CAF vs SPY
Morgan Stanley China A Share Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, CAF or SPY?
Each has led over a different period.
SPY has a lower expense ratio. CAF led over 1Y and the full window, SPY over 3Y and 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.9%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CAF | SPY |
|---|---|---|
| Expense Ratio | 1.75% | 0.09%Best |
| AUM | - | $814.4B |
| Dividend Yield | 1.17% | 1.01% |
| Holdings | 69 | 505 |
| YTD Return | +5.31% | +13.34%Best |
| 1Y Return | +24.76%Best | +19.97% |
| 3Y Return (annualized) | +15.67% | +21.20%Best |
| 5Y Return (annualized) | -0.20% | +12.81%Best |
| Volatility (annualized) | 30.1% | 15.3%Best |
| Max Drawdown | -65.9% | -56.5%Best |
| $10,000 over 5 years | $9,900 | $18,270Best |
| Top 10 Weight | 40.9% | 38.0%Best |
| Fund Family | Morgan Stanley Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 28, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 28, 2006 to Sep 4, 2026 (19.9 years).
CAF vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 19.9 years both funds cover.
CAF vs SPY Performance
Morgan Stanley China A Share Fund (CAF) is an ETF from Morgan Stanley Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CAF returned +24.76% while SPY returned +19.97%. Year to date, CAF is up 5.31% versus a gain of 13.34% for SPY.
Over three years, CAF compounded at +15.67% per year against +21.20% for SPY; over five years the annualized figures are -0.20% and +12.81% respectively. Across the full 20-year window we track, CAF has the edge at +9.85% annualized vs +9.59%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CAF has been the more volatile fund, with annualized monthly volatility of 30.1% 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 -65.9% for CAF and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.39. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CAF charges 1.75% per year while SPY charges 0.09%. On a $10,000 position that is $175 vs $9 annually, a gap of $166 per year that compounds over a long holding period. On income, CAF currently yields 1.17% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 74 holdings in CAF and 503 in SPY, totalling 98.0% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 74 positions we hold weights for in CAF and 503 in SPY, against full books of 69 and 505.
What only one of them owns
Our book lists 493 positions for SPY that do not appear in our book for CAF (99.4% of the fund), and 1 for CAF that do not appear in SPY (0.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of CAF and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CAF or SPY?
CAF has an expense ratio of 1.75% while SPY charges 0.09%. SPY is the cheaper option, by $166 a year on a $10,000 investment.
Which performed better, CAF or SPY?
Over the past year CAF returned +24.76% vs +19.97% for SPY, so CAF leads on 1-year performance. Over the longest common window we track (20 years), CAF annualized +9.85% vs +9.59% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CAF or SPY?
CAF has been the more volatile fund at 30.1% annualized versus 15.3% for SPY. Worst drawdown: CAF -65.9% vs SPY -56.5%.
Should I hold both CAF and SPY?
CAF and SPY have a monthly-return correlation of 0.39, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CAF or SPY?
CAF yields 1.17% while SPY yields 1.01%, so CAF currently pays the higher dividend yield.
Is SPY better than CAF?
SPY has a lower expense ratio. CAF led over 1Y and the full window, SPY over 3Y and 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.