BMAX vs SPY
REX Bitcoin Corporate Treasury Convertible Bond 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 | BMAX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.14% | 0.09% | |
| AUM | $6M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 15 | 505 | |
| YTD Return | +3.22% | +13.79% | |
| 1Y Return | -8.11% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 22.4% | 15.3% | |
| Max Drawdown | -31.3% | -56.5% | |
| Fund Family | REX Shares | State Street Investment Management | |
| Category | Convertible | Equity | |
| Inception | Mar 14, 2025 | Jan 22, 1993 |
BMAX vs SPY Performance
REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) is a ETF from REX Shares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BMAX returned -8.11% while SPY returned +23.66%. Year to date, BMAX is up 3.22% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
BMAX has been the more volatile fund, with annualized monthly volatility of 22.4% 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 -31.3% for BMAX 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 0.15. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BMAX charges 1.14% per year while SPY charges 0.09%. On a $10,000 position that is $114 vs $9 annually, a gap of $105 per year that compounds over a long holding period. On income, BMAX currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
BMAX and SPY share 0 holdings out of 511 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, BMAX or SPY?
BMAX has an expense ratio of 1.14% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $105 per year of difference.
Which performed better, BMAX or SPY?
Over the past year BMAX returned -8.11% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), BMAX annualized -8.86% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BMAX or SPY?
BMAX has been the more volatile fund at 22.4% annualized versus 15.3% for SPY. Worst drawdown: BMAX -31.3% vs SPY -56.5%.
Should I hold both BMAX and SPY?
BMAX and SPY have a monthly-return correlation of 0.15, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BMAX and SPY?
BMAX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 511 unique securities.
Which pays a higher dividend, BMAX or SPY?
BMAX yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.