CARY vs SPY
Angel Oak Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CARY or SPY?
Diversified Sectoral Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window.
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 | CARY | SPY |
|---|---|---|
| Expense Ratio | 0.80% | 0.09%Best |
| AUM | $1.5B | $804.7B |
| Dividend Yield | 5.96% | 0.98% |
| Holdings | 795 | 505 |
| YTD Return | +1.60% | +11.97%Best |
| 1Y Return | +2.98% | +16.40%Best |
| 3Y Return (annualized) | +6.78% | +21.10%Best |
| 5Y Return (annualized) | - | +12.88% |
| Volatility (annualized) | 2.8%Best | 13.0% |
| Max Drawdown | -1.7%Best | -18.8% |
| $10,000 over 3.8 years | $12,822 | $20,731Best |
| Fund Family | Angel Oak Capital Advisors | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Diversified Sectoral Bond | Large Cap Blend |
| Inception | Nov 7, 2022 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 3.8 years row, are measured over the window both funds cover: Nov 8, 2022 to Sep 14, 2026 (3.8 years).
CARY 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 3.8 years both funds cover.
CARY vs SPY Performance
Angel Oak Income ETF (CARY) is an ETF from Angel Oak Capital Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CARY returned +2.98% while SPY returned +16.40%. Year to date, CARY is up 1.60% versus a gain of 11.97% for SPY.
Over three years, CARY compounded at +6.78% per year against +21.10% for SPY. Across the full 4-year window we track, SPY has the edge at +21.15% annualized vs +6.76%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.0% compared with 2.8% for CARY. 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 -1.7% for CARY 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 0.55. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CARY charges 0.80% per year while SPY charges 0.09%. On a $10,000 position that is $80 vs $9 annually, a gap of $71 per year that compounds over a long holding period. On income, CARY currently yields 5.96% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 263 holdings in CARY and 504 in SPY, totalling 24.5% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 63 days apart, CARY as of Jun 30, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 263 positions we hold weights for in CARY and 504 in SPY, against full books of 795 and 505.
You are not choosing between two funds in isolation.
Whichever of CARY 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, CARY or SPY?
CARY has an expense ratio of 0.80% while SPY charges 0.09%. SPY is the cheaper option, by $71 a year on a $10,000 investment.
Which performed better, CARY or SPY?
Over the past year CARY returned +2.98% vs +16.40% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), CARY annualized +6.76% vs +21.15% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CARY or SPY?
SPY has been the more volatile fund at 13.0% annualized versus 2.8% for CARY. Worst drawdown: CARY -1.7% vs SPY -18.8%.
Should I hold both CARY and SPY?
CARY and SPY have a monthly-return correlation of 0.55, 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, CARY or SPY?
CARY yields 5.96% while SPY yields 0.98%, so CARY currently pays the higher dividend yield.
Is SPY better than CARY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.