BRF vs SPY
VanEck Brazil Small-Cap 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 505 holdings.
Side-by-Side Comparison
| Metric | BRF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.60% | 0.09% | |
| AUM | $22M | $821.1B | |
| Dividend Yield | 5.58% | 1.01% | |
| Holdings | 93 | 505 | |
| YTD Return | -6.50% | +13.70% | |
| 1Y Return | +4.83% | +21.44% | |
| 3Y Return (annualized) | -1.34% | +22.50% | |
| 5Y Return (annualized) | -2.50% | +13.24% | |
| Volatility (annualized) | 32.7% | 15.3% | |
| Max Drawdown | -82.3% | -56.5% | |
| Fund Family | VanEck | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 12, 2009 | Jan 22, 1993 |
BRF vs SPY Performance
VanEck Brazil Small-Cap ETF (BRF) is a ETF from VanEck and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BRF returned +4.83% while SPY returned +21.44%. Year to date, BRF is down 6.50% versus a gain of 13.70% for SPY.
Over three years, BRF compounded at -1.34% per year against +22.50% for SPY; over five years the annualized figures are -2.50% and +13.24% respectively. Across the full 17-year window we track, SPY has the edge at +8.84% annualized vs +0.74%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BRF has been the more volatile fund, with annualized monthly volatility of 32.7% 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 -82.3% for BRF 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 0.51. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BRF charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, BRF currently yields 5.58% against 1.01% for SPY.
Holdings Overlap
BRF and SPY share 0 holdings out of 593 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, BRF or SPY?
BRF has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, BRF or SPY?
Over the past year BRF returned +4.83% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), BRF annualized +0.74% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, BRF or SPY?
BRF has been the more volatile fund at 32.7% annualized versus 15.3% for SPY. Worst drawdown: BRF -82.3% vs SPY -56.5%.
Should I hold both BRF and SPY?
BRF and SPY have a monthly-return correlation of 0.51, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BRF and SPY?
BRF and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 593 unique securities.
Which pays a higher dividend, BRF or SPY?
BRF yields 5.58% while SPY yields 1.01%, so BRF currently pays the higher dividend yield.
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