HGRO vs SPY
Hedgeye Quality Growth ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HGRO or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y 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 | HGRO | SPY |
|---|---|---|
| Expense Ratio | 0.70% | 0.09%Best |
| AUM | $125M | $804.7B |
| Dividend Yield | 0.07% | 0.98% |
| Holdings | 51 | 505 |
| YTD Return | +3.84% | +11.52%Best |
| 1Y Return | +9.61% | +17.48%Best |
| 3Y Return (annualized) | - | +20.62% |
| 5Y Return (annualized) | - | +12.73% |
| Volatility (annualized) | 10.8%Best | 12.0% |
| Max Drawdown | -7.6%Best | -8.9% |
| $10,000 over 1.2 years | $11,747 | $12,659Best |
| Fund Family | Hedgeye Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Jun 10, 2025 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jun 11, 2025 to Sep 10, 2026 (1.2 years).
HGRO 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 1.2 years both funds cover.
HGRO vs SPY Performance
Hedgeye Quality Growth ETF (HGRO) is an ETF from Hedgeye Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HGRO returned +9.61% while SPY returned +17.48%. Year to date, HGRO is up 3.84% versus a gain of 11.52% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.0% compared with 10.8% for HGRO. 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 -7.6% for HGRO and -8.9% 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 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HGRO charges 0.70% per year while SPY charges 0.09%. On a $10,000 position that is $70 vs $9 annually, a gap of $61 per year that compounds over a long holding period. On income, HGRO currently yields 0.07% against 0.98% for SPY.
Holdings Overlap
At least 28.9% of SPY's money is in holdings HGRO also owns.
Stated as a floor: for HGRO, our book for it covers 88.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and HGRO share little of their money.
24 positions in common, counted across the 39 positions we hold weights for in HGRO and 504 in SPY, against full books of 51 and 505.
Top Shared Holdings
| Stock | Weight in HGRO | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 8.42% | 6.83% | 1.59% |
| NVDANvidia Corp. | 1.06% | 7.71% | 6.65% |
| PHParker-Hannifin Corp. | 8.20% | 0.19% | 8.01% |
| NEMNewmont Corp. | 8.01% | 0.16% | 7.85% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 2.11% | 5.50% | 3.39% |
| JPMJpmorgan Chase & Co. | 2.96% | 1.44% | 1.52% |
| VLOValero Energy Corp. | 2.81% | 0.14% | 2.67% |
| LLYEli Lilly & Co. | 1.50% | 1.33% | 0.17% |
| VRTXVertex Pharmaceuticals Inc | 2.45% | 0.18% | 2.27% |
| MCOMoody'S Corp. | 2.50% | 0.11% | 2.39% |
28.9% of SPY is already inside HGRO.
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, HGRO or SPY?
HGRO has an expense ratio of 0.70% while SPY charges 0.09%. SPY is the cheaper option, by $61 a year on a $10,000 investment.
Which performed better, HGRO or SPY?
Over the past year HGRO returned +9.61% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), HGRO annualized +14.36% vs +21.71% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HGRO or SPY?
SPY has been the more volatile fund at 12.0% annualized versus 10.8% for HGRO. Worst drawdown: HGRO -7.6% vs SPY -8.9%.
Should I hold both HGRO and SPY?
HGRO and SPY have a monthly-return correlation of 0.88, 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 HGRO and SPY?
At least 28.9% of SPY's money is in holdings HGRO also owns. Our book for HGRO is partial, so the real figure is this or higher. They hold 24 positions in common, counted across the 39 positions we hold weights for in HGRO and 504 in SPY.
Which pays a higher dividend, HGRO or SPY?
HGRO yields 0.07% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than HGRO?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.