ASG vs SPY
Liberty All-Star Growth Fund Inc. 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 505 holdings.
Side-by-Side Comparison
| Metric | ASG | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.12% | 0.09% | |
| AUM | $398M | $821.1B | |
| Dividend Yield | 7.99% | 1.01% | |
| Holdings | 125 | 505 | |
| YTD Return | +6.63% | +12.68% | |
| 1Y Return | +7.00% | +21.82% | |
| 3Y Return (annualized) | +10.16% | +21.98% | |
| 5Y Return (annualized) | -0.73% | +12.89% | |
| Volatility (annualized) | 22.2% | 15.3% | |
| Max Drawdown | -86.2% | -56.5% | |
| Fund Family | Liberty All Star Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 14, 1986 | Jan 22, 1993 |
ASG vs SPY Performance
Liberty All-Star Growth Fund Inc. (ASG) is a ETF from Liberty All Star Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ASG returned +7.00% while SPY returned +21.82%. Year to date, ASG is up 6.63% versus a gain of 12.68% for SPY.
Over three years, ASG compounded at +10.16% per year against +21.98% for SPY; over five years the annualized figures are -0.73% and +12.89% respectively. Across the full 31-year window we track, SPY has the edge at +8.81% annualized vs -0.24%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ASG has been the more volatile fund, with annualized monthly volatility of 22.2% 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 -86.2% for ASG 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ASG charges 1.12% per year while SPY charges 0.09%. On a $10,000 position that is $112 vs $9 annually, a gap of $103 per year that compounds over a long holding period. On income, ASG currently yields 7.99% against 1.01% for SPY.
Holdings Overlap
ASG and SPY share 48 holdings out of 580 unique holdings combined, representing a 24.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ASG or SPY?
ASG has an expense ratio of 1.12% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $103 per year of difference.
Which performed better, ASG or SPY?
Over the past year ASG returned +7.00% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), ASG annualized -0.24% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, ASG or SPY?
ASG has been the more volatile fund at 22.2% annualized versus 15.3% for SPY. Worst drawdown: ASG -86.2% vs SPY -56.5%.
Should I hold both ASG and SPY?
ASG and SPY have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ASG and SPY?
ASG and SPY share 48 common holdings with a 24.0% weight overlap. Combined, they hold 580 unique securities.
Which pays a higher dividend, ASG or SPY?
ASG yields 7.99% while SPY yields 1.01%, so ASG currently pays the higher dividend yield.
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