CBSE vs SPY
Clough Select Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CBSE or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. CBSE led over 1Y and the full window. CBSE is less concentrated, with 33.4% of the fund in its ten largest positions against 38.2%.
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 | CBSE | SPY |
|---|---|---|
| Expense Ratio | 0.85% | 0.09%Best |
| AUM | $49M | $811.2B |
| Dividend Yield | 0.29% | 0.98% |
| Holdings | 82 | 1,515 |
| Volatility (annualized) | 22.2% | 15.8%Best |
| Max Drawdown | -36.3% | -24.5%Best |
| $10,000 over 4.2 years | $17,888Best | $17,725 |
| Top 10 Weight | 33.4%Best | 38.2% |
| Fund Family | Changebridge Capital | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Nov 12, 2020 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 633 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. CBSE has data through Jan 17, 2025 and SPY through Oct 12, 2026.
Volatility and max drawdown, and the $10,000 over 4.2 years row, are measured over the window both funds cover: Nov 13, 2020 to Jan 17, 2025 (4.2 years).
Risk: Volatility and Drawdowns
CBSE has been the more volatile fund, with annualized monthly volatility of 22.2% compared with 15.8% 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 -36.3% for CBSE and -24.5% 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 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CBSE charges 0.85% per year while SPY charges 0.09%. On a $10,000 position that is $85 vs $9 annually, a gap of $76 per year that compounds over a long holding period. On income, CBSE currently yields 0.29% against 0.98% for SPY.
Holdings Overlap
29.4% of CBSE's money is in holdings SPY also owns. 9.9% of SPY's money is in holdings CBSE also owns.
CBSE and SPY share little of their money.
12 positions in common, counted across the 40 positions we hold weights for in CBSE and 504 in SPY, against full books of 82 and 1,515.
What only one of them owns
Our book lists 485 positions for SPY that do not appear in our book for CBSE (89.3% of the fund), and 21 for CBSE that do not appear in SPY (56.2%).
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
| Stock | Weight in CBSE | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 2.97% | 7.78% | 4.81% |
| MRVLMarvell Technology Group Ltd. | 3.03% | 0.29% | 2.74% |
| CRWDCrowdstrike Holdings Inc | 2.72% | 0.36% | 2.36% |
| APAAPA Corp. | 3.01% | 0.02% | 2.99% |
| CEGConstellation Energy Corporation Com | 2.81% | 0.13% | 2.68% |
| DELLDell Technologies Inc | 2.69% | 0.24% | 2.45% |
| APHAmphenol Corp. Class A | 2.62% | 0.29% | 2.33% |
| BKRBaker Hughes Co | 2.73% | 0.09% | 2.64% |
| DVNDevon Energy Corporation | 2.64% | 0.09% | 2.55% |
| PANWPalo Alto Networks, Inc | 2.22% | 0.46% | 1.76% |
29.4% of CBSE 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, CBSE or SPY?
CBSE has an expense ratio of 0.85% while SPY charges 0.09%. SPY is the cheaper option, by $76 a year on a $10,000 investment.
Which is riskier, CBSE or SPY?
CBSE has been the more volatile fund at 22.2% annualized versus 15.8% for SPY. Worst drawdown: CBSE -36.3% vs SPY -24.5%.
Should I hold both CBSE and SPY?
CBSE and SPY have a monthly-return correlation of 0.77, 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 CBSE and SPY?
29.4% of CBSE's money is in holdings SPY also owns. 9.9% of SPY's is in holdings CBSE also owns. They hold 12 positions in common, counted across the 40 positions we hold weights for in CBSE and 504 in SPY.
Which pays a higher dividend, CBSE or SPY?
CBSE yields 0.29% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than CBSE?
SPY has a lower expense ratio. CBSE led over 1Y and the full window. CBSE is less concentrated, with 33.4% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.