CFO vs SPY
VictoryShares US 500 Enhanced Volatility Weighted ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CFO or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. CFO is less concentrated, with 3.8% of the fund in its ten largest positions against 38.0%.
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 | CFO | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $416M | $804.7B |
| Dividend Yield | 1.20% | 0.98% |
| Holdings | 502 | 505 |
| YTD Return | +8.75% | +12.47%Best |
| 1Y Return | +9.44% | +17.51%Best |
| 3Y Return (annualized) | +11.10% | +21.18%Best |
| 5Y Return (annualized) | +3.69% | +12.88%Best |
| Volatility (annualized) | 12.3%Best | 14.8% |
| Max Drawdown | -24.4%Best | -34.1% |
| $10,000 over 5 years | $11,986 | $18,327Best |
| Top 10 Weight | 3.8%Best | 38.0% |
| Fund Family | Victory Capital Management Inc. | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 1, 2014 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 2, 2014 to Sep 11, 2026 (12.2 years).
CFO 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 12.2 years both funds cover.
CFO vs SPY Performance
VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) is an ETF from Victory Capital Management Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CFO returned +9.44% while SPY returned +17.51%. Year to date, CFO is up 8.75% versus a gain of 12.47% for SPY.
Over three years, CFO compounded at +11.10% per year against +21.18% for SPY; over five years the annualized figures are +3.69% and +12.88% respectively. Across the full 12-year window we track, SPY has the edge at +12.43% annualized vs +7.95%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.8% compared with 12.3% for CFO. 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 -24.4% for CFO and -34.1% 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CFO charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, CFO currently yields 1.20% against 0.98% for SPY.
Holdings Overlap
83.5% of CFO's money is in holdings SPY also owns. 91.8% of SPY's money is in holdings CFO also owns.
Most of SPY is already inside CFO. Owning both mostly buys the same companies twice.
402 positions in common, counted across the 501 positions we hold weights for in CFO and 504 in SPY, against full books of 502 and 505.
What only one of them owns
Our book lists 95 positions for SPY that do not appear in our book for CFO (7.9% of the fund), and 95 for CFO that do not appear in SPY (15.6%).
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 CFO | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 0.20% | 7.71% | 7.51% |
| AAPLApple, Inc | 0.28% | 6.83% | 6.55% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 0.29% | 5.50% | 5.21% |
| AMZNAmazon.Com Inc | 0.23% | 4.08% | 3.85% |
| GOOGLAlphabet A Usd 0.001 | 0.23% | 3.33% | 3.10% |
| AVGOBroadcom Inc | 0.16% | 2.97% | 2.81% |
| METAMeta Platforms, Inc. | 0.15% | 1.94% | 1.79% |
| BRK.BBerkshire Hathaway B | 0.40% | 1.42% | 1.02% |
| JPMJpmorgan Chase & Co. | 0.30% | 1.44% | 1.14% |
| MUMicron Technology, Inc. | 0.20% | 1.51% | 1.31% |
91.8% of SPY is already inside CFO.
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, CFO or SPY?
CFO has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, CFO or SPY?
Over the past year CFO returned +9.44% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (12 years), CFO annualized +7.95% vs +12.43% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CFO or SPY?
SPY has been the more volatile fund at 14.8% annualized versus 12.3% for CFO. Worst drawdown: CFO -24.4% vs SPY -34.1%.
Should I hold both CFO and SPY?
CFO and SPY have a monthly-return correlation of 0.86, 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 CFO and SPY?
91.8% of SPY's money is in holdings CFO also owns. 91.8% of SPY's is in holdings CFO also owns. They hold 402 positions in common, counted across the 501 positions we hold weights for in CFO and 504 in SPY.
Which pays a higher dividend, CFO or SPY?
CFO yields 1.20% while SPY yields 0.98%, so CFO currently pays the higher dividend yield.
Is SPY better than CFO?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. CFO is less concentrated, with 3.8% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.