TPU.TO vs. SPY
TPU.TO (TD U.S. Equity Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TPU.TO is a Large Cap Blend Equities fund tracking the Solactive US Large Cap CAD Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TPU.TO returned 16.10%/yr vs 16.36%/yr for SPY. Their correlation of 0.87 suggests significant overlap in exposure. TPU.TO charges 0.06%/yr vs 0.09%/yr for SPY.
Performance
TPU.TO vs. SPY - Performance Comparison
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Different Trading Currencies
TPU.TO is traded in CAD, while SPY is traded in USD. To make them comparable, the SPY values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with TPU.TO having a 12.48% return and SPY slightly higher at 12.65%. Both investments have delivered pretty close results over the past 10 years, with TPU.TO having a 16.10% annualized return and SPY not far ahead at 16.36%.
TPU.TO
- 1D
- -0.27%
- 1M
- 7.38%
- YTD
- 12.48%
- 6M
- 10.60%
- 1Y
- 29.73%
- 3Y*
- 23.84%
- 5Y*
- 16.57%
- 10Y*
- 16.10%
SPY
- 1D
- 0.00%
- 1M
- 7.46%
- YTD
- 12.65%
- 6M
- 10.82%
- 1Y
- 30.02%
- 3Y*
- 23.90%
- 5Y*
- 17.15%
- 10Y*
- 16.36%
TPU.TO vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPU.TO TD U.S. Equity Index ETF | 12.48% | 12.69% | 34.82% | 24.24% | -14.31% | 26.02% | 18.73% | 25.02% | 3.03% | 13.31% |
SPY State Street SPDR S&P 500 ETF | 12.32% | 12.32% | 35.62% | 23.40% | -12.34% | 27.57% | 16.33% | 24.77% | 3.52% | 13.96% |
Correlation
The correlation between TPU.TO and SPY is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2016 | 0.87 |
The correlation between TPU.TO and SPY has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.
TPU.TO vs. SPY - Sectors Allocation Comparison
Sectors
TPU.TO
SPY
Technology
Communication Services
Financial Services
Consumer Cyclical
Healthcare
Industrials
Consumer Defensive
Energy
Utilities
Basic Materials
Real Estate
Technology
TPU.TO
SPY
Communication Services
TPU.TO
SPY
Financial Services
TPU.TO
SPY
Consumer Cyclical
TPU.TO
SPY
Healthcare
TPU.TO
SPY
Industrials
TPU.TO
SPY
Consumer Defensive
TPU.TO
SPY
Energy
TPU.TO
SPY
Utilities
TPU.TO
SPY
Basic Materials
TPU.TO
SPY
Real Estate
TPU.TO
SPY
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Return for Risk
TPU.TO vs. SPY — Risk / Return Rank
TPU.TO
SPY
TPU.TO vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD U.S. Equity Index ETF (TPU.TO) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| TPU.TO | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.49 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 3.50 | -0.06 |
| Martin ratioReturn relative to average drawdown | 12.86 | 13.31 | -0.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TPU.TO | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.53 | 2.59 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.09 | 1.14 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.97 | 1.01 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.97 | 1.13 | -0.16 |
Drawdowns
TPU.TO vs. SPY - Drawdown Comparison
The maximum TPU.TO drawdown since its inception was -27.96%, roughly equal to the maximum SPY drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for TPU.TO and SPY.
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Drawdown Indicators
| TPU.TO | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.96% | -27.34% | -0.62% |
Max Drawdown (1Y)Largest decline over 1 year | -8.68% | -8.62% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -19.30% | -19.00% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -23.73% | -22.08% | -1.65% |
Max Drawdown (10Y)Largest decline over 10 years | -27.96% | -27.34% | -0.62% |
Current DrawdownCurrent decline from peak | -0.27% | 0.00% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -3.96% | -3.21% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 2.26% | +0.06% |
Volatility
TPU.TO vs. SPY - Volatility Comparison
TD U.S. Equity Index ETF (TPU.TO) has a higher volatility of 3.23% compared to State Street SPDR S&P 500 ETF (SPY) at 2.61%. This indicates that TPU.TO's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPU.TO | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.23% | 2.61% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 8.83% | 8.79% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.81% | 11.66% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.31% | 15.15% | +0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.60% | 16.19% | +0.41% |
TPU.TO vs. SPY - Expense Ratio Comparison
TPU.TO has a 0.06% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TPU.TO vs. SPY - Dividend Comparison
TPU.TO's dividend yield for the trailing twelve months is around 0.85%, less than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
TPU.TO TD U.S. Equity Index ETF | 0.85% | 0.96% | 0.90% | 1.22% | 1.34% | 0.99% | 1.23% | 1.23% | 1.57% | 1.59% | 1.33% | 0.00% |
Frequently Asked Questions
TPU.TO and SPY have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TPU.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TPU.TO is cheaper with a 0.06% expense ratio, compared with 0.09% for SPY.
TPU.TO is categorized as Large Cap Blend Equities, while SPY is S&P 500. TPU.TO tracks Solactive US Large Cap CAD Index, while SPY tracks S&P 500 Index. They also come from different issuers: TD and State Street. Their fees differ too: 0.06% for TPU.TO and 0.09% for SPY.
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