CARU vs SPY
MAX Auto Industry 3X Leveraged ETN vs State Street SPDR S&P 500 ETF Trust
Which is better, CARU or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 77.8%.
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 | CARU | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $3M | $777.9B |
| Dividend Yield | 0.00% | 1.00% |
| Holdings | 24 | 1,011 |
| YTD Return | -33.49% | +12.09%Best |
| 1Y Return | -33.84% | +12.45%Best |
| 3Y Return (annualized) | +10.68% | +21.45%Best |
| 5Y Return (annualized) | - | +11.87% |
| Volatility (annualized) | 64.4% | 12.4%Best |
| Max Drawdown | -66.4% | -18.8%Best |
| $10,000 over 3.4 years | $7,565 | $18,206Best |
| Top 10 Weight | 77.8% | 38.9%Best |
| Fund Family | BMO Capital Markets | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Jun 30, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.4 years row, are measured over the window both funds cover: Jun 28, 2023 to Nov 11, 2026 (3.4 years).
CARU 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 3.4 years both funds cover.
CARU vs SPY Performance
MAX Auto Industry 3X Leveraged ETN (CARU) is an ETF from BMO Capital Markets and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CARU returned -33.84% while SPY returned +12.45%. Year to date, CARU is down 33.49% versus a gain of 12.09% for SPY.
Over three years, CARU compounded at +10.68% per year against +21.45% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CARU has been the more volatile fund, with annualized monthly volatility of 64.4% 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 -66.4% for CARU 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 0.66. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CARU charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, CARU currently yields 0.00% against 1.00% for SPY.
Holdings Overlap
62.8% of CARU's money is in holdings SPY also owns. 2.0% of SPY's money is in holdings CARU also owns.
The two portfolios partly overlap.
7 positions in common, counted across the 24 positions we hold weights for in CARU and 504 in SPY, against full books of 24 and 1,011.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for CARU (97.7% of the fund), and 15 for CARU that do not appear in SPY (30.6%).
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
62.8% of CARU 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, CARU or SPY?
CARU has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, CARU or SPY?
Over the past year CARU returned -33.84% vs +12.45% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CARU or SPY?
CARU has been the more volatile fund at 64.4% annualized versus 12.4% for SPY. Worst drawdown: CARU -66.4% vs SPY -18.8%.
Should I hold both CARU and SPY?
CARU and SPY have a monthly-return correlation of 0.66, 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 CARU and SPY?
62.8% of CARU's money is in holdings SPY also owns. 2.0% of SPY's is in holdings CARU also owns. They hold 7 positions in common, counted across the 24 positions we hold weights for in CARU and 504 in SPY.
Which pays a higher dividend, CARU or SPY?
CARU yields 0.00% while SPY yields 1.00%, so SPY currently pays the higher dividend yield.
Is SPY better than CARU?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 77.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.