CSPF vs SPY
Cohen & Steers Preferred and Income Opportunities Active 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 503 holdings.
Side-by-Side Comparison
| Metric | CSPF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.59% | 0.09% | |
| AUM | $297M | $789.1B | |
| Dividend Yield | 5.71% | 1.01% | |
| Holdings | 266 | 505 | |
| YTD Return | +3.25% | +13.75% | |
| 1Y Return | +6.58% | +22.91% | |
| 3Y Return (annualized) | - | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 3.3% | 15.3% | |
| Max Drawdown | -3.1% | -56.5% | |
| Fund Family | Cohen & Steers Funds | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Feb 3, 2025 | Jan 22, 1993 |
CSPF vs SPY Performance
Cohen & Steers Preferred and Income Opportunities Active ETF (CSPF) is a ETF from Cohen & Steers Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CSPF returned +6.58% while SPY returned +22.91%. Year to date, CSPF is up 3.25% versus a gain of 13.75% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.3% for CSPF. 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 -3.1% for CSPF 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 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CSPF charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, CSPF currently yields 5.71% against 1.01% for SPY.
Holdings Overlap
CSPF and SPY share 4 holdings out of 630 unique holdings combined, representing a 0.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CSPF or SPY?
CSPF has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $50 per year of difference.
Which performed better, CSPF or SPY?
Over the past year CSPF returned +6.58% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), CSPF annualized +7.75% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CSPF or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.3% for CSPF. Worst drawdown: CSPF -3.1% vs SPY -56.5%.
Should I hold both CSPF and SPY?
CSPF and SPY have a monthly-return correlation of 0.79, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CSPF and SPY?
CSPF and SPY share 4 common holdings with a 0.4% weight overlap. Combined, they hold 630 unique securities.
Which pays a higher dividend, CSPF or SPY?
CSPF yields 5.71% while SPY yields 1.01%, so CSPF currently pays the higher dividend yield.
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