KAT vs SPY
Scharf ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, KAT or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 49.4%.
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 | KAT | SPY |
|---|---|---|
| Expense Ratio | 0.75% | 0.09%Best |
| AUM | $672M | $804.7B |
| Dividend Yield | 0.45% | 0.98% |
| Holdings | 35 | 505 |
| YTD Return | +5.74% | +13.82%Best |
| 1Y Return | +3.77% | +16.96%Best |
| 3Y Return (annualized) | - | +22.97% |
| 5Y Return (annualized) | - | +13.73% |
| Volatility (annualized) | 12.3%Best | 12.7% |
| Max Drawdown | -9.3% | -8.9%Best |
| $10,000 over 1.1 years | $10,697 | $12,233Best |
| Top 10 Weight | 49.4% | 37.8%Best |
| Fund Family | Scharf Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Dec 30, 2011 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Aug 25, 2025 to Sep 21, 2026 (1.1 years).
KAT 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 1.1 years both funds cover.
KAT vs SPY Performance
Scharf ETF (KAT) is an ETF from Scharf Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year KAT returned +3.77% while SPY returned +16.96%. Year to date, KAT is up 5.74% versus a gain of 13.82% 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 12.7% compared with 12.3% for KAT. 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 -9.3% for KAT 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 0.49. They move together some of the time, and apart the rest.
Fees and Cost Over Time
KAT charges 0.75% per year while SPY charges 0.09%. On a $10,000 position that is $75 vs $9 annually, a gap of $66 per year that compounds over a long holding period. On income, KAT currently yields 0.45% against 0.98% for SPY.
Holdings Overlap
79.0% of KAT's money is in holdings SPY also owns. 17.0% of SPY's money is in holdings KAT also owns.
Most of KAT is already inside SPY. Owning both mostly buys the same companies twice.
24 positions in common, counted across the 33 positions we hold weights for in KAT and 504 in SPY, against full books of 35 and 505.
What only one of them owns
Our book lists 473 positions for SPY that do not appear in our book for KAT (82.3% of the fund), and 3 for KAT that do not appear in SPY (7.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in KAT | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 5.79% | 5.66% | 0.13% |
| AMZNAmazon.Com Inc | 5.71% | 3.79% | 1.92% |
| METAMeta Platforms Inc | 4.88% | 1.93% | 2.95% |
| OXYOccidental Petroleum Corp. | 5.86% | 0.07% | 5.79% |
| UNPUnion Pacific Corp | 5.54% | 0.26% | 5.28% |
| VVisa Inc Class A | 4.48% | 0.94% | 3.54% |
| MCKMckesson Corp. | 4.68% | 0.17% | 4.51% |
| SCHWSchwab Strategic T | 3.85% | 0.27% | 3.58% |
| AAgilent Technologies Inc | 3.70% | 0.06% | 3.64% |
| ADBEAdobe Systems | 3.27% | 0.18% | 3.09% |
79.0% of KAT is already inside SPY.
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, KAT or SPY?
KAT has an expense ratio of 0.75% while SPY charges 0.09%. SPY is the cheaper option, by $66 a year on a $10,000 investment.
Which performed better, KAT or SPY?
Over the past year KAT returned +3.77% vs +16.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), KAT annualized +6.32% vs +20.11% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, KAT or SPY?
SPY has been the more volatile fund at 12.7% annualized versus 12.3% for KAT. Worst drawdown: KAT -9.3% vs SPY -8.9%.
Should I hold both KAT and SPY?
KAT and SPY have a monthly-return correlation of 0.49, 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 KAT and SPY?
79.0% of KAT's money is in holdings SPY also owns. 17.0% of SPY's is in holdings KAT also owns. They hold 24 positions in common, counted across the 33 positions we hold weights for in KAT and 504 in SPY.
Which pays a higher dividend, KAT or SPY?
KAT yields 0.45% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than KAT?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 49.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.