{"id":14368,"date":"2023-06-17T10:41:00","date_gmt":"2023-06-17T10:41:00","guid":{"rendered":"https:\/\/www.wallstreetzen.com\/blog\/?p=14368"},"modified":"2025-08-19T15:52:08","modified_gmt":"2025-08-19T15:52:08","slug":"spy-vs-spx","status":"publish","type":"post","link":"https:\/\/www.wallstreetzen.com\/blog\/spy-vs-spx\/","title":{"rendered":"SPY or SPX: What&#8217;s the Difference Between Them?"},"content":{"rendered":"\n<p>When people say they&#8217;re &#8220;investing in the S&amp;P 500,&#8221; they often conflate two very different terms: SPY vs SPX. So what&#8217;s the diff? <\/p>\n\n\n\n<p>Although the SPY vs SPX share some fundamental similarities, they aren&#8217;t interchangeable. Why does this matter? Because if you don\u2019t know the difference between SPX and &nbsp;SPY, you could be buying into something you didn&#8217;t anticipate. &nbsp;<\/p>\n\n\n    <div id=\"callout-box-block_ac647cafbeae364bfbb3ec3d28b24a35\" class=\"callout-box promo\">\n        <div class=\"callout-box__icon-wrapper\">\n            <svg focusable=\"false\" class=\"callout-box__icon promo\" viewBox=\"0 0 24 24\" aria-hidden=\"true\">\n                <path d=\"M21.41 11.58l-9-9C12.05 2.22 11.55 2 11 2H4c-1.1 0-2 .9-2 2v7c0 .55.22 1.05.59 1.42l9 9c.36.36.86.58 1.41.58.55 0 1.05-.22 1.41-.59l7-7c.37-.36.59-.86.59-1.41 0-.55-.23-1.06-.59-1.42zM5.5 7C4.67 7 4 6.33 4 5.5S4.67 4 5.5 4 7 4.67 7 5.5 6.33 7 5.5 7z\"><\/path>            <\/svg>\n        <\/div>\n        <div class=\"callout-box__content\"><p><!-- wp:paragraph --><\/p>\n<p>If you want to invest in the S&amp;P via ETFs, you need a brokerage.<\/p>\n<p>Our #1 ETF brokerage? <a href=\"https:\/\/www.wallstreetzen.com\/go\/etoro-sign-up?SubAffiliateID=blog-spy-vs-spx\" target=\"_blank\" rel=\"noopener\">eToro<\/a>.<\/p>\n<p>It\u2019s powerful, easy to use, and modern \u2014 and it has tools that are great for newbies but appropriate for seasoned investors too, like research tools, watchlists, and alerts.<\/p>\n<p>Plus, there\u2019s the sheer variety \u2014 you can invest in 200+ ETFs, all with commission-free trades.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<\/div>\n    <\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"is-layout-flex wp-block-buttons\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/www.wallstreetzen.com\/go\/etoro-sign-up?SubAffiliateID=blog-spy-vs-spx\" target=\"_blank\" rel=\"noopener\"><strong>Check out eToro<\/strong><\/a><\/div>\n<\/div>\n\n\n<div class=\"wp-block-code-snippets-content\"><div class=\"disclaimer\">\r\n\t<p>eToro securities trading is offered by eToro USA Securities, Inc. (\u201cthe BD\u201d), member of FINRA and SIPC. Cryptocurrency is offered by eToro USA LLC (\u201cthe MSB\u201d) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. https:\/\/www.wallstreetzen.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and\/or the BD.<\/p>\r\n<\/div><\/div>\n\n<div class=\"wp-block-code-snippets-content\"><div class=\"disclaimer\">\r\nYour capital is at risk. Other fees apply. For more information, visit www.etoro.com\/trading\/fees.\r\n<\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h.f0i17s79eeal\"><strong>SPY vs. SPX: What&#8217;s the Difference? <\/strong><\/h2>\n\n\n\n<p>The bottom line: The key difference between SPY vs SPX?