CNAV vs SPY
Mohr Company Nav ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CNAV or SPY?
Tactical Allocation against Large Cap Blend.
SPY has a lower expense ratio. CNAV led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 41.3%.
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 | CNAV | SPY |
|---|---|---|
| Expense Ratio | 1.31% | 0.09%Best |
| AUM | $49M | $814.4B |
| Dividend Yield | 0.00% | 1.01% |
| Holdings | 30 | 505 |
| YTD Return | +25.79%Best | +13.34% |
| 1Y Return | +35.42%Best | +19.97% |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 32.3% | 12.8%Best |
| Max Drawdown | -30.1% | -18.8%Best |
| $10,000 over 1.9 years | $15,717Best | $13,766 |
| Top 10 Weight | 41.3% | 38.0%Best |
| Fund Family | Mohr Funds | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Tactical Allocation | Large Cap Blend |
| Inception | Oct 1, 2024 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.9 years row, are measured over the window both funds cover: Oct 1, 2024 to Sep 4, 2026 (1.9 years).
CNAV 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 1.9 years both funds cover.
CNAV vs SPY Performance
Mohr Company Nav ETF (CNAV) is an ETF from Mohr Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CNAV returned +35.42% while SPY returned +19.97%. Year to date, CNAV is up 25.79% versus a gain of 13.34% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CNAV has been the more volatile fund, with annualized monthly volatility of 32.3% compared with 12.8% 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 -30.1% for CNAV 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 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CNAV charges 1.31% per year while SPY charges 0.09%. On a $10,000 position that is $131 vs $9 annually, a gap of $122 per year that compounds over a long holding period. On income, CNAV currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
81.4% of CNAV's money is in holdings SPY also owns. 15.1% of SPY's money is in holdings CNAV also owns.
Most of CNAV is already inside SPY. Owning both mostly buys the same companies twice.
27 positions in common, counted across the 32 positions we hold weights for in CNAV and 504 in SPY, against full books of 30 and 505.
What only one of them owns
Our book lists 469 positions for SPY that do not appear in our book for CNAV (84.3% of the fund), and 4 for CNAV that do not appear in SPY (11.8%).
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 CNAV | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 2.93% | 6.83% | 3.90% |
| WDCWestern Digital Corp Company Guar 11/28 3 | 5.93% | 0.28% | 5.65% |
| AMDAdvanced Micro Devices Inc | 4.78% | 1.27% | 3.51% |
| MUMicron Technology, Inc. | 3.86% | 1.51% | 2.35% |
| SNDKSandisk Corp/De | 4.35% | 0.32% | 4.03% |
| DELLDell Technologies Inc | 4.35% | 0.20% | 4.15% |
| NTAPNetapp Inc | 3.98% | 0.06% | 3.92% |
| CSCOCisco Systems Inc. - Ordinary Shares | 3.22% | 0.72% | 2.50% |
| CRWDCrowdstrike Holdings Inc. Class A | 3.58% | 0.32% | 3.26% |
| PANWPalo Alto Networks, Inc | 3.42% | 0.45% | 2.97% |
81.4% of CNAV 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, CNAV or SPY?
CNAV has an expense ratio of 1.31% while SPY charges 0.09%. SPY is the cheaper option, by $122 a year on a $10,000 investment.
Which performed better, CNAV or SPY?
Over the past year CNAV returned +35.42% vs +19.97% for SPY, so CNAV leads on 1-year performance. Over the longest common window we track (2 years), CNAV annualized +26.87% vs +18.32% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CNAV or SPY?
CNAV has been the more volatile fund at 32.3% annualized versus 12.8% for SPY. Worst drawdown: CNAV -30.1% vs SPY -18.8%.
Should I hold both CNAV and SPY?
CNAV 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 CNAV and SPY?
81.4% of CNAV's money is in holdings SPY also owns. 15.1% of SPY's is in holdings CNAV also owns. They hold 27 positions in common, counted across the 32 positions we hold weights for in CNAV and 504 in SPY.
Which pays a higher dividend, CNAV or SPY?
CNAV yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than CNAV?
SPY has a lower expense ratio. CNAV led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 41.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.