ASG vs SPY
Liberty All-Star Growth Fund Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, ASG or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. ASG is less concentrated, with 21.1% of the fund in its ten largest positions against 38.0%.
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 | ASG | SPY |
|---|---|---|
| Expense Ratio | 1.12% | 0.09%Best |
| AUM | $374M | $804.7B |
| Dividend Yield | 7.94% | 0.98% |
| Holdings | 125 | 505 |
| YTD Return | +1.97% | +12.47%Best |
| 1Y Return | -2.73% | +17.51%Best |
| 3Y Return (annualized) | +8.81% | +21.18%Best |
| 5Y Return (annualized) | -2.11% | +12.88%Best |
| Volatility (annualized) | 22.2% | 15.3%Best |
| Max Drawdown | -86.2% | -56.5%Best |
| $10,000 over 5 years | $8,989 | $18,327Best |
| Top 10 Weight | 21.1%Best | 38.0% |
| Fund Family | Liberty All Star Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Mar 14, 1986 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 11, 2026 (30.7 years).
ASG vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
ASG vs SPY Performance
Liberty All-Star Growth Fund Inc. (ASG) is an ETF from Liberty All Star Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ASG returned -2.73% while SPY returned +17.51%. Year to date, ASG is up 1.97% versus a gain of 12.47% for SPY.
Over three years, ASG compounded at +8.81% per year against +21.18% for SPY; over five years the annualized figures are -2.11% and +12.88% respectively. Across the full 31-year window we track, SPY has the edge at +8.78% annualized vs -0.38%.
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 what each fund did in the worst stretch of the window measured above.
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 7.94% against 0.98% for SPY.
Holdings Overlap
42.3% of ASG's money is in holdings SPY also owns. 44.6% of SPY's money is in holdings ASG also owns.
The two portfolios partly overlap.
47 positions in common, counted across the 117 positions we hold weights for in ASG and 504 in SPY, against full books of 125 and 505.
What only one of them owns
Our book lists 447 positions for SPY that do not appear in our book for ASG (54.9% of the fund), and 59 for ASG that do not appear in SPY (49.2%).
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 ASG | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 3.82% | 7.71% | 3.89% |
| AAPLApple, Inc | 1.46% | 6.83% | 5.37% |
| GOOGLAlphabet A Usd 0.001 | 3.71% | 3.33% | 0.38% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 1.18% | 5.50% | 4.32% |
| AMZNAmazon.Com Inc | 0.44% | 4.08% | 3.64% |
| AVGOBroadcom Inc | 1.09% | 2.97% | 1.88% |
| METAMeta Platforms, Inc. | 1.28% | 1.94% | 0.66% |
| LLYEli Lilly & Co. | 1.19% | 1.33% | 0.14% |
| MUMicron Technology, Inc. | 0.68% | 1.51% | 0.83% |
| AMDAdvanced Micro Devices Inc. | 0.54% | 1.27% | 0.73% |
44.6% of SPY is already inside ASG.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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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, by $103 a year on a $10,000 investment.
Which performed better, ASG or SPY?
Over the past year ASG returned -2.73% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), ASG annualized -0.38% vs +8.78% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
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 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 ASG and SPY?
44.6% of SPY's money is in holdings ASG also owns. 44.6% of SPY's is in holdings ASG also owns. They hold 47 positions in common, counted across the 117 positions we hold weights for in ASG and 504 in SPY.
Which pays a higher dividend, ASG or SPY?
ASG yields 7.94% while SPY yields 0.98%, so ASG currently pays the higher dividend yield.
Is SPY better than ASG?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. ASG is less concentrated, with 21.1% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.