BNDY vs SPY
Horizon Core 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 | BNDY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.66% | 0.09% | |
| AUM | $249M | $789.1B | |
| Dividend Yield | 5.65% | 1.01% | |
| Holdings | 4 | 505 | |
| YTD Return | -3.55% | +14.47% | |
| 1Y Return | -1.54% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 4.6% | 15.3% | |
| Max Drawdown | -6.3% | -56.5% | |
| Fund Family | Horizon Funds | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jul 2, 2025 | Jan 22, 1993 |
BNDY vs SPY Performance
Horizon Core Bond ETF (BNDY) 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 BNDY returned -1.54% while SPY returned +21.96%. Year to date, BNDY is down 3.55% 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 4.6% for BNDY. 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 -6.3% for BNDY 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 0.12. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BNDY charges 0.66% per year while SPY charges 0.09%. On a $10,000 position that is $66 vs $9 annually, a gap of $57 per year that compounds over a long holding period. On income, BNDY currently yields 5.65% against 1.01% for SPY.
Holdings Overlap
BNDY and SPY share 0 holdings out of 505 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, BNDY or SPY?
BNDY has an expense ratio of 0.66% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $57 per year of difference.
Which performed better, BNDY or SPY?
Over the past year BNDY returned -1.54% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), BNDY annualized -0.02% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, BNDY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.6% for BNDY. Worst drawdown: BNDY -6.3% vs SPY -56.5%.
Should I hold both BNDY and SPY?
BNDY and SPY have a monthly-return correlation of 0.12, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BNDY and SPY?
BNDY and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, BNDY or SPY?
BNDY yields 5.65% while SPY yields 1.01%, so BNDY currently pays the higher dividend yield.
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