ERNZ vs SPY
TrueShares Active Yield ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ERNZ or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. ERNZ is less concentrated, with 22.5% 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 | ERNZ | SPY |
|---|---|---|
| Expense Ratio | 3.25% | 0.09%Best |
| AUM | $6M | $804.7B |
| Dividend Yield | 8.71% | 0.98% |
| Holdings | 144 | 505 |
| Volatility (annualized) | 9.6%Best | 10.6% |
| Max Drawdown | -14.2%Best | -18.8% |
| $10,000 over 1.9 years | $9,968 | $13,384Best |
| Top 10 Weight | 22.5%Best | 37.8% |
| Fund Family | TrueShares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 30, 2024 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 183 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. ERNZ has data through Mar 24, 2026 and SPY through Sep 23, 2026.
Volatility and max drawdown, and the $10,000 over 1.9 years row, are measured over the window both funds cover: May 1, 2024 to Mar 24, 2026 (1.9 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 10.6% compared with 9.6% for ERNZ. 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 -14.2% for ERNZ 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 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
ERNZ charges 3.25% per year while SPY charges 0.09%. On a $10,000 position that is $325 vs $9 annually, a gap of $316 per year that compounds over a long holding period. On income, ERNZ currently yields 8.71% against 0.98% for SPY.
Holdings Overlap
17.4% of ERNZ's money is in holdings SPY also owns. 4.5% of SPY's money is in holdings ERNZ also owns.
ERNZ and SPY share little of their money.
The two holdings books were reported 214 days apart, ERNZ as of Jan 30, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
30 positions in common, counted across the 141 positions we hold weights for in ERNZ and 504 in SPY, against full books of 144 and 505.
What only one of them owns
Our book lists 467 positions for SPY that do not appear in our book for ERNZ (94.8% of the fund), and 104 for ERNZ that do not appear in SPY (76.1%).
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 ERNZ | Weight in SPY | Difference |
|---|---|---|---|
| TRGPTarga Resources Corp Preferred | 2.05% | 0.10% | 1.95% |
| ABBVAbbvie Inc. | 0.96% | 0.70% | 0.26% |
| GILDGilead Sciences | 1.13% | 0.28% | 0.85% |
| PGRProgressive Corporation | 1.20% | 0.20% | 1.00% |
| GISGeneral Mills In | 0.98% | 0.03% | 0.95% |
| AMGNAmgen Inc. | 0.59% | 0.36% | 0.23% |
| MRKMerck & Company Inc | 0.36% | 0.56% | 0.20% |
| CAHCardinal Health Inc. | 0.82% | 0.09% | 0.73% |
| CLXClorox Co. | 0.86% | 0.02% | 0.84% |
| ROLRollins Inc. | 0.84% | 0.02% | 0.82% |
You are not choosing between two funds in isolation.
Whichever of ERNZ and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ERNZ or SPY?
ERNZ has an expense ratio of 3.25% while SPY charges 0.09%. SPY is the cheaper option, by $316 a year on a $10,000 investment.
Which is riskier, ERNZ or SPY?
SPY has been the more volatile fund at 10.6% annualized versus 9.6% for ERNZ. Worst drawdown: ERNZ -14.2% vs SPY -18.8%.
Should I hold both ERNZ and SPY?
ERNZ and SPY have a monthly-return correlation of 0.48, 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 ERNZ and SPY?
17.4% of ERNZ's money is in holdings SPY also owns. 4.5% of SPY's is in holdings ERNZ also owns. They hold 30 positions in common, counted across the 141 positions we hold weights for in ERNZ and 504 in SPY.
Which pays a higher dividend, ERNZ or SPY?
ERNZ yields 8.71% while SPY yields 0.98%, so ERNZ currently pays the higher dividend yield.
Is SPY better than ERNZ?
SPY has a lower expense ratio. SPY led over 1Y and the full window. ERNZ is less concentrated, with 22.5% 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.