Markets
Both Eyes on the S&P 500: The Bull and Bear Case for 2026
The S&P 500 sits near records and the case for it is split. We look through both eyes: the full bear case and the full bull case.
SPY
State Street SPDR S&P 500 ETF Trust SPY
$756.48
▲ 1.88 (+0.25%)
Price Chart
State Street SPDR S&P 500 ETF Trust Price Chart
$756.48
▲ +0.25%
SPY · NYSEArca
Key Statistics
SPY Key Statistics
NAV$756.28
AUM$735.06B
Expense Ratio0.09%
Dividend Yield1.03%
YTD Return+5.68%
1-Year Return+28.35%
3-Year (annual.)+23.45%
5-Year (annual.)+14.04%
52-Week High$758.08
52-Week Low$585.06
Beta (3Y)1.00
InceptionJan 1993
Top Holdings
SPY Top 10 Holdings
Holdings are the fund's largest positions and shift over time. Source: fund data, updated daily.
Sector Allocation
SPY Sector Allocation
Technology
35.9%
Financial Services
11.8%
Communication Services
11.4%
Consumer Cyclical
10.3%
Healthcare
8.4%
Industrials
7.8%
Consumer Defensive
4.9%
Energy
3.6%
Utilities
2.4%
Real Estate
1.9%
Basic Materials
1.8%
The Both Eyes View
SPY — bull case vs bear case
Red Eye — Risks of SPY
- Top-heavy: the largest holding is 7.85% of the fund, so a few names drive much of the performance.
- All ETFs carry market risk — the price can fall, and past performance does not predict future results.
- Prices can trade slightly away from NAV, and small tracking error can open a gap versus the benchmark.
Green Eye — The case for SPY
- Very low cost — a 0.09% expense ratio leaves more of the return compounding for you.
- Instant diversification across many holdings in one liquid ticker, with no stock-picking required.
- A large, established fund ($735.06B AUM) means deep liquidity and tight bid-ask spreads.
The Both Eyes View weighs the bear case and the bull case. Not financial advice.
About SPY
About State Street SPDR S&P 500 ETF Trust
The trust seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the index (the “Portfolio”), with the weight of each stock in the Portfolio substantially corresponding to the weight of such stock in the index.
This page tracks SPY's live price, holdings, expense ratio and returns, refreshed daily. For how we source market data, see our methodology.
Latest SPY news
SPY ETF FAQ
What does SPY hold?
State Street SPDR S&P 500 ETF Trust (SPY) holds a portfolio led by NVDA, AAPL, MSFT among its top positions. See the full top-10 holdings and sector breakdown above.
What is the SPY expense ratio?
The State Street SPDR S&P 500 ETF Trust expense ratio is 0.09% per year — that is about $9.00 annually on a $10,000 investment.
Is SPY a good investment?
Whether SPY suits you depends on your goals, time horizon and risk tolerance. Weigh the bull case and bear case above, the cost, and how it fits your overall portfolio. Nothing here is financial advice.
Does SPY pay dividends?
State Street SPDR S&P 500 ETF Trust distributes income with a current yield of about 1.03%. Distributions vary with the underlying holdings.
What index does SPY track?
State Street SPDR S&P 500 ETF Trust is a equity ETF from State Street Investment Management. Its objective and benchmark index are detailed in the fund prospectus on the issuer's site.
ETF data is for information only and may be delayed. Nothing here is investment advice or a recommendation to buy or sell SPY. Markets are volatile and investing carries risk — always do your own research and read the fund prospectus.