How Does It Compare to Other S&P 500 ETFs?

SPY, perhaps the best known ETF and a standard bearer for the ETF ecosystem overall, launched 33 years ago today. The SPDR S&P 500 ETF Trust (SPY) holds just under $700 billion in AUM at press time, matching its historical significance with its sheer asset size. Almost incomparable, the fund leads an intriguing and important category of S&P 500 funds. What do market watchers find when comparing the fund to its S&P 500 peers?

According to ETF Database data, the fund has returned 15% over the last one year period, beating its ETF Database Category average. The fund has also outperformed the large-cap growth equities category average over three- and five-year periods. SPY has returned 21.7% and 13.9% in those periods, respectively. Intriguingly, despite overall outflows in 2025 of about $10 billion, the fund still grew by about $90 billion. 

SPY at 33: How Others Target S&P 500

Meanwhile, the fund’s competitors have continued efforts to unseat the leading S&P 500 ETF. Some offer particularly intriguing approaches. The S&P 500 Historical Weight ETF Strategy (DSPY), for example, looks to address one of the biggest concerns about the S&P 500 right now: its concentration risk.

For an 18 basis point (bps) fee, the strategy applies a weight-adjusted methodology in an active investing approach. It takes the historical concentration levels of the S&P 500 since 1989 and weights its holdings recognizing that historical data. DSPY is the first new take on S&P 500 funds since 2003.

“SPY was the first ETF and for many investors it still remains the go-to vehicle to gain equity exposure,” said VettaFi Head of Research Todd Rosenbluth. “However, the ETF industry has evolved over the last three decades to also offer more targeted and alternatively weighted approaches to the S&P 500.”

DSPY joins other ETFs like XLK and SPLV that also offer interesting takes on the index. The State Street Technology Select SPDR ETF (XLK) asks an 8 bps fee to focus on tech stocks specifically within the S&P 500. The fund has returned 22.5% over the last year. SPLV, the Invesco S&P 500 Low Volatility ETF, charges 25 bps to target firms in that index offering very low volatility. 

Together, those funds offer healthy competition to SPY and its leading role among ETFs. As the fund enters its 34th year of operation, its competitors — and its own performance — will certainly be worth watching.

For more news, information, and strategy, visit ETF Trends.