ACV vs SPY
Virtus Diversified Income & Convertible Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. ACV delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | ACV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.55% | 0.09% | |
| AUM | $280M | $789.1B | |
| Dividend Yield | 8.80% | 1.01% | |
| Holdings | 308 | 505 | |
| YTD Return | +9.14% | +13.39% | |
| 1Y Return | +32.73% | +22.52% | |
| 3Y Return (annualized) | +22.55% | +21.36% | |
| 5Y Return (annualized) | +8.48% | +13.19% | |
| Volatility (annualized) | 24.9% | 15.3% | |
| Max Drawdown | -54.0% | -56.5% | |
| Fund Family | Virtus Investment Partners | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | May 26, 2015 | Jan 22, 1993 |
ACV vs SPY Performance
Virtus Diversified Income & Convertible Fund (ACV) is a ETF from Virtus Investment Partners and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ACV returned +32.73% while SPY returned +22.52%. Year to date, ACV is up 9.14% versus a gain of 13.39% for SPY.
Over three years, ACV compounded at +22.55% per year against +21.36% for SPY; over five years the annualized figures are +8.48% and +13.19% respectively. Across the full 11-year window we track, SPY has the edge at +8.84% annualized vs +7.27%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ACV has been the more volatile fund, with annualized monthly volatility of 24.9% compared with 15.3% for SPY. 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 -54.0% for ACV 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 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ACV charges 2.55% per year while SPY charges 0.09%. On a $10,000 position that is $255 vs $9 annually, a gap of $246 per year that compounds over a long holding period. On income, ACV currently yields 8.80% against 1.01% for SPY.
Holdings Overlap
ACV and SPY share 89 holdings out of 575 unique holdings combined, representing a 23.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ACV or SPY?
ACV has an expense ratio of 2.55% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $246 per year of difference.
Which performed better, ACV or SPY?
Over the past year ACV returned +32.73% vs +22.52% for SPY, so ACV leads on 1-year performance. Over the longest common window we track (11 years), ACV annualized +7.27% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, ACV or SPY?
ACV has been the more volatile fund at 24.9% annualized versus 15.3% for SPY. Worst drawdown: ACV -54.0% vs SPY -56.5%.
Should I hold both ACV and SPY?
ACV and SPY have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ACV and SPY?
ACV and SPY share 89 common holdings with a 23.1% weight overlap. Combined, they hold 575 unique securities.
Which pays a higher dividend, ACV or SPY?
ACV yields 8.80% while SPY yields 1.01%, so ACV currently pays the higher dividend yield.
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