CPII vs SPY
American Beacon Ionic Inflation Protection ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CPII | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.70% | 0.09% | |
| AUM | $12M | $821.1B | |
| Dividend Yield | 4.63% | 1.01% | |
| Holdings | 16 | 505 | |
| YTD Return | +1.13% | +12.68% | |
| 1Y Return | +2.04% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 5.0% | 15.3% | |
| Max Drawdown | -6.4% | -56.5% | |
| Fund Family | American Beacon Funds | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jun 28, 2022 | Jan 22, 1993 |
CPII vs SPY Performance
American Beacon Ionic Inflation Protection ETF (CPII) is a ETF from American Beacon Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CPII returned +2.04% while SPY returned +21.82%. Year to date, CPII is up 1.13% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 5.0% for CPII. 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 -6.4% for CPII and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.18. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CPII charges 0.70% per year while SPY charges 0.09%. On a $10,000 position that is $70 vs $9 annually, a gap of $61 per year that compounds over a long holding period. On income, CPII currently yields 4.63% against 1.01% for SPY.
Holdings Overlap
CPII and SPY share 0 holdings out of 512 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CPII or SPY?
CPII has an expense ratio of 0.70% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $61 per year of difference.
Which performed better, CPII or SPY?
Over the past year CPII returned +2.04% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), CPII annualized +3.69% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, CPII or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.0% for CPII. Worst drawdown: CPII -6.4% vs SPY -56.5%.
Should I hold both CPII and SPY?
CPII and SPY have a monthly-return correlation of -0.18, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CPII and SPY?
CPII and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 512 unique securities.
Which pays a higher dividend, CPII or SPY?
CPII yields 4.63% while SPY yields 1.01%, so CPII currently pays the higher dividend yield.
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