At a glance
SPYD charges 0.07% a year, below the 0.35% average of the 8 funds most like it (the cheapest of 9). It has $7.37B in assets, the 2nd largest of that group; it paid 4.26% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.7% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +18.8% a year. At its worst it fell 20.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low. Its ten largest positions make up 14.9% of the fund, out of 78 in all.
The short version
SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is a State Street index fund that holds about 80 of the highest-yielding stocks in the S&P 500 and gives each one roughly the same weight. Its 0.07% expense ratio is the lowest among the nine similar dividend funds we compared, where the average is 0.35%. Its trailing 12-month yield was 4.26% as of October 27, 2026, paid quarterly. The trade-off is a heavy tilt toward real estate and consumer staples.
Price history
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SPYD +14.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPYD official prospectus, to Dec 31, 2025 | — | +4.67% | — | +10.48% | +8.98% | — |
| SPYD price data to Oct 27, 2026 | +15.4% | +14.7% | +18.8% | +8.4% | — | +13.6% |
- Over the year to Oct 27, 2026, SPYD returned +14.7%, 7th of 9 among similar funds.
- Its 5-year annualized return was +8.4%.
- Its worst full calendar year was 2022 (-1.1%); its best was 2021 (+32.8%).
- The deepest fall in its price history was 22.2% (Apr 20, 2022 to Oct 27, 2023), recovered by Jul 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.4% | — |
| 2025 | +4.6% | +4.67% |
| 2024 | +15.3% | +15.20% |
| 2023 | +4.0% | +4.04% |
| 2022 | -1.1% | -1.17% |
| 2021 | +32.8% | +32.74% |
| 2020 | — | -11.52% |
| 2019 | — | +21.35% |
| 2018 | — | -4.77% |
| 2017 | — | +12.59% |
| 2016 | — | +24.77% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.2% over that stretch · deepest drop along the way 20.3%, back to its old high 21.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5100 | |
| 2025 | $1.9600 | +4.8% |
| 2024 | $1.8700 | +2.2% |
| 2023 | $1.8300 | -7.6% |
| 2022 | $1.9800 | +26.9% |
| 2021 | $1.5600 |
Living on SPYD: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jun 30, 2026, the fund held 78 securities; the ten largest made up 14.95% of assets.
| Holding | Weight | |
|---|---|---|
| Iron Mountain Inc | 1.61% | |
| Franklin Resources Inc | 1.56% | |
| CVS Health Corp | 1.52% | |
| Host Hotels & Resorts Inc | 1.52% | |
| Edison International | 1.47% | |
| Target Corp | 1.47% | |
| APA Corp | 1.47% | |
| Viatris Inc | 1.45% | |
| Kimco Realty Corp | 1.45% | |
| Simon Property Group Inc | 1.44% | |
| Federal Realty Investment Trust | 1.44% | |
| EOG Resources Inc | 1.43% | |
| Healthpeak Properties Inc | 1.43% | |
| Phillips 66 | 1.43% | |
| Principal Financial Group Inc | 1.41% |
By country
United States 95.53%Ireland 1.32%Jersey 1.22%Netherlands 1.21%By asset type
Stocks 99.28%By sector
Sectors of the companies held, for the 51.5% 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 withdrew a net $13.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.34%, +0.98%, +1.56%.
How it works
SPYD tracks the S&P 500 High Dividend Index from S&P Dow Jones Indices. The index draws on the S&P 500, which covers large US companies and real estate investment trusts (REITs, companies that own income-producing property). It selects 80 members with high dividend yields. Yield is the latest regular dividend, scaled to a full year, divided by the share price at rebalancing. As of July 31, 2026, the index held 78 stocks.
Each stock gets an equal weight, regardless of company size, so no single name dominates. The index rebalances twice a year, in January and July; in between, weights drift with prices. As of June 30, 2026, the largest holdings were Iron Mountain (1.6%), Franklin Resources (1.6%) and CVS Health (1.5%), and the top 10 totaled about 15%. Real estate and consumer staples companies made up a significant portion of the fund as of August 31, 2026.
The adviser, State Street's SSGA Funds Management, uses sampling: it may hold every index stock or a representative subset, but normally keeps at least 80% of net assets in index securities. It may also hold cash and use futures contracts (agreements to buy or sell at a set future price) to manage cash flows. It is not a leveraged or options-based fund.
What it really costs
- SPYD charges 0.07% a year, versus an average of 0.35% for the similar funds below (1st of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $7 in the first year and $90 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPYD | $7 | $23 | $40 | $90 |
In a retirement portfolio
It holds the highest-yielding stocks in the S&P 500 and had a 4.26% trailing yield, paid quarterly, as of October 27, 2026, at a 0.07% expense ratio.
