AWF vs SPY
AllianceBernstein Global High Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, AWF or SPY?
High Yield Bond 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 | AWF | SPY |
|---|---|---|
| Expense Ratio | 1.00% | 0.09%Best |
| AUM | $974M | $814.4B |
| Dividend Yield | 6.98% | 1.01% |
| Holdings | 1,273 | 505 |
| YTD Return | -1.46% | +13.78%Best |
| 1Y Return | -4.28% | +21.44%Best |
| 3Y Return (annualized) | +8.30% | +21.38%Best |
| 5Y Return (annualized) | +3.64% | +12.80%Best |
| Volatility (annualized) | 18.2% | 15.2%Best |
| Max Drawdown | -60.0% | -56.5%Best |
| $10,000 over 5 years | $11,957 | $18,262Best |
| Fund Family | AllianceBernstein L.P. | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | High Yield Bond | Large Cap Blend |
| Inception | Jul 28, 1993 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 3, 2026 (30.7 years).
AWF 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.
AWF vs SPY Performance
AllianceBernstein Global High Income Fund (AWF) is an ETF from AllianceBernstein L.P. and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year AWF returned -4.28% while SPY returned +21.44%. Year to date, AWF is down 1.46% versus a gain of 13.78% for SPY.
Over three years, AWF compounded at +8.30% per year against +21.38% for SPY; over five years the annualized figures are +3.64% and +12.80% respectively. Across the full 31-year window we track, SPY has the edge at +8.83% annualized vs +0.90%.
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 15.2% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.56. They move together some of the time, and apart the rest.
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 6.98% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 707 holdings in AWF and 504 in SPY, totalling 65.7% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 400 days apart, AWF as of Jun 30, 2025 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.
0 positions in common, counted across the 707 positions we hold weights for in AWF and 504 in SPY, against full books of 1,273 and 505.
You are not choosing between two funds in isolation.
Whichever of AWF 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, AWF or SPY?
AWF has an expense ratio of 1.00% while SPY charges 0.09%. SPY is the cheaper option, by $91 a year on a $10,000 investment.
Which performed better, AWF or SPY?
Over the past year AWF returned -4.28% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), AWF annualized +0.90% vs +8.83% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AWF or SPY?
AWF has been the more volatile fund at 18.2% annualized versus 15.2% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, AWF or SPY?
AWF yields 6.98% while SPY yields 1.01%, so AWF currently pays the higher dividend yield.
Is SPY better than AWF?
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.