BBHL vs SPY
BBH Select Large Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, BBHL or SPY?
BBHL has been ahead.
SPY has a lower expense ratio. BBHL led over 1Y. The two have moved almost in lockstep, correlation 0.91. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 44.7%.
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 | BBHL | SPY |
|---|---|---|
| Expense Ratio | 0.71% | 0.09%Best |
| AUM | $522M | $777.9B |
| Dividend Yield | 0.00% | 1.00% |
| Holdings | 50 | 1,011 |
| YTD Return | +10.82% | +12.09%Best |
| 1Y Return | +13.43%Best | +12.45% |
| 3Y Return (annualized) | - | +21.45% |
| 5Y Return (annualized) | - | +11.87% |
| Volatility (annualized) | 12.2%Best | 13.3% |
| Top 10 Weight | 44.7% | 38.9%Best |
| Fund Family | Brown Brothers Harriman | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 17, 2025 | Jan 22, 1993 |
Not shown on this pair: Max Drawdown, $10,000 over the window.
BBHL 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.
BBHL vs SPY Performance
BBH Select Large Cap ETF (BBHL) is an ETF from Brown Brothers Harriman and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BBHL returned +13.43% while SPY returned +12.45%. Year to date, BBHL is up 10.82% versus a gain of 12.09% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.3% compared with 12.2% for BBHL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
BBHL charges 0.71% per year while SPY charges 0.09%. On a $10,000 position that is $71 vs $9 annually, a gap of $62 per year that compounds over a long holding period. On income, BBHL currently yields 0.00% against 1.00% for SPY.
Holdings Overlap
93.5% of BBHL's money is in holdings SPY also owns. 47.5% of SPY's money is in holdings BBHL also owns.
Most of BBHL is already inside SPY. Owning both mostly buys the same companies twice.
44 positions in common, counted across the 49 positions we hold weights for in BBHL and 504 in SPY, against full books of 50 and 1,011.
What only one of them owns
Our book lists 455 positions for SPY that do not appear in our book for BBHL (52.2% of the fund), and 3 for BBHL that do not appear in SPY (1.1%).
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 BBHL | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple Inc | 5.91% | 7.53% | 1.62% |
| MSFTMicrosoft Corp | 6.97% | 5.96% | 1.01% |
| NVDANvidia Corp | 2.82% | 8.05% | 5.23% |
| AMZNAmazon.Com Inc | 4.89% | 3.75% | 1.14% |
| GOOGAlphabet Inc. C | 5.25% | 2.46% | 2.79% |
| MAMastercard Inc | 4.50% | 0.73% | 3.77% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 3.57% | 1.47% | 2.10% |
| LLYEli Lilly & Co | 3.31% | 1.45% | 1.86% |
| AVGOBroadcom Inc | 1.57% | 2.48% | 0.91% |
| METAMeta Platforms Inc | 1.52% | 2.45% | 0.93% |
93.5% of BBHL is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BBHL or SPY?
BBHL has an expense ratio of 0.71% while SPY charges 0.09%. SPY is the cheaper option, by $62 a year on a $10,000 investment.
Which performed better, BBHL or SPY?
Over the past year BBHL returned +13.43% vs +12.45% for SPY, so BBHL leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BBHL or SPY?
SPY has been the more volatile fund at 13.3% annualized versus 12.2% for BBHL.
Should I hold both BBHL and SPY?
BBHL and SPY have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between BBHL and SPY?
93.5% of BBHL's money is in holdings SPY also owns. 47.5% of SPY's is in holdings BBHL also owns. They hold 44 positions in common, counted across the 49 positions we hold weights for in BBHL and 504 in SPY.
Which pays a higher dividend, BBHL or SPY?
BBHL yields 0.00% while SPY yields 1.00%, so SPY currently pays the higher dividend yield.
Is SPY better than BBHL?
SPY has a lower expense ratio. BBHL led over 1Y. The two have moved almost in lockstep, correlation 0.91. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 44.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.