BCV vs SPY
Bancroft Fund Ltd vs State Street SPDR S&P 500 ETF Trust
Which is better, BCV 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 | BCV | SPY |
|---|---|---|
| Expense Ratio | 1.11% | 0.09%Best |
| AUM | $178M | $804.7B |
| Dividend Yield | 3.69% | 0.98% |
| Holdings | 86 | 505 |
| YTD Return | +10.08% | +12.22%Best |
| 1Y Return | +12.17% | +16.97%Best |
| 3Y Return (annualized) | +20.67% | +21.16%Best |
| 5Y Return (annualized) | +3.05% | +13.00%Best |
| Volatility (annualized) | 16.6% | 15.1%Best |
| Max Drawdown | - | -56.5% |
| $10,000 over 5 years | $11,621 | $18,424Best |
| Fund Family | Gabelli Funds | State Street Investment Management |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Blend |
| Inception | Oct 4, 1971 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 21, 2000 to Sep 17, 2026 (25.8 years).
BCV 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 covers the 25.8 years both funds cover.
BCV vs SPY Performance
Bancroft Fund Ltd (BCV) is an ETF from Gabelli Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BCV returned +12.17% while SPY returned +16.97%. Year to date, BCV is up 10.08% versus a gain of 12.22% for SPY.
Over three years, BCV compounded at +20.67% per year against +21.16% for SPY; over five years the annualized figures are +3.05% and +13.00% respectively. Across the full 26-year window we track, SPY has the edge at +7.23% annualized vs +2.48%.
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 15.1% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
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 3.69% against 0.98% for SPY.
Holdings Overlap
At least 0.7% of SPY's money is in holdings BCV also owns.
Stated as a floor: for BCV, our book for it covers 55.5% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 154 days apart, BCV as of Mar 31, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
4 positions in common, counted across the 31 positions we hold weights for in BCV and 504 in SPY, against full books of 86 and 505.
You are not choosing between two funds in isolation.
Whichever of BCV 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, BCV or SPY?
BCV has an expense ratio of 1.11% while SPY charges 0.09%. SPY is the cheaper option, by $102 a year on a $10,000 investment.
Which performed better, BCV or SPY?
Over the past year BCV returned +12.17% vs +16.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (26 years), BCV annualized +2.48% vs +7.23% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BCV or SPY?
BCV has been the more volatile fund at 16.6% annualized versus 15.1% for SPY.
Should I hold both BCV and SPY?
BCV and SPY have a monthly-return correlation of 0.71, 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, BCV or SPY?
BCV yields 3.69% while SPY yields 0.98%, so BCV currently pays the higher dividend yield.
Is SPY better than BCV?
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.