CNEQ vs SPY
Alger Concentrated Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CNEQ or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. CNEQ led over the full window, SPY over 1Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 61.5%.
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 | CNEQ | SPY |
|---|---|---|
| Expense Ratio | 0.56% | 0.09%Best |
| AUM | $2.4B | $804.7B |
| Dividend Yield | 0.46% | 0.98% |
| Holdings | 31 | 505 |
| YTD Return | +11.80%Best | +11.45% |
| 1Y Return | +13.50% | +15.87%Best |
| 3Y Return (annualized) | - | +20.93% |
| 5Y Return (annualized) | - | +12.59% |
| Volatility (annualized) | 23.4% | 11.9%Best |
| Max Drawdown | -27.6% | -18.8%Best |
| $10,000 over 2.4 years | $19,118Best | $14,892 |
| Top 10 Weight | 61.5% | 37.8%Best |
| Fund Family | Alger | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Apr 4, 2024 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 2.4 years row, are measured over the window both funds cover: Apr 5, 2024 to Sep 15, 2026 (2.4 years).
CNEQ 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 2.4 years both funds cover.
CNEQ vs SPY Performance
Alger Concentrated Equity ETF (CNEQ) is an ETF from Alger and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CNEQ returned +13.50% while SPY returned +15.87%. Year to date, CNEQ is up 11.80% versus a gain of 11.45% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CNEQ has been the more volatile fund, with annualized monthly volatility of 23.4% compared with 11.9% 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 -27.6% for CNEQ 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 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CNEQ charges 0.56% per year while SPY charges 0.09%. On a $10,000 position that is $56 vs $9 annually, a gap of $47 per year that compounds over a long holding period. On income, CNEQ currently yields 0.46% against 0.98% for SPY.
Holdings Overlap
62.2% of CNEQ's money is in holdings SPY also owns. 37.0% of SPY's money is in holdings CNEQ also owns.
The two portfolios partly overlap.
13 positions in common, counted across the 28 positions we hold weights for in CNEQ and 504 in SPY, against full books of 31 and 505.
What only one of them owns
Our book lists 484 positions for SPY that do not appear in our book for CNEQ (62.4% of the fund), and 10 for CNEQ that do not appear in SPY (22.0%).
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.
Top Shared Holdings
| Stock | Weight in CNEQ | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 15.14% | 8.01% | 7.13% |
| MSFTMicrosoft Corp | 8.10% | 5.66% | 2.44% |
| AAPLApple, Inc | 5.16% | 7.26% | 2.10% |
| AMZNAmazon.Com Inc | 4.41% | 3.79% | 0.62% |
| GOOGAlphabet Inc | 5.74% | 2.39% | 3.35% |
| AVGOBroadcom Inc | 5.02% | 2.66% | 2.36% |
| METAMeta Platforms Inc | 3.06% | 1.93% | 1.13% |
| MUMicron Technology, Inc. | 3.15% | 1.60% | 1.55% |
| TSLATesla Inc | 2.77% | 1.52% | 1.25% |
| WDCWestern Digital Corp Company Guar 11/28 3 | 4.03% | 0.24% | 3.79% |
62.2% of CNEQ 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, CNEQ or SPY?
CNEQ has an expense ratio of 0.56% while SPY charges 0.09%. SPY is the cheaper option, by $47 a year on a $10,000 investment.
Which performed better, CNEQ or SPY?
Over the past year CNEQ returned +13.50% vs +15.87% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), CNEQ annualized +31.00% vs +18.05% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CNEQ or SPY?
CNEQ has been the more volatile fund at 23.4% annualized versus 11.9% for SPY. Worst drawdown: CNEQ -27.6% vs SPY -18.8%.
Should I hold both CNEQ and SPY?
CNEQ and SPY have a monthly-return correlation of 0.88, 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 CNEQ and SPY?
62.2% of CNEQ's money is in holdings SPY also owns. 37.0% of SPY's is in holdings CNEQ also owns. They hold 13 positions in common, counted across the 28 positions we hold weights for in CNEQ and 504 in SPY.
Which pays a higher dividend, CNEQ or SPY?
CNEQ yields 0.46% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than CNEQ?
SPY has a lower expense ratio. CNEQ led over the full window, SPY over 1Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 61.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.