<\/p>\n\n\n\n<ul>\n<li>SPY is an ETF that tracks the S&amp;P 500<\/li>\n\n\n\n<li>SPX is the ticker for the literal S&amp;P 500 Index<\/li>\n<\/ul>\n\n\n\n<p>When trying to figure out &#8220;what is SPX,&#8221; here\u2019s a helpful hint: it\u2019s what news anchors talk about when they&#8217;re reporting on the S&amp;P 500. However, since SPX is a price index, you can&#8217;t trade &#8220;SPX shares&#8221; on the stock market \u2014 which leads us to SPY, which is an ETF.<\/p>\n\n\n\n<p>Short for &#8220;exchange-traded funds,&#8221; <a href=\"https:\/\/www.wallstreetzen.com\/blog\/best-etf-brokerages\/\" target=\"_blank\" rel=\"noopener\">ETFs<\/a>&nbsp;trade similar to stock in a company, but they offer price exposure to the assets fund managers hold in their portfolios. <\/p>\n\n\n\n<p>So if you invest in SPY through your brokerage, you gain access to all of the 500 American companies in the SPX. However, since it&#8217;s market cap-weighted, it means larger companies take up more space than the smaller ones in the ETF. <\/p>\n\n\n\n<p>Still confused over what SPY is? Think of it this way: SPY is a synthetic version of the SPX. SPY holders don&#8217;t literally &#8220;own&#8221; the S&amp;P 500 Index, but their fund managers hold shares in all S&amp;P 500 companies.<\/p>\n\n\n\n<p><\/p>\n\n\n<!-- This site is converting visitors into subscribers and customers with OptinMonster - https:\/\/optinmonster.com :: Campaign Title: Inline Blog Email Entry Form -->\n<div id=\"om-zsh4argjlqwzmvqljdff-holder\"><\/div>\n<script>(function(d,u,ac){var s=d.createElement('script');s.type='text\/javascript';s.src='https:\/\/a.omappapi.com\/app\/js\/api.min.js';s.async=true;s.dataset.user=u;s.dataset.campaign=ac;d.getElementsByTagName('head')[0].appendChild(s);})(document,78380,'zsh4argjlqwzmvqljdff');<\/script>\n<!-- \/ OptinMonster -->\n\n\n<h2 class=\"wp-block-heading\" id=\"h.i4t36lwfa8bm\"><strong>What is SPX? <\/strong><\/h2>\n\n\n\n<p>In the stock market, &#8220;SPX&#8221; is shorthand for the S&amp;P 500 Index, which gives investors an average of the 500 largest companies in the USA. <\/p>\n\n\n\n<p>Although the SPX had earlier iterations in the 1920s, the modern S&amp;P 500 started in <a href=\"https:\/\/www.reuters.com\/article\/us-usa-stocks-sp-timeline-idUSBRE9450WL20130506\" target=\"_blank\" rel=\"noopener\">1957<\/a>. Since then, the SPX has become a major indicator of the health of the American market. <\/p>\n\n\n\n<p>The companies S&amp;P Global, CME Group, and News Corp manage the SPX under the umbrella firm &#8220;S&amp;P Dow Jones Indices.&#8221; <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.wallstreetzen.com\/go\/tradingview-pro\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2023\/06\/Untitled-93.png\" alt=\"Untitled\"\/><\/a><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h.tft1ko1anwzu\"><strong>What is SPY? <\/strong><\/h2>\n\n\n\n<p>First launched in 1993, the SPY is an ETF that tracks the price movements of the S&amp;P 500. The full title for the SPY is the &#8220;SPDR S&amp;P 500 ETF Trust,&#8221; and it&#8217;s managed by State Street Global Advisors.<\/p>\n\n\n\n<p>People swap SPY shares during standard trading hours on the New York Stock Exchange (NYSE), similar to trading stock in single companies. However, like other ETFs, people who hold SPY shares need to pay a fee called an expense ratio to the fund managers. <\/p>\n\n\n\n<p>To make shares more accessible to investors, each SPY share is about 1\/10th the value of the SPX. If the SPX is trading at 5,000 points, one SPY share is probably worth roughly $500. <\/p>\n\n\n\n<p>Although there are many competing S&amp;P 500 ETFs, the SPY holds the dominant position with a mind-boggling market cap of over<a href=\"https:\/\/ycharts.com\/indicators\/sp_500_market_cap\" target=\"_blank\" rel=\"noopener nofollow\">&nbsp;$30 trillion<\/a>. