FOF vs SPY
Cohen & Steers Closed-End Opportunity Fund Inc. 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 505 holdings.
Side-by-Side Comparison
| Metric | FOF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | - | $821.1B | |
| Dividend Yield | 7.76% | 1.01% | |
| Holdings | 106 | 505 | |
| YTD Return | +7.87% | +12.73% | |
| 1Y Return | +11.72% | +20.06% | |
| 3Y Return (annualized) | +17.43% | +21.59% | |
| 5Y Return (annualized) | +7.29% | +12.93% | |
| Volatility (annualized) | 17.9% | 15.3% | |
| Max Drawdown | -66.8% | -56.5% | |
| Fund Family | Cohen & Steers Funds | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Nov 20, 2006 | Jan 22, 1993 |
FOF vs SPY Performance
Cohen & Steers Closed-End Opportunity Fund Inc. (FOF) 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 FOF returned +11.72% while SPY returned +20.06%. Year to date, FOF is up 7.87% versus a gain of 12.73% for SPY.
Over three years, FOF compounded at +17.43% per year against +21.59% for SPY; over five years the annualized figures are +7.29% and +12.93% respectively. Across the full 20-year window we track, SPY has the edge at +8.80% annualized vs +0.39%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FOF has been the more volatile fund, with annualized monthly volatility of 17.9% 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 -66.8% for FOF 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 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FOF charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, FOF currently yields 7.76% against 1.01% for SPY.
Holdings Overlap
FOF and SPY share 0 holdings out of 595 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FOF or SPY?
FOF has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, FOF or SPY?
Over the past year FOF returned +11.72% vs +20.06% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), FOF annualized +0.39% vs +8.80% for SPY. Past performance does not guarantee future results.
Which is riskier, FOF or SPY?
FOF has been the more volatile fund at 17.9% annualized versus 15.3% for SPY. Worst drawdown: FOF -66.8% vs SPY -56.5%.
Should I hold both FOF and SPY?
FOF and SPY have a monthly-return correlation of 0.80, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FOF and SPY?
FOF and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 595 unique securities.
Which pays a higher dividend, FOF or SPY?
FOF yields 7.76% while SPY yields 1.01%, so FOF currently pays the higher dividend yield.
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