AREA vs SPY
Harbor AlphaEdge Next Generation REITs ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, AREA or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 55.4%.
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 | AREA | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $2M | $814.4B |
| Dividend Yield | 0.66% | 1.01% |
| Holdings | 86 | 505 |
| Volatility (annualized) | 13.0% | 10.8%Best |
| Max Drawdown | -21.1% | -18.8%Best |
| $10,000 over 1.5 years | $10,226 | $12,771Best |
| Top 10 Weight | 55.4% | 38.0%Best |
| Fund Family | Harbor Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 3, 2024 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 197 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. AREA has data through Feb 19, 2026 and SPY through Sep 4, 2026.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Sep 5, 2024 to Feb 19, 2026 (1.5 years).
Risk: Volatility and Drawdowns
AREA has been the more volatile fund, with annualized monthly volatility of 13.0% compared with 10.8% 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 -21.1% for AREA and -18.8% 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 0.28. They move largely independently of each other.
Fees and Cost Over Time
AREA charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, AREA currently yields 0.66% against 1.01% for SPY.
Holdings Overlap
45.5% of AREA's money is in holdings SPY also owns. 1.1% of SPY's money is in holdings AREA also owns.
The two portfolios partly overlap.
The two holdings books were reported 308 days apart, AREA as of Sep 30, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
15 positions in common, counted across the 38 positions we hold weights for in AREA and 503 in SPY, against full books of 86 and 505.
What only one of them owns
Our book lists 479 positions for SPY that do not appear in our book for AREA (98.4% of the fund), and 23 for AREA that do not appear in SPY (53.7%).
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 AREA | Weight in SPY | Difference |
|---|---|---|---|
| PSAPublic Storage | 6.88% | 0.08% | 6.80% |
| VICIVici Properties Inc | 6.33% | 0.04% | 6.29% |
| HSTHost Hotels & Resorts | 5.66% | 0.02% | 5.64% |
| AMTAmerican Tower Corp | 5.09% | 0.12% | 4.97% |
| SBACSba Communications Corp. | 3.80% | 0.03% | 3.77% |
| WYWeyerhaeuser Co. | 3.37% | 0.03% | 3.34% |
| CCICrown Castle International Corp | 3.02% | 0.05% | 2.97% |
| INVHInvitation Homes Inc | 2.56% | 0.03% | 2.53% |
| PEAKHealthpeak Properties Inc Snr S* Ice | 2.39% | 0.02% | 2.37% |
| VTRVentas, Inc. | 2.03% | 0.07% | 1.96% |
45.5% of AREA 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, AREA or SPY?
AREA has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which is riskier, AREA or SPY?
AREA has been the more volatile fund at 13.0% annualized versus 10.8% for SPY. Worst drawdown: AREA -21.1% vs SPY -18.8%.
Should I hold both AREA and SPY?
AREA and SPY have a monthly-return correlation of 0.28, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between AREA and SPY?
45.5% of AREA's money is in holdings SPY also owns. 1.1% of SPY's is in holdings AREA also owns. They hold 15 positions in common, counted across the 38 positions we hold weights for in AREA and 503 in SPY.
Which pays a higher dividend, AREA or SPY?
AREA yields 0.66% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than AREA?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 55.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.