HBTA vs SPY
Horizon Expedition Plus ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HBTA or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 40.5%.
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 | HBTA | SPY |
|---|---|---|
| Expense Ratio | 0.86% | 0.09%Best |
| AUM | $257M | $811.2B |
| Dividend Yield | 0.58% | 0.98% |
| Holdings | 260 | 1,515 |
| Volatility (annualized) | 19.4% | 15.4%Best |
| Max Drawdown | -23.8% | -18.8%Best |
| $10,000 over 1.4 years | $10,020 | $10,907Best |
| Top 10 Weight | 40.5% | 38.2%Best |
| Fund Family | Horizon Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 2025 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 5099 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. HBTA has data through Oct 16, 2012 and SPY through Oct 2, 2026.
Volatility and max drawdown, and the $10,000 over 1.4 years row, are measured over the window both funds cover: May 27, 2011 to Oct 16, 2012 (1.4 years).
Risk: Volatility and Drawdowns
HBTA has been the more volatile fund, with annualized monthly volatility of 19.4% compared with 15.4% 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 -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 0.86. 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 0.58% against 0.98% for SPY.
Holdings Overlap
65.5% of HBTA's money is in holdings SPY also owns. 45.5% of SPY's money is in holdings HBTA also owns.
The two portfolios partly overlap.
31 positions in common, counted across the 52 positions we hold weights for in HBTA and 504 in SPY, against full books of 260 and 1,515.
What only one of them owns
Our book lists 466 positions for SPY that do not appear in our book for HBTA (53.7% of the fund), and 2 for HBTA that do not appear in SPY (3.4%).
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 HBTA | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 6.76% | 7.45% | 0.69% |
| NVDANvidia Corp | 6.11% | 7.78% | 1.67% |
| MSFTMicrosoft Corp | 4.56% | 5.71% | 1.15% |
| GOOGLAlphabet Inc,class A | 5.22% | 3.12% | 2.10% |
| AMZNAmazon.Com Inc | 2.99% | 3.78% | 0.79% |
| AVGOBroadcom Inc | 2.03% | 2.48% | 0.45% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 2.69% | 1.44% | 1.25% |
| AMDAdvanced Micro Devices Inc | 2.16% | 1.22% | 0.94% |
| UNHUnitedhealth Group Incorporated | 2.60% | 0.53% | 2.07% |
| JPMJpmorgan Chase | 1.54% | 1.43% | 0.11% |
65.5% of HBTA is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $77 a year on a $10,000 investment.
Which is riskier, HBTA or SPY?
HBTA has been the more volatile fund at 19.4% annualized versus 15.4% for SPY. Worst drawdown: HBTA -23.8% vs SPY -18.8%.
Should I hold both HBTA and SPY?
HBTA and SPY have a monthly-return correlation of 0.86, 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 HBTA and SPY?
65.5% of HBTA's money is in holdings SPY also owns. 45.5% of SPY's is in holdings HBTA also owns. They hold 31 positions in common, counted across the 52 positions we hold weights for in HBTA and 504 in SPY.
Which pays a higher dividend, HBTA or SPY?
HBTA yields 0.58% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than HBTA?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 40.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.