KMF vs SPY
Kayne Anderson NextGen Energy & Infrastructure Inc 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 | KMF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.20% | 0.09% | |
| AUM | $501M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 39 | 505 | |
| YTD Return | +0.00% | +13.17% | |
| 1Y Return | +0.00% | +21.53% | |
| 3Y Return (annualized) | +4.81% | +22.06% | |
| 5Y Return (annualized) | +5.17% | +13.35% | |
| Volatility (annualized) | 33.2% | 15.3% | |
| Max Drawdown | -94.3% | -56.5% | |
| Fund Family | Kayne Anderson Capital Advisors | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 24, 2010 | Jan 22, 1993 |
KMF vs SPY Performance
Kayne Anderson NextGen Energy & Infrastructure Inc (KMF) is a ETF from Kayne Anderson Capital Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year KMF returned +0.00% while SPY returned +21.53%. Year to date, KMF is up 0.00% versus a gain of 13.17% for SPY.
Over three years, KMF compounded at +4.81% per year against +22.06% for SPY; over five years the annualized figures are +5.17% and +13.35% respectively. Across the full 16-year window we track, SPY has the edge at +8.82% annualized vs -0.39%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KMF has been the more volatile fund, with annualized monthly volatility of 33.2% 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 -94.3% for KMF 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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
KMF charges 3.20% per year while SPY charges 0.09%. On a $10,000 position that is $320 vs $9 annually, a gap of $311 per year that compounds over a long holding period. On income, KMF currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
KMF and SPY share 10 holdings out of 525 unique holdings combined, representing a 2.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, KMF or SPY?
KMF has an expense ratio of 3.20% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $311 per year of difference.
Which performed better, KMF or SPY?
Over the past year KMF returned +0.00% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), KMF annualized -0.39% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, KMF or SPY?
KMF has been the more volatile fund at 33.2% annualized versus 15.3% for SPY. Worst drawdown: KMF -94.3% vs SPY -56.5%.
Should I hold both KMF and SPY?
KMF and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between KMF and SPY?
KMF and SPY share 10 common holdings with a 2.0% weight overlap. Combined, they hold 525 unique securities.
Which pays a higher dividend, KMF or SPY?
KMF yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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