CEE vs SPY
The Central and Eastern Europe Fund Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, CEE or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. CEE led over 1Y and 3Y, SPY over 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 59.5%.
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 | CEE | SPY |
|---|---|---|
| Expense Ratio | 1.18% | 0.09%Best |
| AUM | $147M | $804.7B |
| Dividend Yield | 1.70% | 0.98% |
| Holdings | 60 | 505 |
| YTD Return | +7.60% | +12.99%Best |
| 1Y Return | +30.41%Best | +16.73% |
| 3Y Return (annualized) | +34.28%Best | +22.52% |
| 5Y Return (annualized) | -4.71% | +13.07%Best |
| Volatility (annualized) | 31.2% | 15.3%Best |
| Max Drawdown | -83.0% | -56.5%Best |
| $10,000 over 5 years | $7,857 | $18,481Best |
| Top 10 Weight | 59.5% | 37.8%Best |
| Fund Family | DWS ETF Trust | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Mar 6, 1990 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 23, 2026 (30.7 years).
CEE 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 30.7 years both funds cover.
CEE vs SPY Performance
The Central and Eastern Europe Fund Inc. (CEE) is an ETF from DWS ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CEE returned +30.41% while SPY returned +16.73%. Year to date, CEE is up 7.60% versus a gain of 12.99% for SPY.
Over three years, CEE compounded at +34.28% per year against +22.52% for SPY; over five years the annualized figures are -4.71% and +13.07% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs +6.66%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CEE has been the more volatile fund, with annualized monthly volatility of 31.2% compared with 15.3% 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 -83.0% for CEE and -56.5% 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 0.63. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CEE charges 1.18% per year while SPY charges 0.09%. On a $10,000 position that is $118 vs $9 annually, a gap of $109 per year that compounds over a long holding period. On income, CEE currently yields 1.70% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 50 holdings in CEE and 504 in SPY, totalling 99.7% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 186 days apart, CEE as of Feb 27, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 50 positions we hold weights for in CEE and 504 in SPY, against full books of 60 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for CEE (99.3% of the fund), and 1 for CEE that do not appear in SPY (0.0%).
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.
You are not choosing between two funds in isolation.
Whichever of CEE and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CEE or SPY?
CEE has an expense ratio of 1.18% while SPY charges 0.09%. SPY is the cheaper option, by $109 a year on a $10,000 investment.
Which performed better, CEE or SPY?
Over the past year CEE returned +30.41% vs +16.73% for SPY, so CEE leads on 1-year performance. Over the longest common window we track (31 years), CEE annualized +6.66% vs +8.79% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CEE or SPY?
CEE has been the more volatile fund at 31.2% annualized versus 15.3% for SPY. Worst drawdown: CEE -83.0% vs SPY -56.5%.
Should I hold both CEE and SPY?
CEE and SPY have a monthly-return correlation of 0.63, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CEE or SPY?
CEE yields 1.70% while SPY yields 0.98%, so CEE currently pays the higher dividend yield.
Is SPY better than CEE?
SPY has a lower expense ratio. CEE led over 1Y and 3Y, SPY over 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 59.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.