HERZ vs SPY
Herzfeld Caribbean Basin Fund Inc vs State Street SPDR S&P 500 ETF Trust
Which is better, HERZ or SPY?
Mid Cap Growth against Large Cap Blend.
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 | HERZ | SPY |
|---|---|---|
| Expense Ratio | 3.45% | 0.09%Best |
| AUM | - | $814.4B |
| Dividend Yield | - | 1.01% |
| Holdings | 29 | 505 |
| YTD Return | -22.27% | +13.34%Best |
| 1Y Return | -6.91% | +19.97%Best |
| 3Y Return (annualized) | -0.02% | +21.20%Best |
| 5Y Return (annualized) | -3.37% | +12.81%Best |
| Volatility (annualized) | 32.4% | 15.2%Best |
| Max Drawdown | -84.7% | -56.5%Best |
| $10,000 over 5 years | $8,425 | $18,270Best |
| Fund Family | Herzfeld-Cuba | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | May 20, 1994 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 4, 1996 to Sep 4, 2026 (30.7 years).
HERZ 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 30.7 years both funds cover.
HERZ vs SPY Performance
Herzfeld Caribbean Basin Fund Inc (HERZ) is an ETF from Herzfeld-Cuba and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HERZ returned -6.91% while SPY returned +19.97%. Year to date, HERZ is down 22.27% versus a gain of 13.34% for SPY.
Over three years, HERZ compounded at -0.02% per year against +21.20% for SPY; over five years the annualized figures are -3.37% and +12.81% respectively. Across the full 31-year window we track, SPY has the edge at +8.84% annualized vs -0.13%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HERZ has been the more volatile fund, with annualized monthly volatility of 32.4% compared with 15.2% 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 -84.7% for HERZ 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 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HERZ charges 3.45% per year while SPY charges 0.09%. On a $10,000 position that is $345 vs $9 annually, a gap of $336 per year that compounds over a long holding period.
Holdings Overlap
We hold position weights for 19 holdings in HERZ and 504 in SPY, totalling 89.4% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 216 days apart, HERZ as of Dec 31, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 19 positions we hold weights for in HERZ and 504 in SPY, against full books of 29 and 505.
You are not choosing between two funds in isolation.
Whichever of HERZ 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, HERZ or SPY?
HERZ has an expense ratio of 3.45% while SPY charges 0.09%. SPY is the cheaper option, by $336 a year on a $10,000 investment.
Which performed better, HERZ or SPY?
Over the past year HERZ returned -6.91% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), HERZ annualized -0.13% vs +8.84% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HERZ or SPY?
HERZ has been the more volatile fund at 32.4% annualized versus 15.2% for SPY. Worst drawdown: HERZ -84.7% vs SPY -56.5%.
Should I hold both HERZ and SPY?
HERZ and SPY have a monthly-return correlation of 0.48, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Is SPY better than HERZ?
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.