Its 5-year annualized return was +11.7% and its 10-year +15.4%.
- In the 2020 COVID crash it fell 33.7% and regained its old high 4.6 months after the low.
- Its worst full calendar year was 2008 (-36.8%); its best was 1997 (+33.5%).
- The deepest fall in its price history was 55.2% (Oct 9, 2007 to Mar 9, 2009), recovered by Aug 16, 2012.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.2% |
| 2025 | +17.7% |
| 2024 | +24.9% |
| 2023 | +26.2% |
| 2022 | -18.2% |
| 2021 | +28.8% |
| 2020 | +18.4% |
| 2019 | +31.2% |
| 2018 | -4.5% |
| 2017 | +21.7% |
| 2016 | +12.0% |
| 2015 | +1.3% |
| 2014 | +13.5% |
| 2013 | +32.3% |
| 2012 | +16.0% |
| 2011 | +1.9% |
| 2010 | +15.1% |
| 2009 | +26.4% |
| 2008 | -36.8% |
| 2007 | +5.1% |
| 2006 | +15.8% |
| 2005 | +4.8% |
| 2004 | +10.7% |
| 2003 | +28.2% |
| 2002 | -21.6% |
| 2001 | -11.8% |
| 2000 | -9.7% |
| 1999 | +20.4% |
| 1998 | +28.7% |
| 1997 | +33.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.2% over that stretch · deepest drop along the way 55.2%, back to its old high 41.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.7% over that stretch · deepest drop along the way 33.7%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.5% over that stretch · deepest drop along the way 24.5%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $5.5900 | |
| 2025 | $7.2800 | +3.0% |
| 2024 | $7.0700 | +6.5% |
| 2023 | $6.6400 | +4.9% |
| 2022 | $6.3300 | +10.7% |
| 2021 | $5.7200 | +0.4% |
| 2020 | $5.7000 | +1.6% |
| 2019 | $5.6100 | +9.8% |
| 2018 | $5.1100 | +6.7% |
| 2017 | $4.7900 | +5.5% |
| 2016 | $4.5400 | +8.1% |
| 2015 | $4.2000 | +9.7% |
| 2014 | $3.8300 | +14.3% |
| 2013 | $3.3500 | +8.1% |
| 2012 | $3.1000 | +20.6% |
| 2011 | $2.5700 | +13.7% |
| 2010 | $2.2600 | +3.7% |
| 2009 | $2.1800 | -19.9% |
| 2008 | $2.7200 | +0.4% |
| 2007 | $2.7100 | +10.9% |
| 2006 | $2.4443 | +13.8% |
| 2005 | $2.1481 | -2.0% |
| 2004 | $2.1924 | +34.9% |
| 2003 | $1.6255 | +8.8% |
| 2002 | $1.4939 | +5.2% |
| 2001 | $1.4195 | -5.5% |
| 2000 | $1.5014 | +4.2% |
| 1999 | $1.4403 | +2.0% |
| 1998 | $1.4117 | +2.8% |
| 1997 | $1.3730 |
Living on SPY: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jun 30, 2026, the fund held 503 securities; the ten largest made up 36.42% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 7.52% | |
| Apple Inc | 6.59% | |
| Microsoft Corp | 4.30% | |
| Amazon.com Inc | 3.62% | |
| Alphabet Inc | 3.25% | |
| Broadcom Inc | 2.77% | |
| Alphabet Inc | 2.59% | |
| Micron Technology Inc | 2.02% | |
| Meta Platforms Inc | 1.92% | |
| Tesla Inc | 1.84% | |
| Eli Lilly & Co | 1.47% | |
| Advanced Micro Devices Inc | 1.47% | |
| Berkshire Hathaway Inc | 1.42% | |
| JPMorgan Chase & Co | 1.36% | |
| Intel Corp | 1.02% |
By country
United States 97.03%Ireland 2%Switzerland 0.27%Bermuda 0.16%Netherlands 0.13%By asset type
Stocks 99.98%By sector
Sectors of the companies held, for the 90.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $31.20B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.48%, +5.25%, -0.96%.
How it works
SPY aims to match the price and dividend performance of the S&P 500 Index, before expenses. S&P Dow Jones Indices LLC decides which companies belong in the index and how much each counts. The trust holds as many of those stocks as practical, weighted to match the index. No one picks stocks: a struggling company stays unless S&P drops it. As of June 30, 2026, the 10 largest positions made up 36.42% of assets, led by NVIDIA (7.5%), Apple (6.6%) and Microsoft (4.3%).
The trustee, State Street Global Advisors Trust Company, updates the portfolio as S&P changes the index. It bundles adjustments and trades at least monthly, or sooner after big index changes. Turnover, the share of holdings replaced in a year, was 3% in the latest fiscal year. The trust holds no futures or swaps. Dividends are paid quarterly, at the end of January, April, July and October.