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.wallstreetzen.com\/go\/tradingview-pro\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2023\/06\/Untitled-94.png\" alt=\"Untitled\"\/><\/a><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h.xyan06i7ffi\"><strong>S&amp;P 500: How to Invest <\/strong>[Different Ways]<\/h2>\n\n\n\n<p>Considering its size in the market, the SPY is a popular way to invest in the S&amp;P 500. However, other strategies exist to add this index to your portfolio. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h.wn97b8y1532k\"><strong>Stocks <\/strong><\/h4>\n\n\n\n<p>If you&#8217;d prefer to hand-select stocks in the S&amp;P 500, you can find all these companies listed on stock brokers like eToro (mentioned above) or <a href=\"https:\/\/www.wallstreetzen.com\/go\/moomoo\" target=\"_blank\" rel=\"noopener\">moomoo<\/a>. <\/p>\n\n\n\n<p>A quick online search will show the latest stocks in the S&amp;P 500 and their weighted average. After researching these companies, you can pick the ones you&#8217;re most interested in with your moomoo&nbsp;account. <\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.wallstreetzen.com\/go\/moomoo\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" width=\"1494\" height=\"1494\" src=\"https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2025\/08\/moomoo-nvda-shares.png\" alt=\"\" class=\"wp-image-33758\" srcset=\"https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2025\/08\/moomoo-nvda-shares.png 1494w, https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2025\/08\/moomoo-nvda-shares-150x150.png 150w, https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2025\/08\/moomoo-nvda-shares-768x768.png 768w, https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2025\/08\/moomoo-nvda-shares-120x120.png 120w\" sizes=\"(max-width: 1494px) 100vw, 1494px\" \/><\/a><\/figure>\n\n\n\n<p>Sign up for moomoo using any of the links in this article and get this awesome sign-up bonus:<\/p>\n\n\n<div class=\"wp-block-code-snippets-content\">Up to $1000 in NVDA shares with qualified deposit+ limited time 8.1% APY \r\n\r\n 1. 8.1% APY Cash Sweep: Enroll and activate to get 4.1% APY base rate + 4% APY booster for 3 months\r\n\r\nNVDA Promotion \r\n\r\n-Deposit $100 and get $20 NVDA shares\r\n-Deposit $2,000, and receive total $50 NVDA shares\r\n-Deposit $10,000 and receive total $300 NVDA shares\r\n-Deposit $50,000 and receive total $1000 NVDA shares<\/div>\n\n\n<p>But don\u2019t delay \u2014 this offer is only good for a limited time.<\/p>\n\n\n\n<div class=\"is-layout-flex wp-block-buttons\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.wallstreetzen.com\/go\/moomoo\" target=\"_blank\" rel=\"noopener\">Get up free stock on moomoo<\/a><\/div>\n<\/div>\n\n\n\n<p>Of course, you <em>could<\/em>&nbsp;buy all 500 companies at their weighted average, but that&#8217;d be kind of a pain to manage. <\/p>\n\n\n\n<p>Instead, this strategy is best for investors who want to select specific market segments or particular businesses in the S&amp;P 500 they feel will outperform. <\/p>\n\n\n\n<p>For example, let&#8217;s say you feel the tech sector is undervalued versus healthcare. In this case, you&#8217;d gravitate to buying S&amp;P 500 software stalwarts like Microsoft (<a href=\"https:\/\/www.wallstreetzen.com\/stocks\/us\/nasdaq\/msft\/stock-forecast\" target=\"_blank\" rel=\"noopener\">NASDAQ: MSFT<\/a>) and Google (<a href=\"https:\/\/www.wallstreetzen.com\/stocks\/us\/nasdaq\/googl\/stock-forecast\" target=\"_blank\" rel=\"noopener\">NASDAQ: <\/a><a href=\"https:\/\/www.wallstreetzen.com\/stocks\/us\/nasdaq\/googl\/stock-forecast\" target=\"_blank\" rel=\"noopener\">GOOGL<\/a>) and offload&nbsp;shares of UnitedHealth Group (<a href=\"https:\/\/www.wallstreetzen.com\/stocks\/us\/nyse\/unh\" target=\"_blank\" rel=\"noopener\">NYSE: UNH<\/a>) and CVS Health (<a href=\"https:\/\/www.wallstreetzen.com\/stocks\/us\/nyse\/cvs\/stock-forecast\" target=\"_blank\" rel=\"noopener\">NYSE: CVS<\/a>). <\/p>\n\n\n\n<p>Buying individual stocks in the S&amp;P 500 helps you create a custom strategy depending on how you feel different names will perform. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h.iofy8valn6iw\"><strong>ETFs <\/strong><\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2023\/06\/Untitled-96.png\" alt=\"A close up of a clock with different colored numbers\"\/><\/figure><\/div>\n\n\n<p>If you don&#8217;t have time to fiddle with stock-picking, you might want to invest in a broad S&amp;P 500 ETF like the SPY. <\/p>\n\n\n\n<p>Although you have to pay a fee to fund managers, ETFs give you the max diversification without worrying about constantly adjusting your shares. <\/p>\n\n\n\n<p>As mentioned above, the SPY is the most actively traded S&amp;P 500 ETF, but it&#8217;s worthwhile looking into a few competitors. Here are a few other popular S&amp;P 500 ETFs on the market: &nbsp;<\/p>\n\n\n\n<ul>\n<li>Vanguard S&amp;P 500 ETF (NYSE: VOO)<\/li>\n\n\n\n<li>iShares Core S&amp;P 500 ETF (NYSE: IVV)<\/li>\n\n\n\n<li>Invesco S&amp;P 500 Equal Weight ETF (NYSE: RSP)<\/li>\n<\/ul>\n\n\n\n<p>As noted above, brokerage platforms like <a href=\"https:\/\/www.wallstreetzen.com\/go\/etoro-sign-up?SubAffiliateID=blog-spy-vs-spx\" target=\"_blank\" rel=\"noopener\">eToro<\/a>&nbsp;offer ETF trading for major S&amp;P 500 ETFs. Once you set up an eToro account, you&#8217;ll get access to these shares during regular trading hours.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.wallstreetzen.com\/go\/etoro-sign-up?SubAffiliateID=blog-spy-vs-spx\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2023\/06\/Untitled-97.png\" alt=\"Untitled\"\/><\/a><\/figure><\/div>\n\n\n<div class=\"is-layout-flex wp-block-buttons\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/www.wallstreetzen.com\/go\/etoro-sign-up?SubAffiliateID=blog-spy-vs-spx\" target=\"_blank\" rel=\"noopener\"><strong>Check out eToro<\/strong><\/a><\/div>\n<\/div>\n\n\n<div class=\"wp-block-code-snippets-content\"><div class=\"disclaimer\">\r\n\t<p>eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.<\/p>\r\n<\/div><\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h.amzeqf7qqrc4\"><strong>Index Funds <\/strong><\/h4>\n\n\n\n<p>Index funds are similar to ETFs, but the former only trades once a day. So, even though S&amp;P 500 index funds mimic the S&amp;P 500&#8217;s price, you can&#8217;t trade them during an intra-day session.