SPYD can add a stream of dividend income to a portfolio. Its trailing 12-month yield was 4.26% as of October 27, 2026, and it pays dividends quarterly. Its yearly cost is low: $7 on $10,000 in the first year under the SEC's standard example. The fund launched in 2015, so it has no record from 2008. In 2020 it lost 11.52%, its worst calendar year since 2016, after falling 36.65% in the first quarter alone. In the 2022 bear market it fell 20.3% between April and September 2022. It didn't get back to its April 2022 high until July 2024. Anyone selling shares to cover spending in a year like that would have sold at low prices. Companies under strain can also cut their dividends, which would shrink the income. Past results don't predict the future, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want quarterly dividends from about 80 high-yielding S&P 500 stocks; the trailing yield was 4.26% as of October 27, 2026.
- Cost-conscious investors: its 0.07% expense ratio compares with a 0.35% average across similar dividend ETFs.
- Investors who like equal weighting, where no single company dominates; the top 10 holdings were 14.95% of assets as of June 30, 2026.
Look elsewhere if
- Investors who want broad market exposure: the index picks stocks on yield alone, so growing companies that pay small dividends are mostly left out.
- Anyone likely to sell during downturns: it lost 36.65% in early 2020 and didn't regain its April 2022 high until July 2024.
- Investors who want dividend growth or quality screens: a very high yield can come from a falling share price or a payout at risk of being cut.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPYD this fund | — | 0.07% | $7.37B | +14.7% | +18.8% |
| SPHD Invesco S&P 500® High Dividend Low Volatili… | 53% | 0.3% | $3.41B | +10.0% | +15.8% |
| CDL VictoryShares US Large Cap High Dividend Vo… | 42% | 0.35% | $391.7M | +18.9% | +19.6% |
| FDL First Trust Morningstar Dividend Leaders In… | 35% | 0.45% | $7.29B | +26.1% | +23.9% |
| KNGZ First Trust S&P 500 Diversified Dividend Ar… | 34% | 0.5% | $62.1M | +23.6% | +22.3% |
| XUDV Franklin U.S. Dividend Multiplier Index ETF | 33% | 0.09% | $73.6M | +27.7% | — |
| RDIV Invesco S&P Ultra Dividend Revenue ETF | 33% | 0.39% | $1.41B | +16.5% | +24.5% |
| DHS WisdomTree US High Dividend Fund | 30% | 0.38% | $1.50B | +20.5% | +21.1% |
Compared head to head: SCHD vs SPYD · all comparisons →
Questions investors ask
Does SPYD pay monthly dividends?
No. SPYD pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $2.06 per share, a trailing yield of 4.26%. That yield isn't fixed. It moves with the share price and with the dividends the fund's roughly 80 holdings pay. Companies can cut their dividends, and the index swaps holdings twice a year, so the payout changes over time.
What's the difference between SPYD and SPHD?
Both funds hold high-dividend S&P 500 stocks, and their holdings overlapped by 52%. SPHD, the Invesco S&P 500 High Dividend Low Volatility ETF, also screens for lower price swings. SPYD ranks purely on yield and weights its holdings equally. SPYD costs 0.07% a year and SPHD costs 0.30%. Over the year to October 27, 2026, SPYD returned 14.7% and SPHD returned 10%.
What is SPYD's expense ratio?
SPYD's expense ratio is 0.07% a year, according to its prospectus filed October 26, 2026. That was the lowest of the nine similar dividend funds we compared, where the average is 0.35%. In the SEC's standard example, $10,000 invested with a 5% annual return costs about $7 after one year, $23 after three years, $40 after five years and $90 after ten years.
How has SPYD performed over 10 years?
According to its prospectus, SPYD returned an average of 8.98% a year over the 10 years to December 31, 2025. Its five-year average was 10.48% a year, and its one-year return was 4.67%. Results varied widely from year to year. It gained 32.74% in 2021 and lost 11.52% in 2020. Based on market prices, it was up 15.4% for 2026 through October 27.
What are SPYD's top holdings?
As of June 30, 2026, SPYD's largest holdings were Iron Mountain (1.61%), Franklin Resources (1.56%), CVS Health (1.52%), Host Hotels & Resorts (1.52%) and Edison International (1.47%). The index weights its stocks equally, so no company is much bigger than the others. The top 10 made up just 14.95% of the fund. Real estate companies, including several REITs, feature heavily.