SPY is a unit investment trust, a fund governed by a trust agreement. That structure means it cannot lend its stocks for extra income or reinvest dividends before paying them out, a possible small drag versus open-end ETFs, which can do both. Holders vote only on limited matters, such as ending the trust. Only certain institutions create or redeem units (SPY's shares) directly, in blocks of 50,000.
What it really costs
- SPY charges 0.0945% a year, versus an average of 0.12% for the similar funds below (7th of 9, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
In a retirement portfolio
It tracks the S&P 500 Index and held 503 large US companies, led by NVIDIA, Apple and Microsoft, as of June 30, 2026, so it can anchor the stock part of a portfolio.
SPY fell 55.2% in the 2008 financial crisis, its deepest decline since 1996. It needed about 41 months after the March 2009 low to regain its peak. Its worst calendar year was 2008, down 36.8%. It dropped 33.7% in the 2020 COVID crash and 24.5% in the 2022 bear market, recovering in about five months and 14 months, respectively. Selling near such lows to pay bills locks in losses, so many retirees keep cash or bonds for bad years.
Income is modest: the yield over the previous 12 months was 0.98% as of October 27, 2026, paid quarterly. Its expense ratio (the yearly fee, as a share of assets) was 0.0945% in its January 2026 prospectus. That is above the 0.03% charged by IVV and VOO, which track the same index. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Long-term investors who want the S&P 500 in one holding, with no stock picking and just 3% portfolio turnover in the latest fiscal year.
- Patient investors who can ride out deep drops: SPY's price fell 55.2% between October 2007 and March 2009, then took 41.3 months to recover.
- Investors who want a long-established fund: SPY launched January 22, 1993, and held $781.2 billion in net assets as of June 30, 2026.
Look elsewhere if
- Cost-focused investors: SPY's 0.0945% expense ratio (yearly fee) is above the 0.03% charged by IVV and VOO, which hold the same stocks.
- Retirees needing high income or near-term cash: dividends yielded about 1% in the year to October 30, 2026, and 2022 brought a 24.5% peak-to-low drop.
- Investors wary of concentration: technology companies made up 35.2% of assets and the 10 largest positions 36.42% as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPY this fund | — | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 100% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 100% | 0.03% | $1.67T | +12.4% | +23.6% |
| USPX Franklin U.S. Equity Index ETF | 97% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 97% | 0.2% | $2.74B | +12.6% | +24.8% |
| VV Vanguard Large Cap ETF | 96% | 0.04% | $73.83B | +12.0% | +23.8% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 92% | 0% | $5.47B | +13.4% | +25.4% |
| QDPL Pacer Metaurus US Large Cap Dividend Multip… | 89% | 0.6% | $1.71B | +12.6% | +22.7% |
Compared head to head: SPY vs SPYI · SPY vs VOO · RSP vs SPY · all comparisons →
Questions investors ask
What's the difference between SPY and VOO?
Mainly cost and structure. Both track the S&P 500 Index and hold the same stocks, but Vanguard S&P 500 ETF (VOO) charges 0.03% a year versus 0.0945% for SPY. iShares Core S&P 500 ETF (IVV) also charges 0.03%. SPY is a unit investment trust, so it cannot lend its stocks or reinvest dividends between payouts, a possible small drag. Through October 30, 2026, SPY's three-year price return averaged 23.5% a year, versus 23.6% for VOO.
Is SPY good for retirement income?
Not as a main income source. SPY is built mainly for growth. Its dividends totaled $7.58 per share in the year to October 30, 2026, a yield (dividends as a share of price) of about 1%, paid quarterly. Retirees who need more would have to draw on price gains. That is harder after drops like the 24.5% slide in the 2022 bear market, a long market decline. SPY took 14 months from that low to recover.
What is SPY's expense ratio?
SPY charges 0.0945% a year, according to its prospectus filed January 26, 2026. This expense ratio is the yearly cost taken from fund assets. It breaks down into a 0.0492% trustee's fee, a 0.0301% S&P license fee for using the index, 0.0132% for marketing and 0.002% for other costs. It is below the 0.12% average for similar funds, but IVV and VOO charge 0.03%. Trading costs from portfolio changes are extra.
What is SPY's 10-year return?
About 14.66% a year on average, according to SPY's prospectus filed January 26, 2026, which also lists 14.28% a year for five years and 17.73% for one year. Based on market prices through October 30, 2026, SPY gained an average of 15.3% a year over 10 years, or 317% in total. From 2020 through 2025, yearly results ranged from an 18.17% loss in 2022 to a 28.75% gain in 2021. Past returns do not predict future ones.
How much did SPY lose in the 2008 crash?
SPY lost 36.8% in calendar 2008. Its price fell 55.2% overall from the October 9, 2007, peak to the March 9, 2009, low. That was its deepest decline in price records going back to October 1996. It did not regain the old peak until August 16, 2012. The 2020 COVID crash healed faster: SPY's price fell 33.7% but recovered within 4.6 months of the March 23, 2020, low.