<\/p>\n\n\n\n<p>ETFs are more liquid than index funds, so they&#8217;ve become a more popular option with traders. However, you can still get the same exposure to the S&amp;P 500&#8217;s price with index funds if you don&#8217;t mind forfeiting intra-day trading. <\/p>\n\n\n\n<p>A few examples of S&amp;P 500 index funds include:<\/p>\n\n\n\n<ul>\n<li>Fidelity 500 Index Fund (MUTF: FXAIX)<\/li>\n\n\n\n<li>Vanguard 500 Index Fund Admiral Shares (MUTF: VFIAX)<\/li>\n\n\n\n<li>Schwab S&amp;P 500 Index Fund (MUTF: SWPPX)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h.otbrxriqrjby\"><strong>SPY Options Trading: How Does it Work? <\/strong><\/h2>\n\n\n\n<p>As mentioned above, a big difference between SPY vs SPX is you can&#8217;t trade SPX shares on the stock market. However, there are ways to own SPX options. <\/p>\n\n\n\n<p>Confused? <\/p>\n\n\n\n<p>Don&#8217;t fret! Let&#8217;s dive deeper into how SPX and SPY options trading works. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h.bm4gypi10g4n\"><strong>What are SPY Options? <\/strong><\/h4>\n\n\n\n<p>SPY options are derivative contracts that represent a position in the SPY ETF. Like other options, one contract equals 100 shares of the underlying asset (in this case, the SPY ETF), and every option contract has a unique strike price and expiration date. <\/p>\n\n\n\n<p>Traders use SPY options to bet on the direction of the SPDR S&amp;P 500 ETF Trust. If they think this ETF will go up, they buy &#8220;calls,&#8221; but those who are bearish buy &#8220;puts.&#8221;<\/p>\n\n\n\n<p>There are also loads of fancier <a href=\"https:\/\/www.wallstreetzen.com\/blog\/options-strategies-for-income\/\" target=\"_blank\" rel=\"noopener\">options strategies<\/a>&nbsp;like iron condors and vertical spreads traders use to speculate on the SPY&#8217;s price.<\/p>\n\n\n    <div id=\"callout-box-block_0305b1e441438d595760701fb07fb3ae\" class=\"callout-box info\">\n        <div class=\"callout-box__icon-wrapper\">\n            <svg focusable=\"false\" class=\"callout-box__icon info\" viewBox=\"0 0 24 24\" aria-hidden=\"true\">\n                <path d=\"M12 3c-.46 0-.93.04-1.4.14-2.76.53-4.96 2.76-5.48 5.52-.48 2.61.48 5.01 2.22 6.56.43.38.66.91.66 1.47V19c0 1.1.9 2 2 2h.28c.35.6.98 1 1.72 1s1.38-.4 1.72-1H14c1.1 0 2-.9 2-2v-2.31c0-.55.22-1.09.64-1.46C18.09 13.95 19 12.08 19 10c0-3.87-3.13-7-7-7zm2 16h-4v-1h4v1zm0-2h-4v-1h4v1zm-1.5-5.59V14h-1v-2.59L9.67 9.59l.71-.71L12 10.5l1.62-1.62.71.71-1.83 1.82z\"><\/path>            <\/svg>\n        <\/div>\n        <div class=\"callout-box__content\"><p>Keep in mind: SPY options trace the price of the SPY ETF \u2014 not the S&amp;P 500 Index.<\/p>\n<\/div>\n    <\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h.r0u26v7g6nph\"><strong>What are SPX Options? <\/strong><\/h4>\n\n\n\n<p>SPX options are also derivative contracts, but they directly track the price of the S&amp;P 500 Index. So, unlike SPY options, these contracts only have one degree of separation from the S&amp;P 500.<\/p>\n\n\n    <div id=\"callout-box-block_387788fa2fa662599134b6f8cb833fad\" class=\"callout-box info\">\n        <div class=\"callout-box__icon-wrapper\">\n            <svg focusable=\"false\" class=\"callout-box__icon info\" viewBox=\"0 0 24 24\" aria-hidden=\"true\">\n                <path d=\"M12 3c-.46 0-.93.04-1.4.14-2.76.53-4.96 2.76-5.48 5.52-.48 2.61.48 5.01 2.22 6.56.43.38.66.91.66 1.47V19c0 1.1.9 2 2 2h.28c.35.6.98 1 1.72 1s1.38-.4 1.72-1H14c1.1 0 2-.9 2-2v-2.31c0-.55.22-1.09.64-1.46C18.09 13.95 19 12.08 19 10c0-3.87-3.13-7-7-7zm2 16h-4v-1h4v1zm0-2h-4v-1h4v1zm-1.5-5.59V14h-1v-2.59L9.67 9.59l.71-.71L12 10.5l1.62-1.62.71.71-1.83 1.82z\"><\/path>            <\/svg>\n        <\/div>\n        <div class=\"callout-box__content\"><p>Remember this: SPX options prices are 10x higher than SPY options.