CZA vs SPY
Invesco Zacks Mid-Cap 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 | CZA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.09% | |
| AUM | $189M | $789.1B | |
| Dividend Yield | 1.41% | 1.01% | |
| Holdings | 104 | 505 | |
| YTD Return | +13.90% | +13.75% | |
| 1Y Return | +21.93% | +22.91% | |
| 3Y Return (annualized) | +13.64% | +21.67% | |
| 5Y Return (annualized) | +7.62% | +13.32% | |
| Volatility (annualized) | 16.6% | 15.3% | |
| Max Drawdown | -53.2% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 2, 2007 | Jan 22, 1993 |
CZA vs SPY Performance
Invesco Zacks Mid-Cap ETF (CZA) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CZA returned +21.93% while SPY returned +22.91%. Year to date, CZA is up 13.90% versus a gain of 13.75% for SPY.
Over three years, CZA compounded at +13.64% per year against +21.67% for SPY; over five years the annualized figures are +7.62% and +13.32% respectively. Across the full 19-year window we track, CZA has the edge at +9.76% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CZA has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 15.3% 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 -53.2% for CZA 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 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CZA charges 0.69% per year while SPY charges 0.09%. On a $10,000 position that is $69 vs $9 annually, a gap of $60 per year that compounds over a long holding period. On income, CZA currently yields 1.41% against 1.01% for SPY.
Holdings Overlap
CZA and SPY share 49 holdings out of 556 unique holdings combined, representing a 2.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CZA or SPY?
CZA has an expense ratio of 0.69% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $60 per year of difference.
Which performed better, CZA or SPY?
Over the past year CZA returned +21.93% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), CZA annualized +9.76% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CZA or SPY?
CZA has been the more volatile fund at 16.6% annualized versus 15.3% for SPY. Worst drawdown: CZA -53.2% vs SPY -56.5%.
Should I hold both CZA and SPY?
CZA and SPY have a monthly-return correlation of 0.90, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between CZA and SPY?
CZA and SPY share 49 common holdings with a 2.1% weight overlap. Combined, they hold 556 unique securities.
Which pays a higher dividend, CZA or SPY?
CZA yields 1.41% while SPY yields 1.01%, so CZA currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.