CZAR vs SPY
Themes Natural Monopoly ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CZAR or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 41.4%.
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 | CZAR | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $2M | $811.2B |
| Dividend Yield | 1.42% | 0.98% |
| Holdings | 218 | 1,515 |
| Volatility (annualized) | 9.6%Best | 12.2% |
| Max Drawdown | -13.4%Best | -18.8% |
| $10,000 over 2.6 years | $13,383 | $16,218Best |
| Top 10 Weight | 41.4% | 38.2%Best |
| Fund Family | Themes ETFs | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Dec 13, 2023 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 66 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. CZAR has data through Jul 28, 2026 and SPY through Oct 2, 2026.
Volatility and max drawdown, and the $10,000 over 2.6 years row, are measured over the window both funds cover: Dec 13, 2023 to Jul 28, 2026 (2.6 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.2% compared with 9.6% for CZAR. 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 -13.4% for CZAR and -18.8% 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 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CZAR charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, CZAR currently yields 1.42% against 0.98% for SPY.
Holdings Overlap
58.8% of CZAR's money is in holdings SPY also owns. 21.7% of SPY's money is in holdings CZAR also owns.
The two portfolios partly overlap.
The two holdings books were reported 49 days apart, CZAR as of Jul 27, 2026 and SPY as of Sep 14, 2026, so some of the difference between them is the time between the two reports rather than the funds.
43 positions in common, counted across the 94 positions we hold weights for in CZAR and 504 in SPY, against full books of 218 and 1,515.
What only one of them owns
Our book lists 454 positions for SPY that do not appear in our book for CZAR (77.6% of the fund), and 5 for CZAR that do not appear in SPY (4.7%).
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 CZAR | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 4.68% | 7.78% | 3.10% |
| CSCOCisco Systems Inc. - Ordinary Shares | 4.65% | 0.66% | 3.99% |
| MSIMotorola Solutions, Inc | 4.87% | 0.12% | 4.75% |
| METAMeta Platforms Inc | 2.75% | 2.22% | 0.53% |
| AMZNAmazon.Com Inc | 1.13% | 3.78% | 2.65% |
| VVisa Inc Class A | 3.47% | 0.95% | 2.52% |
| MAMastercard Inc | 3.48% | 0.71% | 2.77% |
| CMECme Group, Cl A | 3.79% | 0.15% | 3.64% |
| BLKBlackrock Funding Inc/De | 3.61% | 0.23% | 3.38% |
| IBKRInteractive Brokers Group Inc | 3.48% | 0.06% | 3.42% |
58.8% of CZAR 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, CZAR or SPY?
CZAR has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which is riskier, CZAR or SPY?
SPY has been the more volatile fund at 12.2% annualized versus 9.6% for CZAR. Worst drawdown: CZAR -13.4% vs SPY -18.8%.
Should I hold both CZAR and SPY?
CZAR and SPY have a monthly-return correlation of 0.71, 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 CZAR and SPY?
58.8% of CZAR's money is in holdings SPY also owns. 21.7% of SPY's is in holdings CZAR also owns. They hold 43 positions in common, counted across the 94 positions we hold weights for in CZAR and 504 in SPY.
Which pays a higher dividend, CZAR or SPY?
CZAR yields 1.42% while SPY yields 0.98%, so CZAR currently pays the higher dividend yield.
Is SPY better than CZAR?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 41.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.