HBTA vs SPY
Horizon Expedition Plus ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. HBTA delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | HBTA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.86% | 0.09% | |
| AUM | $299M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 208 | 505 | |
| YTD Return | +5.55% | +12.22% | |
| 1Y Return | +21.60% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 19.4% | 15.3% | |
| Max Drawdown | -23.8% | -56.5% | |
| Fund Family | Horizon Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 22, 2025 | Jan 22, 1993 |
HBTA vs SPY Performance
Horizon Expedition Plus ETF (HBTA) is a ETF from Horizon Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HBTA returned +21.60% while SPY returned +20.83%. Year to date, HBTA is up 5.55% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
HBTA has been the more volatile fund, with annualized monthly volatility of 19.4% 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 -23.8% for HBTA 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HBTA charges 0.86% per year while SPY charges 0.09%. On a $10,000 position that is $86 vs $9 annually, a gap of $77 per year that compounds over a long holding period. On income, HBTA currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
HBTA and SPY share 195 holdings out of 508 unique holdings combined, representing a 46.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, HBTA or SPY?
HBTA has an expense ratio of 0.86% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $77 per year of difference.
Which performed better, HBTA or SPY?
Over the past year HBTA returned +21.60% vs +20.83% for SPY, so HBTA leads on 1-year performance. Over the longest common window we track (1 years), HBTA annualized +0.14% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, HBTA or SPY?
HBTA has been the more volatile fund at 19.4% annualized versus 15.3% for SPY. Worst drawdown: HBTA -23.8% vs SPY -56.5%.
Should I hold both HBTA and SPY?
HBTA and SPY have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HBTA and SPY?
HBTA and SPY share 195 common holdings with a 46.1% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, HBTA or SPY?
HBTA yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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