HCOW vs SPY
Amplify COWS Covered Call ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HCOW or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. HCOW is less concentrated, with 32.5% of the fund in its ten largest positions against 37.8%.
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 | HCOW | SPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.09%Best |
| AUM | $18M | $804.7B |
| Dividend Yield | 12.01% | 0.98% |
| Holdings | 175 | 505 |
| YTD Return | +10.88% | +11.45%Best |
| 1Y Return | +15.54% | +15.87%Best |
| 3Y Return (annualized) | +11.06% | +20.93%Best |
| 5Y Return (annualized) | - | +12.59% |
| Volatility (annualized) | 14.5% | 12.5%Best |
| Max Drawdown | -24.1% | -18.8%Best |
| $10,000 over 3 years | $13,698 | $17,905Best |
| Top 10 Weight | 32.5%Best | 37.8% |
| Fund Family | Amplify ETFs | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Sep 20, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3 years row, are measured over the window both funds cover: Sep 20, 2023 to Sep 15, 2026 (3 years).
HCOW 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 3 years both funds cover.
HCOW vs SPY Performance
Amplify COWS Covered Call ETF (HCOW) is an ETF from Amplify ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HCOW returned +15.54% while SPY returned +15.87%. Year to date, HCOW is up 10.88% versus a gain of 11.45% for SPY.
Over three years, HCOW compounded at +11.06% per year against +20.93% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HCOW has been the more volatile fund, with annualized monthly volatility of 14.5% compared with 12.5% 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 -24.1% for HCOW 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 0.64. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HCOW charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, HCOW currently yields 12.01% against 0.98% for SPY.
Holdings Overlap
56.4% of HCOW's money is in holdings SPY also owns. 1.9% of SPY's money is in holdings HCOW also owns.
The two portfolios partly overlap.
24 positions in common, counted across the 42 positions we hold weights for in HCOW and 504 in SPY, against full books of 175 and 505.
What only one of them owns
Our book lists 473 positions for SPY that do not appear in our book for HCOW (97.4% of the fund), and 18 for HCOW that do not appear in SPY (44.1%).
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 HCOW | Weight in SPY | Difference |
|---|---|---|---|
| BKNGBooking Holdings, Inc. | 3.13% | 0.23% | 2.90% |
| INTUIntuit, Inc. | 3.19% | 0.15% | 3.04% |
| ROPRoper Technologies Inc. | 3.21% | 0.06% | 3.15% |
| CORCencora Inc | 2.91% | 0.10% | 2.81% |
| MCKMckesson Corp. | 2.83% | 0.17% | 2.66% |
| HASHasbro Inc. | 2.89% | 0.02% | 2.87% |
| AVYAvery Dennison Corp. | 2.82% | 0.02% | 2.80% |
| WSMWilliams-sonoma Inc | 2.79% | 0.04% | 2.75% |
| FDXFedex Corp | 2.59% | 0.11% | 2.48% |
| EQTEQT Corp. | 2.60% | 0.05% | 2.55% |
56.4% of HCOW 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, HCOW or SPY?
HCOW has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which performed better, HCOW or SPY?
Over the past year HCOW returned +15.54% vs +15.87% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HCOW or SPY?
HCOW has been the more volatile fund at 14.5% annualized versus 12.5% for SPY. Worst drawdown: HCOW -24.1% vs SPY -18.8%.
Should I hold both HCOW and SPY?
HCOW and SPY have a monthly-return correlation of 0.64, 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 HCOW and SPY?
56.4% of HCOW's money is in holdings SPY also owns. 1.9% of SPY's is in holdings HCOW also owns. They hold 24 positions in common, counted across the 42 positions we hold weights for in HCOW and 504 in SPY.
Which pays a higher dividend, HCOW or SPY?
HCOW yields 12.01% while SPY yields 0.98%, so HCOW currently pays the higher dividend yield.
Is SPY better than HCOW?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. HCOW is less concentrated, with 32.5% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.