GRF vs SPY
Eagle Capital Growth Fund Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, GRF or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | GRF | SPY |
|---|---|---|
| Expense Ratio | 1.61% | 0.09%Best |
| AUM | $40M | $804.7B |
| Dividend Yield | 8.34% | 0.98% |
| Holdings | 26 | 505 |
| YTD Return | -4.30% | +12.22%Best |
| 1Y Return | +6.67% | +16.97%Best |
| 3Y Return (annualized) | +5.30% | +21.16%Best |
| 5Y Return (annualized) | +4.45% | +13.00%Best |
| Volatility (annualized) | 93.3% | 14.6%Best |
| Max Drawdown | -89.1% | -56.5%Best |
| $10,000 over 5 years | $12,432 | $18,424Best |
| Fund Family | Eagle Capital Growth Fund Inc. | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 2, 1990 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 23, 2004 to Sep 17, 2026 (22.7 years).
GRF vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 22.7 years both funds cover.
GRF vs SPY Performance
Eagle Capital Growth Fund Inc. (GRF) is an ETF from Eagle Capital Growth Fund Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GRF returned +6.67% while SPY returned +16.97%. Year to date, GRF is down 4.30% versus a gain of 12.22% for SPY.
Over three years, GRF compounded at +5.30% per year against +21.16% for SPY; over five years the annualized figures are +4.45% and +13.00% respectively. Across the full 23-year window we track, SPY has the edge at +9.09% annualized vs +1.49%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GRF has been the more volatile fund, with annualized monthly volatility of 93.3% compared with 14.6% 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 -89.1% for GRF and -56.5% 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 0.07. They move largely independently of each other.
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 8.34% against 0.98% for SPY.
Holdings Overlap
At least 11.7% of SPY's money is in holdings GRF also owns.
Stated as a floor: for GRF, our book for it covers 87.8% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and GRF share little of their money.
The two holdings books were reported 63 days apart, GRF as of Jun 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.
19 positions in common, counted across the 22 positions we hold weights for in GRF and 504 in SPY, against full books of 26 and 505.
Top Shared Holdings
| Stock | Weight in GRF | Weight in SPY | Difference |
|---|---|---|---|
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 12.95% | 1.40% | 11.55% |
| GOOGLAlphabet Inc,class A | 8.88% | 2.99% | 5.89% |
| AMZNAmazon.Com Inc | 4.44% | 3.79% | 0.65% |
| ITWIllinois Tool Works Inc. | 3.92% | 0.11% | 3.81% |
| ORLYO'Eilly Automotive, Inc. | 3.65% | 0.11% | 3.54% |
| BENFranklin Resources Inc. | 3.45% | 0.02% | 3.43% |
| AZOAutozone Inc Snr S* Ice | 3.31% | 0.07% | 3.24% |
| SYKStryker Corp 3.375 11/25 | 2.93% | 0.17% | 2.76% |
| SBUXStarbucks Corp | 2.54% | 0.18% | 2.36% |
| JNJJohnson & Johnson - Common | 1.62% | 0.99% | 0.63% |
You are not choosing between two funds in isolation.
Whichever of GRF 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, GRF or SPY?
GRF has an expense ratio of 1.61% while SPY charges 0.09%. SPY is the cheaper option, by $152 a year on a $10,000 investment.
Which performed better, GRF or SPY?
Over the past year GRF returned +6.67% vs +16.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), GRF annualized +1.49% vs +9.09% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GRF or SPY?
GRF has been the more volatile fund at 93.3% annualized versus 14.6% for SPY. Worst drawdown: GRF -89.1% vs SPY -56.5%.
Should I hold both GRF and SPY?
GRF and SPY have a monthly-return correlation of 0.07, 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 GRF and SPY?
At least 11.7% of SPY's money is in holdings GRF also owns. Our book for GRF is partial, so the real figure is this or higher. They hold 19 positions in common, counted across the 22 positions we hold weights for in GRF and 504 in SPY.
Which pays a higher dividend, GRF or SPY?
GRF yields 8.34% while SPY yields 0.98%, so GRF currently pays the higher dividend yield.
Is SPY better than GRF?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.