AVK vs SPY
Advent Convertible and Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, AVK or SPY?
Convertibles against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | AVK | SPY |
|---|---|---|
| Expense Ratio | 2.77% | 0.09%Best |
| AUM | $594M | $804.7B |
| Dividend Yield | 10.36% | 0.98% |
| Holdings | 435 | 505 |
| YTD Return | +4.69% | +12.47%Best |
| 1Y Return | +8.03% | +17.51%Best |
| 3Y Return (annualized) | +15.90% | +21.18%Best |
| 5Y Return (annualized) | +3.56% | +12.88%Best |
| Volatility (annualized) | 20.8% | 14.5%Best |
| Max Drawdown | -72.6% | -56.5%Best |
| $10,000 over 5 years | $11,911 | $18,327Best |
| Fund Family | Guggenheim Investments | State Street Investment Management |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Blend |
| Inception | Apr 29, 2003 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 30, 2003 to Sep 11, 2026 (23.4 years).
AVK 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.
AVK vs SPY Performance
Advent Convertible and Income Fund (AVK) is an ETF from Guggenheim Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year AVK returned +8.03% while SPY returned +17.51%. Year to date, AVK is up 4.69% versus a gain of 12.47% for SPY.
Over three years, AVK compounded at +15.90% per year against +21.18% for SPY; over five years the annualized figures are +3.56% and +12.88% respectively. Across the full 23-year window we track, SPY has the edge at +9.84% annualized vs -0.15%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
AVK has been the more volatile fund, with annualized monthly volatility of 20.8% compared with 14.5% 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 -72.6% for AVK 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
AVK charges 2.77% per year while SPY charges 0.09%. On a $10,000 position that is $277 vs $9 annually, a gap of $268 per year that compounds over a long holding period. On income, AVK currently yields 10.36% against 0.98% for SPY.
Holdings Overlap
At least 15.5% of SPY's money is in holdings AVK also owns.
Only one direction is shown: for AVK, our book for it lists positions totalling 110.4% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPY and AVK share little of their money.
The two holdings books were reported 186 days apart, AVK as of Jan 30, 2026 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.
19 positions in common, counted across the 266 positions we hold weights for in AVK and 504 in SPY, against full books of 435 and 505.
Top Shared Holdings
| Stock | Weight in AVK | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 0.51% | 5.50% | 4.99% |
| AVGOBroadcom Inc | 0.45% | 2.97% | 2.52% |
| METAMeta Platforms, Inc. | 0.48% | 1.94% | 1.46% |
| BABoeing Co | 1.93% | 0.28% | 1.65% |
| JPMJpmorgan Chase & Co. | 0.47% | 1.44% | 0.97% |
| NEENextera Energy Inc. | 1.03% | 0.27% | 0.76% |
| ABBVAbbvie Inc. | 0.57% | 0.65% | 0.08% |
| MCHPMicrochip Technology Inc. | 1.09% | 0.07% | 1.02% |
| MRKMerck & Co. Inc. | 0.66% | 0.47% | 0.19% |
| UNHUnitedhealth Group Inc. | 0.49% | 0.56% | 0.07% |
You are not choosing between two funds in isolation.
Whichever of AVK and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, AVK or SPY?
AVK has an expense ratio of 2.77% while SPY charges 0.09%. SPY is the cheaper option, by $268 a year on a $10,000 investment.
Which performed better, AVK or SPY?
Over the past year AVK returned +8.03% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), AVK annualized -0.15% vs +9.84% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AVK or SPY?
AVK has been the more volatile fund at 20.8% annualized versus 14.5% for SPY. Worst drawdown: AVK -72.6% vs SPY -56.5%.
Should I hold both AVK and SPY?
AVK 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 AVK and SPY?
At least 15.5% of SPY's money is in holdings AVK also owns. Our book for AVK is partial, so the real figure is this or higher. They hold 19 positions in common, counted across the 266 positions we hold weights for in AVK and 504 in SPY.
Which pays a higher dividend, AVK or SPY?
AVK yields 10.36% while SPY yields 0.98%, so AVK currently pays the higher dividend yield.
Is SPY better than AVK?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.