CSM vs SPY
ProShares Large Cap Core Plus vs State Street SPDR S&P 500 ETF Trust
Which is better, CSM or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. CSM led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.98. CSM is less concentrated, with 29.0% of the fund in its ten largest positions against 37.8%.
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 | CSM | SPY |
|---|---|---|
| Expense Ratio | 0.45% | 0.09%Best |
| AUM | $524M | $804.7B |
| Dividend Yield | 1.04% | 0.98% |
| Holdings | 308 | 505 |
| YTD Return | +8.71% | +12.22%Best |
| 1Y Return | +13.34% | +15.43%Best |
| 3Y Return (annualized) | +22.17% | +22.71%Best |
| 5Y Return (annualized) | +12.69% | +13.64%Best |
| Volatility (annualized) | 14.9% | 14.3%Best |
| Max Drawdown | -36.1% | -34.1%Best |
| $10,000 over 5 years | $18,173 | $18,952Best |
| Top 10 Weight | 29.0%Best | 37.8% |
| Fund Family | ProShares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 13, 2009 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 14, 2009 to Sep 30, 2026 (17.2 years).
CSM 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 17.2 years both funds cover.
CSM vs SPY Performance
ProShares Large Cap Core Plus (CSM) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CSM returned +13.34% while SPY returned +15.43%. Year to date, CSM is up 8.71% versus a gain of 12.22% for SPY.
Over three years, CSM compounded at +22.17% per year against +22.71% for SPY; over five years the annualized figures are +12.69% and +13.64% respectively. Across the full 17-year window we track, CSM has the edge at +14.65% annualized vs +13.66%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CSM has been the more volatile fund, with annualized monthly volatility of 14.9% compared with 14.3% 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 -36.1% for CSM 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 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CSM charges 0.45% per year while SPY charges 0.09%. On a $10,000 position that is $45 vs $9 annually, a gap of $36 per year that compounds over a long holding period. On income, CSM currently yields 1.04% against 0.98% for SPY.
Holdings Overlap
89.8% of CSM's money is in holdings SPY also owns. 82.6% of SPY's money is in holdings CSM also owns.
Most of CSM is already inside SPY. Owning both mostly buys the same companies twice.
290 positions in common, counted across the 297 positions we hold weights for in CSM and 504 in SPY, against full books of 308 and 505.
What only one of them owns
Our book lists 211 positions for SPY that do not appear in our book for CSM (17.0% of the fund), and 3 for CSM that do not appear in SPY (5.1%).
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 CSM | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 5.41% | 8.01% | 2.60% |
| AAPLApple, Inc | 4.66% | 7.26% | 2.60% |
| MSFTMicrosoft Corp | 3.73% | 5.66% | 1.93% |
| AMZNAmazon.Com Inc | 2.80% | 3.79% | 0.99% |
| GOOGLAlphabet Inc,class A | 1.84% | 2.99% | 1.15% |
| AVGOBroadcom Inc | 1.63% | 2.66% | 1.03% |
| GOOGAlphabet Inc | 1.41% | 2.39% | 0.98% |
| METAMeta Platforms Inc | 1.28% | 1.93% | 0.65% |
| MUMicron Technology, Inc. | 1.46% | 1.60% | 0.14% |
| TSLATesla Inc | 0.84% | 1.52% | 0.68% |
89.8% of CSM 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, CSM or SPY?
CSM has an expense ratio of 0.45% while SPY charges 0.09%. SPY is the cheaper option, by $36 a year on a $10,000 investment.
Which performed better, CSM or SPY?
Over the past year CSM returned +13.34% vs +15.43% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), CSM annualized +14.65% vs +13.66% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CSM or SPY?
CSM has been the more volatile fund at 14.9% annualized versus 14.3% for SPY. Worst drawdown: CSM -36.1% vs SPY -34.1%.
Should I hold both CSM and SPY?
CSM and SPY have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between CSM and SPY?
89.8% of CSM's money is in holdings SPY also owns. 82.6% of SPY's is in holdings CSM also owns. They hold 290 positions in common, counted across the 297 positions we hold weights for in CSM and 504 in SPY.
Which pays a higher dividend, CSM or SPY?
CSM yields 1.04% while SPY yields 0.98%, so CSM currently pays the higher dividend yield.
Is SPY better than CSM?
SPY has a lower expense ratio. CSM led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.98. CSM is less concentrated, with 29.0% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.