HGLB vs SPY
Highland Global Allocation Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | HGLB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.67% | 0.09% | |
| AUM | $279M | $789.1B | |
| Dividend Yield | 8.52% | 1.01% | |
| Holdings | 69 | 505 | |
| YTD Return | -8.99% | +13.68% | |
| 1Y Return | +1.55% | +21.53% | |
| 3Y Return (annualized) | +9.20% | +21.44% | |
| 5Y Return (annualized) | +6.42% | +13.18% | |
| Volatility (annualized) | 31.6% | 15.3% | |
| Max Drawdown | -74.1% | -56.5% | |
| Fund Family | NexPoint | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 5, 1998 | Jan 22, 1993 |
HGLB vs SPY Performance
Highland Global Allocation Fund (HGLB) is a ETF from NexPoint and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HGLB returned +1.55% while SPY returned +21.53%. Year to date, HGLB is down 8.99% versus a gain of 13.68% for SPY.
Over three years, HGLB compounded at +9.20% per year against +21.44% for SPY; over five years the annualized figures are +6.42% and +13.18% respectively. Across the full 8-year window we track, SPY has the edge at +8.85% annualized vs -0.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HGLB has been the more volatile fund, with annualized monthly volatility of 31.6% 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 -74.1% for HGLB 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 0.63. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
HGLB charges 2.67% per year while SPY charges 0.09%. On a $10,000 position that is $267 vs $9 annually, a gap of $258 per year that compounds over a long holding period. On income, HGLB currently yields 8.52% against 1.01% for SPY.
Holdings Overlap
HGLB and SPY share 11 holdings out of 544 unique holdings combined, representing a 0.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, HGLB or SPY?
HGLB has an expense ratio of 2.67% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $258 per year of difference.
Which performed better, HGLB or SPY?
Over the past year HGLB returned +1.55% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), HGLB annualized -0.84% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, HGLB or SPY?
HGLB has been the more volatile fund at 31.6% annualized versus 15.3% for SPY. Worst drawdown: HGLB -74.1% vs SPY -56.5%.
Should I hold both HGLB and SPY?
HGLB and SPY have a monthly-return correlation of 0.63, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HGLB and SPY?
HGLB and SPY share 11 common holdings with a 0.3% weight overlap. Combined, they hold 544 unique securities.
Which pays a higher dividend, HGLB or SPY?
HGLB yields 8.52% while SPY yields 1.01%, so HGLB currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.