THROvsSPYETF Comparison
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iShares U.S. Thematic Rotation Active ETF (THRO) belongs to the Multiple Trends segment. State Street SPDR S&P 500 ETF Trust (SPY) is part of the US Large Cap segment. THRO's top 3 sector exposures are Technology, Consumer Non-Cyclicals and Finance. In contrast, SPY's top sector exposures are Technology, Finance and Healthcare. THRO is more expensive with a Total Expense Ratio (TER) of 0.57%, versus 0.0945% for SPY. THRO is up 13.52% year-to-date (YTD) with -$948M in YTD flows. SPY performs worse with 12.84% YTD performance, and +$13.31B in YTD flows. Run a side-by-side ETF comparison of THRO and SPY 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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THRO vs SPY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | THRO SPY | +0.93%+1.49% | +2.51%+1.92% | +13.52%+12.84% | +17.42%+16.78% | +87.28%+81.50% | n/a+82.51% |
| Flows | THRO SPY | +$601M+$6.68B | +$802M+$9.28B | -$948M+$13.31B | -$42M+$36.89B | +$5.65B+$77.58B | -+$86.62B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | THRO SPY | +12.35%+11.17% | +14.46%+12.72% | +16.14%+14.97% | n/a+16.97% |
| Max drawdown | THRO SPY | -3.62%-3.03% | -10.86%-8.89% | -19.10%-18.74% | n/a-24.50% |
| Max drawdown duration | THRO SPY | 10d53d | 77d76d | 154d126d | n/a708d |
Trading data
THRO | SPY | |
Last sale 10/16/2026 at 1:30 PM | $43.65 | $763.25 |
| Previous close 10/15/2026 | $44.14 | $771.79 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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THRO
is actively managed and doesn’t replicate an indexTHRO | SPY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
THRO | SPY | |
|---|---|---|
| Last price | $43.65 | $763.25 |
| 1D performance | -1.11% | -1.11% |
| AuM | $7.38 B | $809.77 B |
| E/R | 0.57% | 0.0945% |
Characteristics
THRO | SPY | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | iShares | State Street Investment Management |
| Benchmark | - | S&P 500 Index |
| N° of holdings | 246 | 497 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 16, 2021 | January 22, 1993 |
| ESG | No | No |
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Exposure
Countries
THRO
USA
98.08%
Other
1.92%
SPY
USA
96.4%
Other
3.6%
Sectors
THRO
Technology
48.55%
Consumer Non-Cycl.
10.69%
Finance
10.3%
Industrials
8.75%
Healthcare
7.7%
Other
14%
SPY
Technology
45.23%
Finance
13.62%
Healthcare
9.08%
Consumer Non-Cycl.
8.88%
Industrials
7.46%
Other
15.72%
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Diversification
THRO
Total weight of top 15 holdings out of 15
52.54%
SPY
Total weight of top 15 holdings out of 15
44.11%
Top 15 holdings
Data as of August 31, 2026
THRO
NVIDIA Corp.
8.26%
Apple, Inc.
7.87%
Microsoft Corp.
6.55%
Amazon.com, Inc.
4.76%
Alphabet, Inc.
3.73%
JPMorgan Chase & Co.
2.77%
Broadcom Inc.
2.40%
ExxonMobil Holdings Corp.
2.29%
Micron Technology, Inc.
2.23%
Johnson & Johnson
2.12%
Caterpillar, Inc.
2.08%
Walmart, Inc.
2.02%
Visa, Inc.
1.91%
Alphabet, Inc.
1.87%
Tesla, Inc.
1.69%
SPY
NVIDIA Corp.
8.07%
Apple, Inc.
7.03%
Microsoft Corp.
5.69%
Amazon.com, Inc.
3.84%
Alphabet, Inc.
3.00%
Broadcom Inc.
2.65%
Alphabet, Inc.
2.39%
Meta Platforms, Inc.
1.90%
Micron Technology, Inc.
1.63%
Tesla, Inc.
1.56%
JPMorgan Chase & Co.
1.44%
Berkshire Hathaway, Inc.
1.40%
Eli Lilly & Co.
1.38%
Advanced Micro Devices, Inc.
1.16%
Johnson & Johnson
0.97%
Frequently asked questions about THRO and SPY
How have the THRO and SPY ETFs performed in 2026?
As of October 16, 2026, THRO is up 13.52% year-to-date (YTD), while SPY has returned 12.84%. That puts THRO better performer ahead so far this year.
Which ETF is attracting more investor money: THRO or SPY?
Year-to-date, the THRO ETF saw -$948M in flows, compared to +$13.31B for SPY.
Which ETF is more volatile: THRO or SPY?
Over the past year, THRO had a volatility of 14.46%, while SPY experienced 12.72%.
Which ETF is bigger: THRO or SPY?
As of October 16, 2026, THRO holds $7.38 B in assets under management (AUM), while SPY manages $809.77 B.
What sectors do the THRO and SPY ETFs invest in?
THRO leans toward sectors like Technology, Consumer Non-Cyclicals and Finance. Meanwhile, SPY focuses on Technology, Finance and Healthcare.
What are the top holdings of the THRO ETF and SPY ETF?
THRO top holdings include NVIDIA Corp., Apple, Inc. and Microsoft Corp.. SPY holds in its top three: NVIDIA Corp., Apple, Inc. and Microsoft Corp..
Which ETF is more diversified: THRO or SPY?
THRO holds 248 securities with 52.54% of its assets in the top 15. SPY has 500 securities and a top 15 weight of 44.11%.
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Latest news about THRO & SPY
The Weekly ETF Market Monitor (October 5-9, 2026)
October 12, 2026
SPY
The Weekly ETF Market Monitor (September 21-25, 2026)
September 26, 2026
SPY
The Weekly ETF Market Monitor (September 14-18, 2026)
September 19, 2026
SPY
The Weekly ETF Market Monitor (August 24-28, 2026)
August 31, 2026
SPY
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There’s an ETF for That? Box Spreads
August 27, 2026
SPY
There’s an ETF for That? Box Spreads
August 27, 2026
SPY
The Weekly ETF Market Monitor (August 17-21, 2026)
August 24, 2026
SPY
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