CBON vs SPY
VanEck China 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 503 holdings.
Side-by-Side Comparison
| Metric | CBON | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $26M | $789.1B | |
| Dividend Yield | 1.54% | 1.01% | |
| Holdings | 33 | 505 | |
| YTD Return | +5.94% | +13.68% | |
| 1Y Return | +9.68% | +21.53% | |
| 3Y Return (annualized) | +5.67% | +21.44% | |
| 5Y Return (annualized) | +2.12% | +13.18% | |
| Volatility (annualized) | 5.3% | 15.3% | |
| Max Drawdown | -15.5% | -56.5% | |
| Fund Family | VanEck | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Nov 10, 2014 | Jan 22, 1993 |
CBON vs SPY Performance
VanEck China Bond ETF (CBON) is a ETF from VanEck and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CBON returned +9.68% while SPY returned +21.53%. Year to date, CBON is up 5.94% versus a gain of 13.68% for SPY.
Over three years, CBON compounded at +5.67% per year against +21.44% for SPY; over five years the annualized figures are +2.12% and +13.18% respectively. Across the full 12-year window we track, SPY has the edge at +8.85% annualized vs +0.71%. 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 5.3% for CBON. 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 -15.5% for CBON 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 0.35. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CBON charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, CBON currently yields 1.54% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, CBON or SPY?
CBON has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, CBON or SPY?
Over the past year CBON returned +9.68% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (12 years), CBON annualized +0.71% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CBON or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.3% for CBON. Worst drawdown: CBON -15.5% vs SPY -56.5%.
Should I hold both CBON and SPY?
CBON and SPY have a monthly-return correlation of 0.35, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CBON or SPY?
CBON yields 1.54% while SPY yields 1.01%, so CBON currently pays the higher dividend yield.
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