CATF vs SPY
American Century California Municipal Bond 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 | CATF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.09% | |
| AUM | $82M | $821.1B | |
| Dividend Yield | 3.57% | 1.01% | |
| Holdings | 304 | 505 | |
| YTD Return | +0.86% | +12.93% | |
| 1Y Return | +5.50% | +20.62% | |
| 3Y Return (annualized) | - | +22.00% | |
| 5Y Return (annualized) | - | +13.33% | |
| Volatility (annualized) | 4.2% | 15.3% | |
| Max Drawdown | -5.1% | -56.5% | |
| Fund Family | American Century Investments | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jul 16, 2024 | Jan 22, 1993 |
CATF vs SPY Performance
American Century California Municipal Bond ETF (CATF) is a ETF from American Century Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CATF returned +5.50% while SPY returned +20.62%. Year to date, CATF is up 0.86% versus a gain of 12.93% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 4.2% for CATF. 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 -5.1% for CATF 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 0.55. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CATF charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, CATF currently yields 3.57% against 1.01% for SPY.
Holdings Overlap
CATF and SPY share 0 holdings out of 588 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CATF or SPY?
CATF has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, CATF or SPY?
Over the past year CATF returned +5.50% vs +20.62% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), CATF annualized +2.48% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, CATF or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.2% for CATF. Worst drawdown: CATF -5.1% vs SPY -56.5%.
Should I hold both CATF and SPY?
CATF and SPY have a monthly-return correlation of 0.55, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CATF and SPY?
CATF and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 588 unique securities.
Which pays a higher dividend, CATF or SPY?
CATF yields 3.57% while SPY yields 1.01%, so CATF currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.