ANEW vs SPY
ProShares MSCI Transformational Changes ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ANEW or SPY?
All Cap Blend 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 0.91. ANEW is less concentrated, with 22.4% of the fund in its ten largest positions against 38.2%.
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 | ANEW | SPY |
|---|---|---|
| Expense Ratio | 0.45% | 0.09%Best |
| AUM | $8M | $823.2B |
| Dividend Yield | 0.48% | 0.99% |
| Holdings | 148 | 1,515 |
| Volatility (annualized) | 16.6% | 15.3%Best |
| Max Drawdown | -39.9% | -24.5%Best |
| $10,000 over 6 years | $14,177 | $24,238Best |
| Top 10 Weight | 22.4%Best | 38.2% |
| Fund Family | ProShares | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | Oct 14, 2020 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 15 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. ANEW has data through Oct 12, 2026 and SPY through Oct 27, 2026.
Volatility and max drawdown, and the $10,000 over 6 years row, are measured over the window both funds cover: Oct 16, 2020 to Oct 12, 2026 (6 years).
Risk: Volatility and Drawdowns
ANEW has been the more volatile fund, with annualized monthly volatility of 16.6% 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 -39.9% for ANEW and -24.5% 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 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
ANEW charges 0.45% per year while SPY charges 0.09%. On a $10,000 position that is $45 vs $9 annually, a gap of $36 per year that compounds over a long holding period. On income, ANEW currently yields 0.48% against 0.99% for SPY.
Holdings Overlap
60.9% of ANEW's money is in holdings SPY also owns. 49.0% of SPY's money is in holdings ANEW also owns.
The two portfolios partly overlap.
58 positions in common, counted across the 146 positions we hold weights for in ANEW and 504 in SPY, against full books of 148 and 1,515.
What only one of them owns
Our book lists 439 positions for SPY that do not appear in our book for ANEW (50.2% of the fund), and 52 for ANEW that do not appear in SPY (12.9%).
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 ANEW | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 1.80% | 7.78% | 5.98% |
| AAPLApple, Inc | 2.10% | 7.45% | 5.35% |
| MSFTMicrosoft Corp | 2.28% | 5.71% | 3.43% |
| AMZNAmazon.Com Inc | 1.84% | 3.78% | 1.94% |
| GOOGLAlphabet Inc | 1.70% | 3.12% | 1.42% |
| METAMeta Platforms Inc | 2.07% | 2.22% | 0.15% |
| AVGOBroadcom Inc | 1.58% | 2.48% | 0.90% |
| LLYEli Lilly & Co. | 2.09% | 1.37% | 0.72% |
| ABBVAbbvie Inc. | 2.31% | 0.70% | 1.61% |
| MUMicron Technology, Inc. | 1.04% | 1.59% | 0.55% |
60.9% of ANEW 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, ANEW or SPY?
ANEW has an expense ratio of 0.45% while SPY charges 0.09%. SPY is the cheaper option, by $36 a year on a $10,000 investment.
Which is riskier, ANEW or SPY?
ANEW has been the more volatile fund at 16.6% annualized versus 15.3% for SPY. Worst drawdown: ANEW -39.9% vs SPY -24.5%.
Should I hold both ANEW and SPY?
ANEW and SPY have a monthly-return correlation of 0.91, 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 ANEW and SPY?
60.9% of ANEW's money is in holdings SPY also owns. 49.0% of SPY's is in holdings ANEW also owns. They hold 58 positions in common, counted across the 146 positions we hold weights for in ANEW and 504 in SPY.
Which pays a higher dividend, ANEW or SPY?
ANEW yields 0.48% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than ANEW?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. ANEW is less concentrated, with 22.4% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.