LMNX vs SPY
Defiance Daily Target 2X Long LMND 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 | LMNX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.31% | 0.09% | |
| AUM | $5M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 9 | 505 | |
| YTD Return | -73.17% | +12.68% | |
| 1Y Return | -44.88% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 51.7% | 15.3% | |
| Max Drawdown | -94.2% | -56.5% | |
| Fund Family | Defiance ETFs, LLC | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Oct 15, 2025 | Jan 22, 1993 |
LMNX vs SPY Performance
Defiance Daily Target 2X Long LMND ETF (LMNX) is a ETF from Defiance ETFs, LLC and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year LMNX returned -44.88% while SPY returned +21.82%. Year to date, LMNX is down 73.17% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
LMNX has been the more volatile fund, with annualized monthly volatility of 51.7% 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 -94.2% for LMNX 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 0.16. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
LMNX charges 1.31% per year while SPY charges 0.09%. On a $10,000 position that is $131 vs $9 annually, a gap of $122 per year that compounds over a long holding period. On income, LMNX currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
LMNX and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, LMNX or SPY?
LMNX has an expense ratio of 1.31% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $122 per year of difference.
Which performed better, LMNX or SPY?
Over the past year LMNX returned -44.88% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (26 years), LMNX annualized -3.28% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, LMNX or SPY?
LMNX has been the more volatile fund at 51.7% annualized versus 15.3% for SPY. Worst drawdown: LMNX -94.2% vs SPY -56.5%.
Should I hold both LMNX and SPY?
LMNX and SPY have a monthly-return correlation of 0.16, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between LMNX and SPY?
LMNX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, LMNX or SPY?
LMNX yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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