AAAA vs SPY
Amplius Aggressive Asset Allocation ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, AAAA or SPY?
Equity-oriented Balanced against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 63.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | AAAA | SPY |
|---|---|---|
| Expense Ratio | 0.49% | 0.09%Best |
| AUM | $283M | $804.7B |
| Dividend Yield | 1.30% | 0.98% |
| Holdings | 47 | 505 |
| YTD Return | +11.48% | +12.09%Best |
| 1Y Return | +16.01% | +16.29%Best |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +13.37% |
| Volatility (annualized) | 11.1%Best | 12.4% |
| Max Drawdown | -7.8%Best | -8.9% |
| $10,000 over 1.2 years | $12,345 | $12,393Best |
| Top 10 Weight | 63.4% | 37.8%Best |
| Fund Family | Amplius | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Equity-oriented Balanced | Large Cap Blend |
| Inception | Jul 15, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jul 16, 2025 to Sep 18, 2026 (1.2 years).
AAAA vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.2 years both funds cover.
AAAA vs SPY Performance
Amplius Aggressive Asset Allocation ETF (AAAA) is an ETF from Amplius and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year AAAA returned +16.01% while SPY returned +16.29%. Year to date, AAAA is up 11.48% versus a gain of 12.09% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.4% compared with 11.1% for AAAA. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -7.8% for AAAA and -8.9% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
AAAA charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, AAAA currently yields 1.30% against 0.98% for SPY.
Holdings Overlap
25.1% of AAAA's money is in holdings SPY also owns. 51.3% of SPY's money is in holdings AAAA also owns.
The two portfolios partly overlap.
27 positions in common, counted across the 46 positions we hold weights for in AAAA and 504 in SPY, against full books of 47 and 505.
What only one of them owns
Measured across the 46 and 504 positions we hold weights for.
SPY holds 470 positions AAAA does not, 48.1% of the fund.
Largest: MA 0.71%, ABBV 0.70%, COST 0.63%, BAC 0.62%, CVX 0.60%
Top Shared Holdings
| Stock | Weight in AAAA | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 0.98% | 8.01% | 7.03% |
| AAPLApple, Inc | 1.01% | 7.26% | 6.25% |
| MSFTMicrosoft Corp | 1.02% | 5.66% | 4.64% |
| AMZNAmazon.Com Inc | 0.99% | 3.79% | 2.80% |
| GOOGLAlphabet Inc,class A | 0.99% | 2.99% | 2.00% |
| AVGOBroadcom Inc | 1.00% | 2.66% | 1.66% |
| METAMeta Platforms Inc | 0.99% | 1.93% | 0.94% |
| MUMicron Technology, Inc. | 1.02% | 1.60% | 0.58% |
| TSLATesla Inc | 1.05% | 1.52% | 0.47% |
| JPMJpmorgan Chase | 1.01% | 1.45% | 0.44% |
51.3% of SPY is already inside AAAA.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, AAAA or SPY?
AAAA has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which performed better, AAAA or SPY?
Over the past year AAAA returned +16.01% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), AAAA annualized +19.19% vs +19.58% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AAAA or SPY?
SPY has been the more volatile fund at 12.4% annualized versus 11.1% for AAAA. Worst drawdown: AAAA -7.8% vs SPY -8.9%.
Should I hold both AAAA and SPY?
AAAA and SPY have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between AAAA and SPY?
51.3% of SPY's money is in holdings AAAA also owns. 51.3% of SPY's is in holdings AAAA also owns. They hold 27 positions in common, counted across the 46 positions we hold weights for in AAAA and 504 in SPY.
Which pays a higher dividend, AAAA or SPY?
AAAA yields 1.30% while SPY yields 0.98%, so AAAA currently pays the higher dividend yield.
Is SPY better than AAAA?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 63.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.