<\/p>\n<\/div>\n    <\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h.jqn20u3yaf6f\"><strong>Differences Between SPY and SPX Options <\/strong><\/h4>\n\n\n\n<p>It may not seem like SPY options trading is so different from using SPX options, but these derivatives have a lot of distinctions. <\/p>\n\n\n\n<p>For starters, SPX options have a &#8220;European&#8221; expiration schedule. In non-financial jargon speak, these options close at the end of a trading session on their specified expiration.<\/p>\n\n\n\n<p>By contrast, SPY options are &#8220;American style,&#8221; meaning traders can assign them any time before expiration. This gives SPY options holders greater flexibility to trade around their positions. <\/p>\n\n\n\n<p>Another difference between SPY vs SPX options is the former settles in cold-hard cash. Since the SPX only tracks an index, there are no &#8220;SPX shares&#8221; to exchange on expiration \u2014 hence cash settlement.<\/p>\n\n\n\n<p>So, what about SPY options? In this case, you must close your position with the equivalent amount of SPY ETF shares. So, if you have to pay for 1 SPY option contract at $350, you can buy 100 SPY ETF shares at $350 per share from a counterparty by expiration. <\/p>\n\n\n\n<p>Generally speaking, SPY options are more actively traded, so they tend to have greater market liquidity and smaller differences between the bid and ask prices (aka &#8220;bid-ask spread&#8221;). SPX shares are still very liquid, but prepare for wider bid-ask spreads. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h.amsyfto0oz66\"><strong>Options Dividends: They&#8217;re Real! <\/strong><\/h4>\n\n\n\n<p>Another interesting difference between SPX vs SPY options trading is the latter offers a dividend kickback.<\/p>\n\n\n\n<p>You just have to figure out when the SPY option contract&#8217;s &#8220;ex-date&#8221; is and exercise your option before this date to collect extra cash.<\/p>\n\n\n\n<p>Typically, the ex-dividend dates for SPY options are as follows:<\/p>\n\n\n\n<ul>\n<li>Third Friday in March<\/li>\n\n\n\n<li>Third Friday in June<\/li>\n\n\n\n<li>Third Friday in September<\/li>\n\n\n\n<li>Third Friday in December<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h.ac2zhjxirz9\"><strong>Tax Considerations <\/strong><\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2023\/06\/Untitled-98.png\" alt=\"Coffee mug near open folder with tax withholding paper\"\/><\/figure><\/div>\n\n\n<p>Lastly, SPX and SPY options fall into different tax brackets. From this perspective, day trading SPX options are more desirable because they qualify for a law called &#8220;Section 1256.&#8221;<\/p>\n\n\n\n<p>Section 1256 lets traders pay a 60\/40 split on capital gains, with 60% in long-term gains and 40% in short-term gains. Generally, the tax implications on long-term gains are lower than on short-term gains.<\/p>\n\n\n\n<p>Typically, you need to hold an asset for over a year to claim long-term capital gains, so getting this protection with SPX options cuts the tax requirements for short-term options traders. <\/p>\n\n\n\n<p>By contrast, people who day trade SPY options don&#8217;t enjoy long-term tax breaks.<\/p>\n\n\n    <div id=\"callout-box-block_e8e4b7590e16eeaa2c74c5ed13307af0\" class=\"callout-box info\">\n        <div class=\"callout-box__icon-wrapper\">\n            <svg focusable=\"false\" class=\"callout-box__icon info\" viewBox=\"0 0 24 24\" aria-hidden=\"true\">\n                <path d=\"M12 3c-.46 0-.93.04-1.4.14-2.76.53-4.96 2.76-5.48 5.52-.48 2.61.48 5.01 2.22 6.56.43.38.66.91.66 1.47V19c0 1.1.9 2 2 2h.28c.35.6.98 1 1.72 1s1.38-.4 1.72-1H14c1.1 0 2-.9 2-2v-2.31c0-.55.22-1.09.64-1.46C18.09 13.95 19 12.08 19 10c0-3.87-3.13-7-7-7zm2 16h-4v-1h4v1zm0-2h-4v-1h4v1zm-1.5-5.59V14h-1v-2.59L9.67 9.59l.71-.71L12 10.5l1.62-1.62.71.71-1.83 1.82z\"><\/path>            <\/svg>\n        <\/div>\n        <div class=\"callout-box__content\"><p>If you need more detailed info on your tax bracket for day trading, please speak with a professional CPA.