SPYvsTENMETF Comparison
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State Street SPDR S&P 500 ETF Trust (SPY) belongs to the US Large Cap segment. iShares Large Cap 10% Target Buffer Mar ETF (TENM) is part of the Options Strategies segment. SPY's top 3 sector exposures are Technology, Finance and Consumer Non-Cyclicals. In contrast, TENM's top sector exposures are Technology, Finance and Healthcare. SPY is less expensive with a Total Expense Ratio (TER) of 0.0945%, versus 0.53% for TENM. SPY is up 11.68% year-to-date (YTD) with +$6.63B in YTD flows. TENM performs worse with 8.62% YTD performance, and -$139M in YTD flows. Run a side-by-side ETF comparison of SPY and TENM below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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SPY vs TENM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SPY TENM | -1.94%+0.06% | +0.67%+2.09% | +11.68%+8.62% | +15.91%n/a | +76.71%n/a | +81.02%n/a |
| Flows | SPY TENM | -$6.76B- | -$2.67B-$2M | +$6.63B-$139M | +$30.72B- | +$69.44B- | +$75.87B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SPY TENM | +11.41%+4.91% | +12.85%n/a | +15.03%n/a | +17.03%n/a |
| Max drawdown | SPY TENM | -3.40%-1.31% | -8.89%n/a | -18.74%n/a | -24.50%n/a |
| Max drawdown duration | SPY TENM | 19d17d | 76dn/a | 126dn/a | 708dn/a |
Trading data
SPY | TENM | |
Last sale 9/16/2026 at 1:30 PM | $754.05 | $27.52 |
| Previous close 09/15/2026 | $757.39 | $27.57 |
| Consolidated volume 09/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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TENM
is actively managed and doesn’t replicate an indexSPY | TENM | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/16/2026 at 1:30 PM
Live
Closed
SPY | TENM | |
|---|---|---|
| Last price | $754.05 | $27.52 |
| 1D performance | -0.44% | -0.16% |
| AuM | $797.12 B | $46.36 M |
| E/R | 0.0945% | 0.53% |
Characteristics
SPY | TENM | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | State Street Investment Management | iShares |
| Benchmark | S&P 500 Index | - |
| N° of holdings | 497 | 501 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 22, 1993 | October 21, 2025 |
| ESG | No | No |
Exposure
Countries
SPY
USA
96.41%
Other
3.59%
TENM
USA
100.9%
Other
-0.9%
Sectors
SPY
Technology
44.7%
Finance
13.9%
Consumer Non-Cycl.
9.41%
Healthcare
8.88%
Industrials
7.86%
Other
15.24%
TENM
Technology
45.93%
Finance
14.38%
Healthcare
9.22%
Consumer Non-Cycl.
9.17%
Industrials
8.04%
Other
13.26%
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Diversification
SPY
Total weight of top 15 holdings out of 15
43.98%
TENM
Total weight of top 15 holdings out of 15
44.73%
Top 15 holdings
Data as of July 31, 2026
SPY
NVIDIA Corp.
7.55%
Apple, Inc.
7.04%
Microsoft Corp.
5.36%
Amazon.com, Inc.
4.13%
Alphabet, Inc.
3.24%
Broadcom Inc.
2.86%
Alphabet, Inc.
2.62%
Meta Platforms, Inc.
1.90%
JPMorgan Chase & Co.
1.46%
Berkshire Hathaway, Inc.
1.46%
Micron Technology, Inc.
1.44%
Eli Lilly & Co.
1.41%
Tesla, Inc.
1.36%
Advanced Micro Devices, Inc.
1.21%
Johnson & Johnson
0.96%
TENM
Apple, Inc.
7.85%
NVIDIA Corp.
7.57%
Microsoft Corp.
5.37%
Amazon.com, Inc.
3.69%
Alphabet, Inc.
3.13%
Broadcom Inc.
2.94%
Alphabet, Inc.
2.53%
Meta Platforms, Inc.
1.90%
Micron Technology, Inc.
1.58%
JPMorgan Chase & Co.
1.51%
Berkshire Hathaway, Inc.
1.50%
Eli Lilly & Co.
1.46%
Tesla, Inc.
1.39%
Advanced Micro Devices, Inc.
1.27%
ExxonMobil Holdings Corp.
1.04%
Frequently asked questions about SPY and TENM
How have the SPY and TENM ETFs performed in 2026?
As of September 15, 2026, SPY is up 11.68% year-to-date (YTD), while TENM has returned 8.62%. That puts SPY better performer ahead so far this year.
Which ETF is attracting more investor money: SPY or TENM?
Year-to-date, the SPY ETF saw +$6.63B in flows, compared to -$139M for TENM.
Which ETF is bigger: SPY or TENM?
As of September 15, 2026, SPY holds $797.12 B in assets under management (AUM), while TENM manages $46.36 M.
What sectors do the SPY and TENM ETFs invest in?
SPY leans toward sectors like Technology, Finance and Consumer Non-Cyclicals. Meanwhile, TENM focuses on Technology, Finance and Healthcare.
What are the top holdings of the SPY ETF and TENM ETF?
SPY top holdings include NVIDIA Corp., Apple, Inc. and Microsoft Corp.. TENM holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..
Which ETF is more diversified: SPY or TENM?
SPY holds 500 securities with 43.98% of its assets in the top 15. TENM has 504 securities and a top 15 weight of 44.73%.
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Latest news about SPY & TENM
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