GRF vs SPY
Eagle Capital Growth 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 503 holdings.
Side-by-Side Comparison
| Metric | GRF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.61% | 0.09% | |
| AUM | $40M | $789.1B | |
| Dividend Yield | 8.59% | 1.01% | |
| Holdings | 26 | 505 | |
| YTD Return | -3.09% | +13.79% | |
| 1Y Return | +12.84% | +23.66% | |
| 3Y Return (annualized) | +12.47% | +21.40% | |
| 5Y Return (annualized) | +9.71% | +13.37% | |
| Volatility (annualized) | 123.6% | 15.3% | |
| Max Drawdown | -91.1% | -56.5% | |
| Fund Family | Eagle Capital Growth Fund Inc. | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 2, 1990 | Jan 22, 1993 |
GRF vs SPY Performance
Eagle Capital Growth Fund Inc. (GRF) is a ETF from Eagle Capital Growth Fund Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GRF returned +12.84% while SPY returned +23.66%. Year to date, GRF is down 3.09% versus a gain of 13.79% for SPY.
Over three years, GRF compounded at +12.47% per year against +21.40% for SPY; over five years the annualized figures are +9.71% and +13.37% respectively. Across the full 23-year window we track, SPY has the edge at +8.85% annualized vs +1.56%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GRF has been the more volatile fund, with annualized monthly volatility of 123.6% 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 -91.1% for GRF 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 0.05. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GRF charges 1.61% per year while SPY charges 0.09%. On a $10,000 position that is $161 vs $9 annually, a gap of $152 per year that compounds over a long holding period. On income, GRF currently yields 8.59% against 1.01% for SPY.
Holdings Overlap
GRF and SPY share 19 holdings out of 506 unique holdings combined, representing a 11.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GRF or SPY?
GRF has an expense ratio of 1.61% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $152 per year of difference.
Which performed better, GRF or SPY?
Over the past year GRF returned +12.84% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), GRF annualized +1.56% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, GRF or SPY?
GRF has been the more volatile fund at 123.6% annualized versus 15.3% for SPY. Worst drawdown: GRF -91.1% vs SPY -56.5%.
Should I hold both GRF and SPY?
GRF and SPY have a monthly-return correlation of 0.05, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GRF and SPY?
GRF and SPY share 19 common holdings with a 11.9% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, GRF or SPY?
GRF yields 8.59% while SPY yields 1.01%, so GRF currently pays the higher dividend yield.
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