CAMX vs SPY
Cambiar Aggressive Value 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 | CAMX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.59% | 0.09% | |
| AUM | $70M | $821.1B | |
| Dividend Yield | 1.62% | 1.01% | |
| Holdings | 35 | 505 | |
| YTD Return | +12.70% | +12.22% | |
| 1Y Return | +15.53% | +20.83% | |
| 3Y Return (annualized) | +13.87% | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 13.1% | 15.3% | |
| Max Drawdown | -15.7% | -56.5% | |
| Fund Family | Cambiar Investors, LLC | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 13, 2023 | Jan 22, 1993 |
CAMX vs SPY Performance
Cambiar Aggressive Value ETF (CAMX) is a ETF from Cambiar Investors, LLC and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CAMX returned +15.53% while SPY returned +20.83%. Year to date, CAMX is up 12.70% versus a gain of 12.22% for SPY.
Over three years, CAMX compounded at +13.87% per year against +21.70% for SPY. Across the full 4-year window we track, CAMX has the edge at +12.53% annualized vs +8.79%. 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 13.1% for CAMX. 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 -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 0.76. 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 1.62% against 1.01% for SPY.
Holdings Overlap
CAMX and SPY share 22 holdings out of 514 unique holdings combined, representing a 9.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $50 per year of difference.
Which performed better, CAMX or SPY?
Over the past year CAMX returned +15.53% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), CAMX annualized +12.53% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, CAMX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.1% for CAMX. Worst drawdown: CAMX -15.7% vs SPY -56.5%.
Should I hold both CAMX and SPY?
CAMX and SPY have a monthly-return correlation of 0.76, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CAMX and SPY?
CAMX and SPY share 22 common holdings with a 9.3% weight overlap. Combined, they hold 514 unique securities.
Which pays a higher dividend, CAMX or SPY?
CAMX yields 1.62% while SPY yields 1.01%, so CAMX currently pays the higher dividend yield.
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