AFIF vs SPY
Anfield Universal Fixed Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | AFIF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.08% | 0.09% | |
| AUM | $276M | $789.1B | |
| Dividend Yield | 3.73% | 1.01% | |
| Holdings | 317 | 505 | |
| YTD Return | +1.22% | +13.68% | |
| 1Y Return | +3.67% | +21.53% | |
| 3Y Return (annualized) | +6.61% | +21.44% | |
| 5Y Return (annualized) | +3.65% | +13.18% | |
| Volatility (annualized) | 2.8% | 15.3% | |
| Max Drawdown | -11.3% | -56.5% | |
| Fund Family | Horizon Funds | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Sep 18, 2018 | Jan 22, 1993 |
AFIF vs SPY Performance
Anfield Universal Fixed Income ETF (AFIF) is a ETF from Horizon Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year AFIF returned +3.67% while SPY returned +21.53%. Year to date, AFIF is up 1.22% versus a gain of 13.68% for SPY.
Over three years, AFIF compounded at +6.61% per year against +21.44% for SPY; over five years the annualized figures are +3.65% and +13.18% respectively. Across the full 8-year window we track, SPY has the edge at +8.85% annualized vs +1.96%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.8% for AFIF. 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 -11.3% for AFIF 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 0.54. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
AFIF charges 1.08% per year while SPY charges 0.09%. On a $10,000 position that is $108 vs $9 annually, a gap of $99 per year that compounds over a long holding period. On income, AFIF currently yields 3.73% against 1.01% for SPY.
Holdings Overlap
Frequently Asked Questions
Which is cheaper, AFIF or SPY?
AFIF has an expense ratio of 1.08% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $99 per year of difference.
Which performed better, AFIF or SPY?
Over the past year AFIF returned +3.67% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), AFIF annualized +1.96% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, AFIF or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.8% for AFIF. Worst drawdown: AFIF -11.3% vs SPY -56.5%.
Should I hold both AFIF and SPY?
AFIF and SPY have a monthly-return correlation of 0.54, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between AFIF and SPY?
AFIF and SPY share 2 common holdings with a 0.5% weight overlap. Combined, they hold 590 unique securities.
Which pays a higher dividend, AFIF or SPY?
AFIF yields 3.73% while SPY yields 1.01%, so AFIF currently pays the higher dividend yield.
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