LBO vs SPY
WHITEWOLF Publicly Listed Private Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, LBO 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 38.2% of the fund in its ten largest positions against 69.4%.
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 | LBO | SPY |
|---|---|---|
| Expense Ratio | 6.53% | 0.09%Best |
| AUM | $6M | $811.2B |
| Dividend Yield | 5.83% | 0.98% |
| Holdings | 40 | 1,515 |
| YTD Return | -18.10% | +13.54%Best |
| 1Y Return | -17.15% | +16.25%Best |
| 3Y Return (annualized) | - | +23.72% |
| 5Y Return (annualized) | - | +13.95% |
| Volatility (annualized) | 19.7% | 11.6%Best |
| Max Drawdown | -32.9% | -18.8%Best |
| $10,000 over 2.8 years | $9,466 | $17,351Best |
| Top 10 Weight | 69.4% | 38.2%Best |
| Fund Family | White Wolf Capital Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 30, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 2.8 years row, are measured over the window both funds cover: Nov 30, 2023 to Oct 2, 2026 (2.8 years).
LBO 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 2.8 years both funds cover.
LBO vs SPY Performance
WHITEWOLF Publicly Listed Private Equity ETF (LBO) is an ETF from White Wolf Capital Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year LBO returned -17.15% while SPY returned +16.25%. Year to date, LBO is down 18.10% versus a gain of 13.54% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
LBO has been the more volatile fund, with annualized monthly volatility of 19.7% compared with 11.6% 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 -18.8% 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
LBO charges 6.53% per year while SPY charges 0.09%. On a $10,000 position that is $653 vs $9 annually, a gap of $644 per year that compounds over a long holding period. On income, LBO currently yields 5.83% against 0.98% for SPY.
Holdings Overlap
35.4% of LBO's money is in holdings SPY also owns. 0.6% of SPY's money is in holdings LBO also owns.
The two portfolios partly overlap.
5 positions in common, counted across the 38 positions we hold weights for in LBO and 504 in SPY, against full books of 40 and 1,515.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for LBO (98.6% of the fund), and 31 for LBO that do not appear in SPY (57.7%).
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.
35.4% of LBO 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, LBO or SPY?
LBO has an expense ratio of 6.53% while SPY charges 0.09%. SPY is the cheaper option, by $644 a year on a $10,000 investment.
Which performed better, LBO or SPY?
Over the past year LBO returned -17.15% vs +16.25% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, LBO or SPY?
LBO has been the more volatile fund at 19.7% annualized versus 11.6% for SPY. Worst drawdown: LBO -32.9% vs SPY -18.8%.
Should I hold both LBO and SPY?
LBO 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 LBO and SPY?
35.4% of LBO's money is in holdings SPY also owns. 0.6% of SPY's is in holdings LBO also owns. They hold 5 positions in common, counted across the 38 positions we hold weights for in LBO and 504 in SPY.
Which pays a higher dividend, LBO or SPY?
LBO yields 5.83% while SPY yields 0.98%, so LBO currently pays the higher dividend yield.
Is SPY better than LBO?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 69.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.