LBO vs SPY
WHITEWOLF Publicly Listed Private Equity 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 505 holdings.
Side-by-Side Comparison
| Metric | LBO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 6.71% | 0.09% | |
| AUM | $7M | $789.1B | |
| Dividend Yield | 6.68% | 1.01% | |
| Holdings | 44 | 505 | |
| YTD Return | -3.03% | +14.47% | |
| 1Y Return | -10.53% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 19.3% | 15.3% | |
| Max Drawdown | -32.9% | -56.5% | |
| Fund Family | White Wolf Capital Advisors | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 30, 2023 | Jan 22, 1993 |
LBO vs SPY Performance
WHITEWOLF Publicly Listed Private Equity ETF (LBO) is a ETF from White Wolf Capital Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year LBO returned -10.53% while SPY returned +21.96%. Year to date, LBO is down 3.03% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
LBO has been the more volatile fund, with annualized monthly volatility of 19.3% 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 -32.9% for LBO 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 0.50. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
LBO charges 6.71% per year while SPY charges 0.09%. On a $10,000 position that is $671 vs $9 annually, a gap of $662 per year that compounds over a long holding period. On income, LBO currently yields 6.68% against 1.01% for SPY.
Holdings Overlap
LBO and SPY share 5 holdings out of 541 unique holdings combined, representing a 0.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, LBO or SPY?
LBO has an expense ratio of 6.71% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $662 per year of difference.
Which performed better, LBO or SPY?
Over the past year LBO returned -10.53% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), LBO annualized +4.28% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, LBO or SPY?
LBO has been the more volatile fund at 19.3% annualized versus 15.3% for SPY. Worst drawdown: LBO -32.9% vs SPY -56.5%.
Should I hold both LBO and SPY?
LBO and SPY have a monthly-return correlation of 0.50, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between LBO and SPY?
LBO and SPY share 5 common holdings with a 0.6% weight overlap. Combined, they hold 541 unique securities.
Which pays a higher dividend, LBO or SPY?
LBO yields 6.68% while SPY yields 1.01%, so LBO currently pays the higher dividend yield.
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