AAUS vs SPY
Alpha Architect US Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, AAUS or SPY?
Each has led over a different period.
AAUS led over the full window, SPY over 1Y. The two have moved almost in lockstep, correlation 0.99. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.0%.
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 | AAUS | SPY |
|---|---|---|
| Expense Ratio | 0.09%Tie | 0.09%Tie |
| AUM | $500M | $804.7B |
| Dividend Yield | 0.33% | 0.98% |
| Holdings | 354 | 505 |
| YTD Return | +11.42% | +12.09%Best |
| 1Y Return | +15.14% | +16.29%Best |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +13.37% |
| Volatility (annualized) | 12.2%Best | 12.4% |
| Max Drawdown | -9.1% | -8.9%Best |
| $10,000 over 1.2 years | $12,314Best | $12,234 |
| Top 10 Weight | 38.0% | 37.8%Best |
| Fund Family | Alpha Architect | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 22, 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 23, 2025 to Sep 18, 2026 (1.2 years).
AAUS 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.
AAUS vs SPY Performance
Alpha Architect US Equity ETF (AAUS) is an ETF from Alpha Architect and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year AAUS returned +15.14% while SPY returned +16.29%. Year to date, AAUS is up 11.42% 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 12.2% for AAUS. 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 -9.1% for AAUS 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
AAUS charges 0.09% per year while SPY charges 0.09%. On a $10,000 position that is $9 vs $9 annually. On income, AAUS currently yields 0.33% against 0.98% for SPY.
Holdings Overlap
98.8% of AAUS's money is in holdings SPY also owns. 90.7% of SPY's money is in holdings AAUS also owns.
Most of AAUS is already inside SPY. Owning both mostly buys the same companies twice.
289 positions in common, counted across the 294 positions we hold weights for in AAUS and 504 in SPY, against full books of 354 and 505.
What only one of them owns
Our book lists 208 positions for SPY that do not appear in our book for AAUS (8.7% of the fund), and 4 for AAUS that do not appear in SPY (1.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in AAUS | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.21% | 8.01% | 0.20% |
| AAPLApple, Inc | 6.96% | 7.26% | 0.30% |
| MSFTMicrosoft Corp | 5.67% | 5.66% | 0.01% |
| AMZNAmazon.Com Inc | 3.78% | 3.79% | 0.01% |
| GOOGLAlphabet Inc,class A | 3.07% | 2.99% | 0.08% |
| AVGOBroadcom Inc | 2.81% | 2.66% | 0.15% |
| GOOGAlphabet Inc | 2.46% | 2.39% | 0.07% |
| METAMeta Platforms Inc | 1.90% | 1.93% | 0.03% |
| MUMicron Technology, Inc. | 1.65% | 1.60% | 0.05% |
| TSLATesla Inc | 1.52% | 1.52% | 0.00% |
98.8% of AAUS is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, AAUS or SPY?
AAUS has an expense ratio of 0.09% while SPY charges 0.09%. At the precision these are quoted to, they cost the same.
Which performed better, AAUS or SPY?
Over the past year AAUS returned +15.14% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), AAUS annualized +18.94% vs +18.30% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AAUS or SPY?
SPY has been the more volatile fund at 12.4% annualized versus 12.2% for AAUS. Worst drawdown: AAUS -9.1% vs SPY -8.9%.
Should I hold both AAUS and SPY?
AAUS and SPY have a monthly-return correlation of 0.99, 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 AAUS and SPY?
98.8% of AAUS's money is in holdings SPY also owns. 90.7% of SPY's is in holdings AAUS also owns. They hold 289 positions in common, counted across the 294 positions we hold weights for in AAUS and 504 in SPY.
Which pays a higher dividend, AAUS or SPY?
AAUS yields 0.33% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than AAUS?
AAUS led over the full window, SPY over 1Y. The two have moved almost in lockstep, correlation 0.99. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.