AWF vs SPY
AllianceBernstein Global High Income Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. AWF offers more diversification with 707 holdings.
Side-by-Side Comparison
| Metric | AWF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.00% | 0.09% | |
| AUM | $969M | $789.1B | |
| Dividend Yield | 6.92% | 1.01% | |
| Holdings | 1,273 | 505 | |
| YTD Return | -0.83% | +14.47% | |
| 1Y Return | -2.37% | +21.96% | |
| 3Y Return (annualized) | +8.49% | +21.70% | |
| 5Y Return (annualized) | +3.60% | +13.30% | |
| Volatility (annualized) | 18.2% | 15.3% | |
| Max Drawdown | -60.0% | -56.5% | |
| Fund Family | AllianceBernstein L.P. | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jul 28, 1993 | Jan 22, 1993 |
AWF vs SPY Performance
AllianceBernstein Global High Income Fund (AWF) is a ETF from AllianceBernstein L.P. and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year AWF returned -2.37% while SPY returned +21.96%. Year to date, AWF is down 0.83% versus a gain of 14.47% for SPY.
Over three years, AWF compounded at +8.49% per year against +21.70% for SPY; over five years the annualized figures are +3.60% and +13.30% respectively. Across the full 31-year window we track, SPY has the edge at +8.87% annualized vs +0.92%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
AWF has been the more volatile fund, with annualized monthly volatility of 18.2% 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 -60.0% for AWF 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 0.56. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
AWF charges 1.00% per year while SPY charges 0.09%. On a $10,000 position that is $100 vs $9 annually, a gap of $91 per year that compounds over a long holding period. On income, AWF currently yields 6.92% against 1.01% for SPY.
Holdings Overlap
AWF and SPY share 0 holdings out of 1210 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, AWF or SPY?
AWF has an expense ratio of 1.00% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $91 per year of difference.
Which performed better, AWF or SPY?
Over the past year AWF returned -2.37% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), AWF annualized +0.92% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, AWF or SPY?
AWF has been the more volatile fund at 18.2% annualized versus 15.3% for SPY. Worst drawdown: AWF -60.0% vs SPY -56.5%.
Should I hold both AWF and SPY?
AWF and SPY have a monthly-return correlation of 0.56, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between AWF and SPY?
AWF and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1210 unique securities.
Which pays a higher dividend, AWF or SPY?
AWF yields 6.92% while SPY yields 1.01%, so AWF currently pays the higher dividend yield.
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