CDEI vs SPY
Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CDEI delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CDEI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.14% | 0.09% | |
| AUM | $19M | $814.4B | |
| Dividend Yield | 0.98% | 1.01% | |
| Holdings | 234 | 505 | |
| YTD Return | +14.27% | +12.60% | |
| 1Y Return | +23.86% | +20.83% | |
| 3Y Return (annualized) | +19.42% | +20.98% | |
| 5Y Return (annualized) | - | +12.56% | |
| Volatility (annualized) | 12.3% | 15.3% | |
| Max Drawdown | -19.5% | -56.5% | |
| Fund Family | Calvert | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 30, 2023 | Jan 22, 1993 |
CDEI vs SPY Performance
Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF (CDEI) is a ETF from Calvert and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CDEI returned +23.86% while SPY returned +20.83%. Year to date, CDEI is up 14.27% versus a gain of 12.60% for SPY.
Over three years, CDEI compounded at +19.42% per year against +20.98% for SPY. Across the full 4-year window we track, CDEI has the edge at +19.65% annualized vs +8.79%. 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 12.3% for CDEI. 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 -19.5% for CDEI 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CDEI charges 0.14% per year while SPY charges 0.09%. On a $10,000 position that is $14 vs $9 annually, a gap of $5 per year that compounds over a long holding period. On income, CDEI currently yields 0.98% against 1.01% for SPY.
Holdings Overlap
CDEI and SPY share 168 holdings out of 569 unique holdings combined, representing a 50.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CDEI or SPY?
CDEI has an expense ratio of 0.14% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $5 per year of difference.
Which performed better, CDEI or SPY?
Over the past year CDEI returned +23.86% vs +20.83% for SPY, so CDEI leads on 1-year performance. Over the longest common window we track (4 years), CDEI annualized +19.65% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, CDEI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.3% for CDEI. Worst drawdown: CDEI -19.5% vs SPY -56.5%.
Should I hold both CDEI and SPY?
CDEI and SPY have a monthly-return correlation of 0.97, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between CDEI and SPY?
CDEI and SPY share 168 common holdings with a 50.0% weight overlap. Combined, they hold 569 unique securities.
Which pays a higher dividend, CDEI or SPY?
CDEI yields 0.98% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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