BENJ vs SPY
Horizon Landmark ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | BENJ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $270M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 3 | 505 | |
| YTD Return | +2.21% | +14.47% | |
| 1Y Return | +3.88% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 0.5% | 15.3% | |
| Max Drawdown | -0.4% | -56.5% | |
| Fund Family | Horizon Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 22, 2025 | Jan 22, 1993 |
BENJ vs SPY Performance
Horizon Landmark ETF (BENJ) is a ETF from Horizon Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BENJ returned +3.88% while SPY returned +21.96%. Year to date, BENJ is up 2.21% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 0.5% for BENJ. 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 -0.4% for BENJ 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 -0.04. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BENJ charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, BENJ currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
BENJ and SPY share 0 holdings out of 504 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, BENJ or SPY?
BENJ has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, BENJ or SPY?
Over the past year BENJ returned +3.88% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), BENJ annualized +3.87% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, BENJ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 0.5% for BENJ. Worst drawdown: BENJ -0.4% vs SPY -56.5%.
Should I hold both BENJ and SPY?
BENJ and SPY have a monthly-return correlation of -0.04, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BENJ and SPY?
BENJ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, BENJ or SPY?
BENJ yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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