CDEI vs SPY
Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CDEI or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. CDEI led over 1Y, SPY over 3Y and the full window. The two have moved almost in lockstep, correlation 0.97. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 47.8%.
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 | CDEI | SPY |
|---|---|---|
| Expense Ratio | 0.14% | 0.09%Best |
| AUM | $19M | $804.7B |
| Dividend Yield | 0.95% | 0.98% |
| Holdings | 234 | 505 |
| YTD Return | +14.17%Best | +12.99% |
| 1Y Return | +19.96%Best | +16.73% |
| 3Y Return (annualized) | +21.01% | +22.52%Best |
| 5Y Return (annualized) | - | +13.07% |
| Volatility (annualized) | 12.3%Tie | 12.3%Tie |
| Max Drawdown | -19.5% | -18.8%Best |
| $10,000 over 3.6 years | $18,864 | $19,399Best |
| Top 10 Weight | 47.8% | 37.8%Best |
| Fund Family | Calvert | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 30, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.6 years row, are measured over the window both funds cover: Feb 1, 2023 to Sep 23, 2026 (3.6 years).
CDEI vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.6 years both funds cover.
CDEI vs SPY Performance
Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF (CDEI) is an ETF from Calvert and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CDEI returned +19.96% while SPY returned +16.73%. Year to date, CDEI is up 14.17% versus a gain of 12.99% for SPY.
Over three years, CDEI compounded at +21.01% per year against +22.52% for SPY. Across the full 4-year window we track, SPY has the edge at +20.21% annualized vs +19.28%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CDEI and SPY have been equally volatile, both at 12.3% annualized.
The deepest peak-to-trough decline in our data was -19.5% for CDEI and -18.8% 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 0.97. 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 0.95% against 0.98% for SPY.
Holdings Overlap
96.8% of CDEI's money is in holdings SPY also owns. 51.0% of SPY's money is in holdings CDEI also owns.
Most of CDEI is already inside SPY. Owning both mostly buys the same companies twice.
167 positions in common, counted across the 231 positions we hold weights for in CDEI and 504 in SPY, against full books of 234 and 505.
What only one of them owns
Our book lists 330 positions for SPY that do not appear in our book for CDEI (48.3% of the fund), and 57 for CDEI that do not appear in SPY (2.6%).
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 CDEI | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 9.21% | 8.01% | 1.20% |
| AAPLApple, Inc | 8.56% | 7.26% | 1.30% |
| MSFTMicrosoft Corp | 7.12% | 5.66% | 1.46% |
| GOOGLAlphabet Inc,class A | 6.72% | 2.99% | 3.73% |
| JPMJpmorgan Chase | 3.60% | 1.45% | 2.15% |
| LLYEli Lilly & Co. | 3.37% | 1.40% | 1.97% |
| AMDAdvanced Micro Devices, Inc | 2.73% | 1.14% | 1.59% |
| VVisa Inc Class A | 2.58% | 0.94% | 1.64% |
| MAMastercard Inc | 1.96% | 0.71% | 1.25% |
| ABBVAbbvie Inc. | 1.90% | 0.70% | 1.20% |
96.8% of CDEI 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, CDEI or SPY?
CDEI has an expense ratio of 0.14% while SPY charges 0.09%. SPY is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, CDEI or SPY?
Over the past year CDEI returned +19.96% vs +16.73% for SPY, so CDEI leads on 1-year performance. Over the longest common window we track (4 years), CDEI annualized +19.28% vs +20.21% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CDEI or SPY?
CDEI and SPY have been equally volatile, both at 12.3% annualized. Worst drawdown: CDEI -19.5% vs SPY -18.8%.
Should I hold both CDEI and SPY?
CDEI and SPY have a monthly-return correlation of 0.97, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between CDEI and SPY?
96.8% of CDEI's money is in holdings SPY also owns. 51.0% of SPY's is in holdings CDEI also owns. They hold 167 positions in common, counted across the 231 positions we hold weights for in CDEI and 504 in SPY.
Which pays a higher dividend, CDEI or SPY?
CDEI yields 0.95% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than CDEI?
SPY has a lower expense ratio. CDEI led over 1Y, SPY over 3Y and the full window. The two have moved almost in lockstep, correlation 0.97. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 47.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.