CBSE vs SPY

CBSE vs SPY

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 29.7% of the fund in its ten largest positions against 37.8%.

Lower Fees: SPYHigher Returns: CBSELess Concentrated: CBSE

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

MetricCBSESPY
Expense Ratio0.85%0.09%Best
AUM$49M$804.7B
Dividend Yield0.29%0.98%
Holdings43505
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 Weight29.7%Best37.8%
Fund FamilyChangebridge CapitalState Street Investment Management
CategoryEquityEquity
StyleLarge Cap GrowthLarge Cap Blend
InceptionNov 12, 2020Jan 22, 1993

Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).

The two price series end 612 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 Sep 21, 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

CBSE already in SPY39.0%
SPY already in CBSE15.0%

39.0% of CBSE's money is in holdings SPY also owns. 15.0% of SPY's money is in holdings CBSE also owns.

The two portfolios partly overlap.

15 positions in common, counted across the 39 positions we hold weights for in CBSE and 504 in SPY, against full books of 43 and 505.

What only one of them owns

Our book lists 482 positions for SPY that do not appear in our book for CBSE (84.3% of the fund), and 21 for CBSE that do not appear in SPY (51.5%).

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

StockWeight in CBSEWeight in SPYDifference
NVDANvidia Corp3.06%8.01%4.95%
AVGOBroadcom Inc2.49%2.66%0.17%
GOOGAlphabet Inc2.41%2.39%0.02%
BKRBaker Hughes Co2.99%0.10%2.89%
APAApa Corp3.02%0.02%3.00%
CRWDCrowdstrike Holdings Inc2.69%0.33%2.36%
CEGConstellation Energy Corporation Com2.86%0.14%2.72%
MRVLMarvell Technology Group Ltd.2.66%0.28%2.38%
APHAmphenol Corp. Class A2.51%0.31%2.20%
DVNDevon Energy Corporation2.58%0.09%2.49%

39.0% 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.

CBSESPY

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?

39.0% of CBSE's money is in holdings SPY also owns. 15.0% of SPY's is in holdings CBSE also owns. They hold 15 positions in common, counted across the 39 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 29.7% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.