Swap finder › S&P 500 / US large cap
SPY tax-loss harvesting alternatives
State Street SPDR S&P 500 ETF (State Street) tracks S&P 500. If you hold SPY at a loss, these ETFs track a different index, which generally makes them less likely to be considered “substantially identical” — while still moving closely with SPY during the 31-day wait.
| Held fund | Index tracked | Issuer | Expense ratio | AUM | Holdings | Category |
|---|---|---|---|---|---|---|
| SPY State Street SPDR S&P 500 ETF | S&P 500 | State Street | 0.09% | $821.83B | 505 | S&P 500 / US large cap |
Sources: issuer fund page · public fund profile. Fund data as of 2026-10-16.
SPY wash sale alternatives (different index)
| ETF | Index tracked | Issuer | Expense ratio | AUM | 1-yr correlation | Holdings overlap | Notes |
|---|---|---|---|---|---|---|---|
| VV Vanguard Morningstar Large-Cap ETF | Morningstar US Large Cap TR USD | Vanguard | 0.03% | $55.29B | 0.998 | 95.1% | different indexhigh overlap |
| IWB iShares Russell 1000 ETF | Russell 1000 | BlackRock | 0.15% | $49.49B | 0.997 | 92.5% | different indexhigh overlap |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | S&P Composite 1500 | State Street | 0.03% | $14.29B | 0.997 | 92.8% | different indexhigh overlap |
| SCHX Schwab U.S. Large-Cap ETF | Dow Jones US Total Stock Market Large-Cap | Charles Schwab | 0.03% | $75.28B | 0.997 | n/a | different index |
| VONE Vanguard Russell 1000 ETF | Russell 1000 | Vanguard | 0.06% | $9.18B | 0.997 | 91.7% | different indexhigh overlap |
| ITOT iShares Core S&P Total U.S. Stock Market ETF | S&P TMI | BlackRock | 0.03% | $97.91B | 0.996 | 90.6% | different indexhigh overlap |
| ESGU iShares ESG Aware MSCI USA ETF | MSCI USA Extended ESG Focus Index | BlackRock | 0.15% | $18.22B | 0.996 | 78.7% | different indexhigh overlap |
| SCHB Schwab U.S. Broad Market ETF | Dow Jones US Broad Stock Market | Charles Schwab | 0.03% | $45.29B | 0.995 | n/a | different index |
Sorted by 1-year correlation of daily total returns with SPY (through 2026-10-16). Holdings overlap = sum of the smaller weight of each common stock, from issuer holdings files; “n/a” where the issuer does not offer a free download or for bond/international/commodity funds. Hover a value for its as-of dates.
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Avoid as a replacement: same index as SPY
These track the same index (S&P 500). Buying one of them within the window is the classic “substantially identical” risk.
| ETF | Index tracked | Issuer | Expense ratio | AUM | 1-yr correlation | Holdings overlap | Notes |
|---|---|---|---|---|---|---|---|
| VOO Vanguard S&P 500 ETF | S&P 500 | Vanguard | 0.03% | $1.06T | 1.000 | 97.1% | same index — avoid |
| SPYM State Street SPDR Portfolio S&P 500 ETF | S&P 500 | State Street | 0.02% | $185.28B | 1.000 | 100.0% | same index — avoid |
| IVV iShares Core S&P 500 ETF | S&P 500 | BlackRock | 0.03% | $896.46B | 0.999 | 99.4% | same index — avoid |
Leveraged funds on the same index
Not suggested as swaps. They track S&P 500 with daily leverage; some practitioners still consider them potentially substantially identical. (Inverse funds on the same index are omitted here.)
| ETF | Index tracked | Issuer | Expense ratio | AUM | 1-yr correlation | Holdings overlap | Notes |
|---|---|---|---|---|---|---|---|
| UPRO3x leveraged ProShares UltraPro S&P500 | S&P 500 | ProShares | 0.88% | $5.70B | 1.000 | n/a | same index, different leverage — gray area |
| SPXL3x leveraged Direxion Daily S&P 500 Bull 3X ETF | S&P 500 | Direxion | 0.84% | $7.34B | 1.000 | n/a | same index, different leverage — gray area |
| SSO2x leveraged ProShares Ultra S&P 500 | S&P 500 | ProShares | 0.84% | $9.20B | 0.999 | n/a | same index, different leverage — gray area |
30-day wash-sale calendar for SPY
The window is 30 calendar days before and after the sale (61 days total, IRC §1091(a)). Buying the replacement fund right away is the point of a swap; the dates above are about buying back the fund you sold, or anything substantially identical to it.
Before you swap
- Turn off dividend reinvestment for SPY in every account (including IRAs) for the window — a reinvested dividend is a purchase.
- Check automatic investments, a spouse’s accounts, and any SPY bought in the 30 days before the sale.
- Your broker generally only flags wash sales for the identical security in the same account. You are responsible for the rest.
- Read how wash sales work and the FAQ, then confirm your plan with a tax professional.