HOLD vs SPY
Harbor Alpha Layering ETF 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 | HOLD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.70% | 0.09% | |
| AUM | - | $789.1B | |
| Dividend Yield | - | 1.01% | |
| Holdings | 24 | 505 | |
| YTD Return | +4.37% | +13.39% | |
| 1Y Return | +13.89% | +22.52% | |
| 3Y Return (annualized) | - | +21.36% | |
| 5Y Return (annualized) | - | +13.19% | |
| Volatility (annualized) | 15.8% | 15.3% | |
| Max Drawdown | -9.5% | -56.5% | |
| Fund Family | Harbor Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Aug 13, 2025 | Jan 22, 1993 |
HOLD vs SPY Performance
Harbor Alpha Layering ETF (HOLD) is a ETF from Harbor Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HOLD returned +13.89% while SPY returned +22.52%. Year to date, HOLD is up 4.37% versus a gain of 13.39% for SPY.
Risk: Volatility and Drawdowns
HOLD has been the more volatile fund, with annualized monthly volatility of 15.8% 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 -9.5% for HOLD 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 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HOLD 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.
Holdings Overlap
HOLD and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, HOLD or SPY?
HOLD has an expense ratio of 0.70% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $61 per year of difference.
Which performed better, HOLD or SPY?
Over the past year HOLD returned +13.89% vs +22.52% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results.
Which is riskier, HOLD or SPY?
HOLD has been the more volatile fund at 15.8% annualized versus 15.3% for SPY. Worst drawdown: HOLD -9.5% vs SPY -56.5%.
Should I hold both HOLD and SPY?
HOLD and SPY have a monthly-return correlation of 0.78, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HOLD and SPY?
HOLD and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
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