ARP vs SPY
PMV Adaptive Risk Parity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. ARP delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | ARP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.42% | 0.09% | |
| AUM | $66M | $789.1B | |
| Dividend Yield | 6.15% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | +11.10% | +13.39% | |
| 1Y Return | +24.44% | +22.52% | |
| 3Y Return (annualized) | +13.29% | +21.36% | |
| 5Y Return (annualized) | - | +13.19% | |
| Volatility (annualized) | 9.3% | 15.3% | |
| Max Drawdown | -10.1% | -56.5% | |
| Fund Family | PMV Capital | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 21, 2022 | Jan 22, 1993 |
ARP vs SPY Performance
PMV Adaptive Risk Parity ETF (ARP) is a ETF from PMV Capital and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ARP returned +24.44% while SPY returned +22.52%. Year to date, ARP is up 11.10% versus a gain of 13.39% for SPY.
Over three years, ARP compounded at +13.29% per year against +21.36% for SPY. Across the full 4-year window we track, ARP has the edge at +11.20% annualized vs +8.84%. 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 9.3% for ARP. 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 -10.1% for ARP 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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ARP charges 1.42% per year while SPY charges 0.09%. On a $10,000 position that is $142 vs $9 annually, a gap of $133 per year that compounds over a long holding period. On income, ARP currently yields 6.15% against 1.01% for SPY.
Holdings Overlap
ARP and SPY share 0 holdings out of 509 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ARP or SPY?
ARP has an expense ratio of 1.42% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $133 per year of difference.
Which performed better, ARP or SPY?
Over the past year ARP returned +24.44% vs +22.52% for SPY, so ARP leads on 1-year performance. Over the longest common window we track (4 years), ARP annualized +11.20% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, ARP or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.3% for ARP. Worst drawdown: ARP -10.1% vs SPY -56.5%.
Should I hold both ARP and SPY?
ARP and SPY have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ARP and SPY?
ARP and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 509 unique securities.
Which pays a higher dividend, ARP or SPY?
ARP yields 6.15% while SPY yields 1.01%, so ARP currently pays the higher dividend yield.
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