<\/p>\n<\/div>\n    <\/div>\n\n\n\n<p>Also, if you want more deets on leveling up your options strategy, be sure to check out <a href=\"https:\/\/www.wallstreetzen.com\/go\/benzinga-options\" target=\"_blank\" rel=\"noopener\">Benzinga&#8217;s option alert service<\/a>.<\/p>\n\n\n\n<p>This top-notch options alert service is led by options trader and mentor <a href=\"https:\/\/www.wallstreetzen.com\/go\/benzinga-options\" target=\"_blank\" rel=\"noopener\">Nic Chahine<\/a>.<\/p>\n\n\n\n<p>Chahine not only shares his high-conviction and highly profitable options trades, but he also provides thorough analysis so you can learn as you trade. Here&#8217;s what you get:<\/p>\n\n\n\n<ul>\n<li>High-probability option trades<\/li>\n\n\n\n<li>Transparent access to trade explanations and analysis<\/li>\n\n\n\n<li>Market analysis<\/li>\n\n\n\n<li>Education<\/li>\n<\/ul>\n\n\n\n<p>Plus, for a limited time, you can get free access to the next <a href=\"https:\/\/www.wallstreetzen.com\/go\/benzinga-options\" target=\"_blank\" rel=\"noopener\">Benzinga Boot Camp<\/a>&nbsp;to learn how to trade stocks and options like a pro.<\/p>\n\n\n\n<div class=\"is-layout-flex wp-block-buttons\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/www.wallstreetzen.com\/go\/benzinga-options\" target=\"_blank\" rel=\"noopener\"><strong>Check out Benzinga Options<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h.t1b09f6s1msj\"><strong>Final Word: SPY vs SPX <\/strong><\/h2>\n\n\n\n<p>When comparing the difference between SPX and SPY, remember SPX is the literal S&amp;P 500 Index, but the SPY is the popular SPDR S&amp;P 500 ETF Trust.<\/p>\n\n\n\n<p>If you&#8217;re still having trouble remembering SPY vs. SPX, here&#8217;s one final tip: Just as &#8220;Y&#8221; comes after &#8220;X&#8221; in the alphabet, the SPY came <em>after<\/em>&nbsp;SPX. OK, that was pretty corny, but it&#8217;s silly enough to stick in your mind! <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n\t\t<div class=\"wp-faq-schema-wrap\">\n\t\t\t\t\t\t\t<h2>FAQs:<\/h2>\n\t\t\t\t\t\t<div class=\"wp-faq-schema-items\">\n\t\t\t\t\t\t\t\t\t<h3>Is SPY or SPX better for options?<\/h3>\n\t\t\t\t\t<div class=\"\">\n\t\t\t\t\t\t<p>Every options trader has a different opinion on whether SPX vs SPY is better for options. While SPY shares cost less, have dividends, and are more liquid, they have higher tax implications, and you have to settle with ETF shares rather than cash. <\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<h3>What is the difference between SPY and S&amp;P 500 index?<\/h3>\n\t\t\t\t\t<div class=\"\">\n\t\t\t\t\t\t<p>SPY is short for the \"SPDR S&amp;P 500 ETF Trust,\" which is a fund that tracks the S&amp;P 500 Index's performance but isn't the literal S&amp;P 500. <\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<h3>Is SPY 10% of SPX?<\/h3>\n\t\t\t\t\t<div class=\"\">\n\t\t\t\t\t\t<p>Yes, the price of one SPY share is 10% of the SPX. <\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<h3>Why is sp500 called SPY?<\/h3>\n\t\t\t\t\t<div class=\"\">\n\t\t\t\t\t\t<p>SPY is an ETF that tracks the S&amp;P 500 Index, so sometimes it gets confused with similar terms like \"sp500.