AAUS vs SPY
Alpha Architect US Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
AAUS has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | AAUS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.09% | |
| AUM | $494M | $789.1B | |
| Dividend Yield | 0.34% | 1.01% | |
| Holdings | 376 | 505 | |
| YTD Return | +12.54% | +13.79% | |
| 1Y Return | +22.41% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 12.7% | 15.3% | |
| Max Drawdown | -9.1% | -56.5% | |
| Fund Family | Alpha Architect | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 22, 2025 | Jan 22, 1993 |
AAUS vs SPY Performance
Alpha Architect US Equity ETF (AAUS) is a ETF from Alpha Architect and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year AAUS returned +22.41% while SPY returned +23.66%. Year to date, AAUS is up 12.54% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.7% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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, a gap of $0 per year that compounds over a long holding period. On income, AAUS currently yields 0.34% against 1.01% for SPY.
Holdings Overlap
AAUS and SPY share 343 holdings out of 507 unique holdings combined, representing a 90.6% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, AAUS or SPY?
AAUS has an expense ratio of 0.09% while SPY charges 0.09%. AAUS is the cheaper option. On a $10,000 investment, that is $0 per year of difference.
Which performed better, AAUS or SPY?
Over the past year AAUS returned +22.41% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), AAUS annualized +22.42% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, AAUS or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.7% for AAUS. Worst drawdown: AAUS -9.1% vs SPY -56.5%.
Should I hold both AAUS and SPY?
AAUS and SPY have a monthly-return correlation of 0.99, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between AAUS and SPY?
AAUS and SPY share 343 common holdings with a 90.6% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, AAUS or SPY?
AAUS yields 0.34% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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