CAMX vs SPY
Cambiar Aggressive Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CAMX or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 40.6%.
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 | CAMX | SPY |
|---|---|---|
| Expense Ratio | 0.59% | 0.09%Best |
| AUM | $68M | $804.7B |
| Dividend Yield | 1.60% | 0.98% |
| Holdings | 33 | 505 |
| YTD Return | +8.22% | +12.22%Best |
| 1Y Return | +11.97% | +16.97%Best |
| 3Y Return (annualized) | +11.74% | +21.16%Best |
| 5Y Return (annualized) | - | +13.00% |
| Volatility (annualized) | 13.2% | 12.4%Best |
| Max Drawdown | -15.7%Best | -18.8% |
| $10,000 over 3.6 years | $14,551 | $19,347Best |
| Top 10 Weight | 40.6% | 37.8%Best |
| Fund Family | Cambiar Investors, LLC | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Feb 13, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.6 years row, are measured over the window both funds cover: Feb 13, 2023 to Sep 17, 2026 (3.6 years).
CAMX 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 3.6 years both funds cover.
CAMX vs SPY Performance
Cambiar Aggressive Value ETF (CAMX) is an ETF from Cambiar Investors, LLC and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CAMX returned +11.97% while SPY returned +16.97%. Year to date, CAMX is up 8.22% versus a gain of 12.22% for SPY.
Over three years, CAMX compounded at +11.74% per year against +21.16% for SPY. Across the full 4-year window we track, SPY has the edge at +20.12% annualized vs +10.98%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CAMX has been the more volatile fund, with annualized monthly volatility of 13.2% compared with 12.4% 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 -15.7% for CAMX and -18.8% 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 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CAMX charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, CAMX currently yields 1.60% against 0.98% for SPY.
Holdings Overlap
72.2% of CAMX's money is in holdings SPY also owns. 9.6% of SPY's money is in holdings CAMX also owns.
Most of CAMX is already inside SPY. Owning both mostly buys the same companies twice.
24 positions in common, counted across the 34 positions we hold weights for in CAMX and 504 in SPY, against full books of 33 and 505.
What only one of them owns
Our book lists 473 positions for SPY that do not appear in our book for CAMX (89.8% of the fund), and 5 for CAMX that do not appear in SPY (14.0%).
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.
Top Shared Holdings
| Stock | Weight in CAMX | Weight in SPY | Difference |
|---|---|---|---|
| AMZNAmazon.Com Inc | 3.19% | 3.79% | 0.60% |
| GOOGLAlphabet Inc,class A | 3.06% | 2.99% | 0.07% |
| UBERUber Technologies Inc | 5.07% | 0.23% | 4.84% |
| ELVElevance Health Inc | 4.75% | 0.13% | 4.62% |
| BMYBristol-Myers Squibb Co. | 4.59% | 0.21% | 4.38% |
| CMECme Group, Cl A | 4.36% | 0.16% | 4.20% |
| MDTMedtronic Plc Ordinary Shares | 3.90% | 0.18% | 3.72% |
| LUVSouthwest Airlines Co. | 3.44% | 0.03% | 3.41% |
| ALGNAlign Technology Inc. | 3.34% | 0.02% | 3.32% |
| ICEInternational Exchange, Inc. | 3.13% | 0.14% | 2.99% |
72.2% of CAMX is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CAMX or SPY?
CAMX has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option, by $50 a year on a $10,000 investment.
Which performed better, CAMX or SPY?
Over the past year CAMX returned +11.97% vs +16.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), CAMX annualized +10.98% vs +20.12% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CAMX or SPY?
CAMX has been the more volatile fund at 13.2% annualized versus 12.4% for SPY. Worst drawdown: CAMX -15.7% vs SPY -18.8%.
Should I hold both CAMX and SPY?
CAMX and SPY have a monthly-return correlation of 0.76, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CAMX and SPY?
72.2% of CAMX's money is in holdings SPY also owns. 9.6% of SPY's is in holdings CAMX also owns. They hold 24 positions in common, counted across the 34 positions we hold weights for in CAMX and 504 in SPY.
Which pays a higher dividend, CAMX or SPY?
CAMX yields 1.60% while SPY yields 0.98%, so CAMX currently pays the higher dividend yield.
Is SPY better than CAMX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 40.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.