\" <\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\n","protected":false},"excerpt":{"rendered":"<p>When people say they&#8217;re &#8220;investing in the S&amp;P 500,&#8221; they often conflate two very different terms: SPY vs SPX. So what&#8217;s the diff? Although the SPY vs SPX share some fundamental similarities, they aren&#8217;t interchangeable. Why does this matter? Because if you don\u2019t know the difference between SPX and &nbsp;SPY, you could be buying into [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":25955,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false},"categories":[34,20],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SPY or SPX: What&#039;s the Difference Between Them?<\/title>\n<meta name=\"description\" content=\"SPY vs SPX: What&#039;s the difference? 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In this article, we&#039;ll break down the market jargon so you can invest smarter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wallstreetzen.com\/blog\/spy-vs-spx\/\" \/>\n<meta property=\"og:site_name\" content=\"WallStreetZen\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-17T10:41:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-19T15:52:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wallstreetzen.com\/blog\/wp-content\/uploads\/2023\/06\/spy-or-spx.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2240\" \/>\n\t<meta property=\"og:image:height\" content=\"1260\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Eric Esposito\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@wallstreet_zen\" \/>\n<meta name=\"twitter:site\" content=\"@wallstreet_zen\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eric Esposito\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\/\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"Article\",\n\t            \"@id\": \"https:\/\/www.wallstreetzen.com\/blog\/spy-vs-spx\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\/\/www.wallstreetzen.com\/blog\/spy-vs-spx\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Eric Esposito\",\n\t                \"@id\": \"https:\/\/www.wallstreetzen.com\/blog\/#\/schema\/person\/525aee79446b38dc2c98d7b81c3bc4f5\"\n\t            },\n\t            \"headline\": \"SPY or SPX: What&#8217;s the Difference Between Them?\",\n\t            \"datePublished\": \"2023-06-17T10:41:00+00:00\",\n\t            \"dateModified\": \"2025-08-19T15:52:08+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\/\/www.wallstreetzen.com\/blog\/spy-vs-spx\/\"\n\t            },\n\t            \"wordCount\": 1801,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\/\/www.wallstreetzen.com\/blog\/#organization\"\n\t            },\n\t            \"articleSection\": [\n\t                \"Investment strategies\",\n\t                \"Stock market\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\/\/www.wallstreetzen.com\/blog\/spy-vs-spx\/\",\n\t            \"url\": \"https:\/\/www.wallstreetzen.com\/blog\/spy-vs-spx\/\",\n\t            \"name\": \"SPY or SPX: What\\\\'s the Difference Between Them?\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\/\/www.wallstreetzen.com\/blog\/#website\"\n\t            },\n\t            \"datePublished\": \"2023-06-17T10:41:00+00:00\",\n\t            \"dateModified\": \"2025-08-19T15:52:08+00:00\",\n\t            \"description\": \"SPY vs SPX: What\\\\'s the difference? 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