BRW vs SPY
Saba Capital Income & Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. BRW offers more diversification with 1,064 holdings.
Side-by-Side Comparison
| Metric | BRW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.43% | 0.09% | |
| AUM | $366M | $821.1B | |
| Dividend Yield | 13.86% | 1.01% | |
| Holdings | 1,064 | 505 | |
| YTD Return | +1.25% | +13.17% | |
| 1Y Return | -10.39% | +21.53% | |
| 3Y Return (annualized) | +8.75% | +22.06% | |
| 5Y Return (annualized) | +6.87% | +13.35% | |
| Volatility (annualized) | 14.0% | 15.3% | |
| Max Drawdown | -75.3% | -56.5% | |
| Fund Family | Saba Capital | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | May 12, 1988 | Jan 22, 1993 |
BRW vs SPY Performance
Saba Capital Income & Opportunities Fund (BRW) is a ETF from Saba Capital and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BRW returned -10.39% while SPY returned +21.53%. Year to date, BRW is up 1.25% versus a gain of 13.17% for SPY.
Over three years, BRW compounded at +8.75% per year against +22.06% for SPY; over five years the annualized figures are +6.87% and +13.35% respectively. Across the full 31-year window we track, SPY has the edge at +8.82% annualized vs -1.13%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.0% for BRW. 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 -75.3% for BRW 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 0.43. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BRW charges 1.43% per year while SPY charges 0.09%. On a $10,000 position that is $143 vs $9 annually, a gap of $134 per year that compounds over a long holding period. On income, BRW currently yields 13.86% against 1.01% for SPY.
Holdings Overlap
BRW and SPY share 98 holdings out of 938 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BRW or SPY?
BRW has an expense ratio of 1.43% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $134 per year of difference.
Which performed better, BRW or SPY?
Over the past year BRW returned -10.39% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), BRW annualized -1.13% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, BRW or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.0% for BRW. Worst drawdown: BRW -75.3% vs SPY -56.5%.
Should I hold both BRW and SPY?
BRW and SPY have a monthly-return correlation of 0.43, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BRW and SPY?
BRW and SPY share 98 common holdings with a 0.1% weight overlap. Combined, they hold 938 unique securities.
Which pays a higher dividend, BRW or SPY?
BRW yields 13.86% while SPY yields 1.01%, so BRW currently pays the higher dividend yield.
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