BCV vs SPY
Bancroft Fund Ltd vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. BCV delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | BCV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.11% | 0.09% | |
| AUM | $177M | $789.1B | |
| Dividend Yield | 3.46% | 1.01% | |
| Holdings | 86 | 505 | |
| YTD Return | +13.84% | +13.79% | |
| 1Y Return | +28.19% | +23.66% | |
| 3Y Return (annualized) | +19.62% | +21.40% | |
| 5Y Return (annualized) | +3.25% | +13.37% | |
| Volatility (annualized) | 16.6% | 15.3% | |
| Max Drawdown | -99.4% | -56.5% | |
| Fund Family | Gabelli Funds | State Street Investment Management | |
| Category | Convertible | Equity | |
| Inception | Oct 4, 1971 | Jan 22, 1993 |
BCV vs SPY Performance
Bancroft Fund Ltd (BCV) is a ETF from Gabelli Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BCV returned +28.19% while SPY returned +23.66%. Year to date, BCV is up 13.84% versus a gain of 13.79% for SPY.
Over three years, BCV compounded at +19.62% per year against +21.40% for SPY; over five years the annualized figures are +3.25% and +13.37% respectively. Across the full 26-year window we track, SPY has the edge at +8.85% annualized vs +2.63%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BCV has been the more volatile fund, with annualized monthly volatility of 16.6% 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 -99.4% for BCV 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 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BCV charges 1.11% per year while SPY charges 0.09%. On a $10,000 position that is $111 vs $9 annually, a gap of $102 per year that compounds over a long holding period. On income, BCV currently yields 3.46% against 1.01% for SPY.
Holdings Overlap
BCV and SPY share 4 holdings out of 530 unique holdings combined, representing a 0.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BCV or SPY?
BCV has an expense ratio of 1.11% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $102 per year of difference.
Which performed better, BCV or SPY?
Over the past year BCV returned +28.19% vs +23.66% for SPY, so BCV leads on 1-year performance. Over the longest common window we track (26 years), BCV annualized +2.63% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BCV or SPY?
BCV has been the more volatile fund at 16.6% annualized versus 15.3% for SPY. Worst drawdown: BCV -99.4% vs SPY -56.5%.
Should I hold both BCV and SPY?
BCV and SPY have a monthly-return correlation of 0.71, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BCV and SPY?
BCV and SPY share 4 common holdings with a 0.7% weight overlap. Combined, they hold 530 unique securities.
Which pays a higher dividend, BCV or SPY?
BCV yields 3.46% while SPY yields 1.01%, so BCV currently pays the higher dividend yield.
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