CVAR vs SPY
Cultivar ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CVAR or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. CVAR is less concentrated, with 26.2% 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 | CVAR | SPY |
|---|---|---|
| Expense Ratio | 0.87% | 0.09%Best |
| AUM | $46M | $804.7B |
| Dividend Yield | 1.29% | 0.98% |
| Holdings | 89 | 505 |
| YTD Return | +8.27% | +12.09%Best |
| 1Y Return | +9.97% | +16.29%Best |
| 3Y Return (annualized) | +10.89% | +21.20%Best |
| 5Y Return (annualized) | - | +13.37% |
| Volatility (annualized) | 15.8%Tie | 15.8%Tie |
| Max Drawdown | -19.4%Best | -24.5% |
| $10,000 over 4.7 years | $13,456 | $17,127Best |
| Top 10 Weight | 26.2%Best | 37.8% |
| Fund Family | Cultivar ETF | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Dec 22, 2021 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 4.7 years row, are measured over the window both funds cover: Dec 23, 2021 to Sep 18, 2026 (4.7 years).
CVAR 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 4.7 years both funds cover.
CVAR vs SPY Performance
Cultivar ETF (CVAR) is an ETF from Cultivar ETF and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CVAR returned +9.97% while SPY returned +16.29%. Year to date, CVAR is up 8.27% versus a gain of 12.09% for SPY.
Over three years, CVAR compounded at +10.89% per year against +21.20% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CVAR and SPY have been equally volatile, both at 15.8% annualized.
The deepest peak-to-trough decline in our data was -19.4% for CVAR and -24.5% 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CVAR charges 0.87% per year while SPY charges 0.09%. On a $10,000 position that is $87 vs $9 annually, a gap of $78 per year that compounds over a long holding period. On income, CVAR currently yields 1.29% against 0.98% for SPY.
Holdings Overlap
52.7% of CVAR's money is in holdings SPY also owns. 4.5% of SPY's money is in holdings CVAR also owns.
The two portfolios partly overlap.
48 positions in common, counted across the 89 positions we hold weights for in CVAR and 504 in SPY, against full books of 89 and 505.
What only one of them owns
Our book lists 449 positions for SPY that do not appear in our book for CVAR (94.8% of the fund), and 34 for CVAR that do not appear in SPY (40.5%).
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 CVAR | Weight in SPY | Difference |
|---|---|---|---|
| KMBKimberly-Clark Corp. | 2.30% | 0.05% | 2.25% |
| VEEVVeeva Systems Inc | 2.17% | 0.06% | 2.11% |
| AREAlexandria Real Estate Equities Inc. | 2.18% | 0.01% | 2.17% |
| INTUIntuit, Inc. | 1.86% | 0.15% | 1.71% |
| DGDollar General Corp. | 1.93% | 0.04% | 1.89% |
| HUMHumana Inc. | 1.90% | 0.07% | 1.83% |
| CRMSalesforce Inc Crm Us Equity | 1.57% | 0.32% | 1.25% |
| UNHUnitedhealth Group Incorporated | 1.29% | 0.55% | 0.74% |
| ADBEAdobe Systems | 1.44% | 0.18% | 1.26% |
| ESEversource Energ | 1.54% | 0.04% | 1.50% |
52.7% of CVAR 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, CVAR or SPY?
CVAR has an expense ratio of 0.87% while SPY charges 0.09%. SPY is the cheaper option, by $78 a year on a $10,000 investment.
Which performed better, CVAR or SPY?
Over the past year CVAR returned +9.97% vs +16.29% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CVAR or SPY?
CVAR and SPY have been equally volatile, both at 15.8% annualized. Worst drawdown: CVAR -19.4% vs SPY -24.5%.
Should I hold both CVAR and SPY?
CVAR and SPY have a monthly-return correlation of 0.72, 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 CVAR and SPY?
52.7% of CVAR's money is in holdings SPY also owns. 4.5% of SPY's is in holdings CVAR also owns. They hold 48 positions in common, counted across the 89 positions we hold weights for in CVAR and 504 in SPY.
Which pays a higher dividend, CVAR or SPY?
CVAR yields 1.29% while SPY yields 0.98%, so CVAR currently pays the higher dividend yield.
Is SPY better than CVAR?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. CVAR is less concentrated, with 26.2% 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.