IGR vs SPY
CBRE Global Real Estate Income 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 505 holdings.
Side-by-Side Comparison
| Metric | IGR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.62% | 0.09% | |
| AUM | $748M | $821.1B | |
| Dividend Yield | 15.29% | 1.01% | |
| Holdings | 81 | 505 | |
| YTD Return | +17.56% | +14.24% | |
| 1Y Return | +11.19% | +21.71% | |
| 3Y Return (annualized) | +10.89% | +22.10% | |
| 5Y Return (annualized) | -0.68% | +13.21% | |
| Volatility (annualized) | 28.5% | 15.3% | |
| Max Drawdown | -90.9% | -56.5% | |
| Fund Family | CBRE Investment Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 18, 2004 | Jan 22, 1993 |
IGR vs SPY Performance
CBRE Global Real Estate Income Fund (IGR) is a ETF from CBRE Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year IGR returned +11.19% while SPY returned +21.71%. Year to date, IGR is up 17.56% versus a gain of 14.24% for SPY.
Over three years, IGR compounded at +10.89% per year against +22.10% for SPY; over five years the annualized figures are -0.68% and +13.21% respectively. Across the full 23-year window we track, SPY has the edge at +8.86% annualized vs -2.16%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IGR has been the more volatile fund, with annualized monthly volatility of 28.5% 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 -90.9% for IGR 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IGR charges 3.62% per year while SPY charges 0.09%. On a $10,000 position that is $362 vs $9 annually, a gap of $353 per year that compounds over a long holding period. On income, IGR currently yields 15.29% against 1.01% for SPY.
Holdings Overlap
IGR and SPY share 17 holdings out of 565 unique holdings combined, representing a 1.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IGR or SPY?
IGR has an expense ratio of 3.62% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $353 per year of difference.
Which performed better, IGR or SPY?
Over the past year IGR returned +11.19% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), IGR annualized -2.16% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, IGR or SPY?
IGR has been the more volatile fund at 28.5% annualized versus 15.3% for SPY. Worst drawdown: IGR -90.9% vs SPY -56.5%.
Should I hold both IGR and SPY?
IGR and SPY have a monthly-return correlation of 0.72, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IGR and SPY?
IGR and SPY share 17 common holdings with a 1.3% weight overlap. Combined, they hold 565 unique securities.
Which pays a higher dividend, IGR or SPY?
IGR yields 15.29% while SPY yields 1.01%, so IGR currently pays the higher dividend yield.
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