KYN vs SPY
Kayne Anderson Energy Infrastructure Fund, Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, KYN or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. KYN led over 1Y, 3Y and 5Y, SPY over the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 77.5%.
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 | KYN | SPY |
|---|---|---|
| Expense Ratio | 10.00% | 0.09%Best |
| AUM | $3.9B | $814.4B |
| Dividend Yield | 6.06% | 1.01% |
| Holdings | 36 | 505 |
| YTD Return | +25.93%Best | +13.34% |
| 1Y Return | +30.28%Best | +19.97% |
| 3Y Return (annualized) | +29.64%Best | +21.20% |
| 5Y Return (annualized) | +23.62%Best | +12.81% |
| Volatility (annualized) | 30.1% | 14.8%Best |
| Max Drawdown | -95.1% | -56.5%Best |
| $10,000 over 5 years | $28,870Best | $18,270 |
| Top 10 Weight | 77.5% | 38.0%Best |
| Fund Family | Kayne Anderson Capital Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Sep 28, 2004 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 28, 2004 to Sep 4, 2026 (21.9 years).
KYN 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 21.9 years both funds cover.
KYN vs SPY Performance
Kayne Anderson Energy Infrastructure Fund, Inc. (KYN) is an ETF from Kayne Anderson Capital Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year KYN returned +30.28% while SPY returned +19.97%. Year to date, KYN is up 25.93% versus a gain of 13.34% for SPY.
Over three years, KYN compounded at +29.64% per year against +21.20% for SPY; over five years the annualized figures are +23.62% and +12.81% respectively. Across the full 22-year window we track, SPY has the edge at +9.59% annualized vs -0.18%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KYN has been the more volatile fund, with annualized monthly volatility of 30.1% compared with 14.8% 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 -95.1% for KYN and -56.5% 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 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
KYN charges 10.00% per year while SPY charges 0.09%. On a $10,000 position that is $1000 vs $9 annually, a gap of $991 per year that compounds over a long holding period. On income, KYN currently yields 6.06% against 1.01% for SPY.
Holdings Overlap
33.2% of KYN's money is in holdings SPY also owns. 1.1% of SPY's money is in holdings KYN also owns.
The two portfolios partly overlap.
The two holdings books were reported 247 days apart, KYN as of Nov 30, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
8 positions in common, counted across the 23 positions we hold weights for in KYN and 503 in SPY, against full books of 36 and 505.
What only one of them owns
Our book lists 485 positions for SPY that do not appear in our book for KYN (98.3% of the fund), and 11 for KYN that do not appear in SPY (48.4%).
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 KYN | Weight in SPY | Difference |
|---|---|---|---|
| APPApplovin Corp., Class 'A' | 10.66% | 0.17% | 10.49% |
| KMIKinder Morgan Inc./de | 7.69% | 0.09% | 7.60% |
| OKEOneok Inc. | 5.97% | 0.08% | 5.89% |
| TRGPTarga Resources Inc | 3.76% | 0.08% | 3.68% |
| SRESempra | 1.93% | 0.09% | 1.84% |
| LINLinde Plc Ordinary Shares | 1.02% | 0.34% | 0.68% |
| ETREntergy Corp. | 1.21% | 0.07% | 1.14% |
| PWRQuanta | 0.98% | 0.16% | 0.82% |
33.2% of KYN 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, KYN or SPY?
KYN has an expense ratio of 10.00% while SPY charges 0.09%. SPY is the cheaper option, by $991 a year on a $10,000 investment.
Which performed better, KYN or SPY?
Over the past year KYN returned +30.28% vs +19.97% for SPY, so KYN leads on 1-year performance. Over the longest common window we track (22 years), KYN annualized -0.18% vs +9.59% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, KYN or SPY?
KYN has been the more volatile fund at 30.1% annualized versus 14.8% for SPY. Worst drawdown: KYN -95.1% vs SPY -56.5%.
Should I hold both KYN and SPY?
KYN and SPY have a monthly-return correlation of 0.48, 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 KYN and SPY?
33.2% of KYN's money is in holdings SPY also owns. 1.1% of SPY's is in holdings KYN also owns. They hold 8 positions in common, counted across the 23 positions we hold weights for in KYN and 503 in SPY.
Which pays a higher dividend, KYN or SPY?
KYN yields 6.06% while SPY yields 1.01%, so KYN currently pays the higher dividend yield.
Is SPY better than KYN?
SPY has a lower expense ratio. KYN led over 1Y, 3Y and 5Y, SPY over the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 77.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.