LPRE vs SPY
Long Pond Real Estate Select 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 | LPRE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.00% | 0.09% | |
| AUM | $179M | $821.1B | |
| Dividend Yield | 1.11% | 1.01% | |
| Holdings | 26 | 505 | |
| YTD Return | +13.27% | +14.24% | |
| 1Y Return | +16.12% | +21.71% | |
| 3Y Return (annualized) | - | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 13.2% | 15.3% | |
| Max Drawdown | -10.6% | -56.5% | |
| Fund Family | Long Pond Capital | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 4, 2025 | Jan 22, 1993 |
LPRE vs SPY Performance
Long Pond Real Estate Select ETF (LPRE) is a ETF from Long Pond Capital and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year LPRE returned +16.12% while SPY returned +21.71%. Year to date, LPRE is up 13.27% versus a gain of 14.24% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.2% for LPRE. 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 -10.6% for LPRE 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 0.61. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
LPRE charges 1.00% per year while SPY charges 0.09%. On a $10,000 position that is $100 vs $9 annually, a gap of $91 per year that compounds over a long holding period. On income, LPRE currently yields 1.11% against 1.01% for SPY.
Holdings Overlap
LPRE and SPY share 14 holdings out of 515 unique holdings combined, representing a 0.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, LPRE or SPY?
LPRE has an expense ratio of 1.00% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $91 per year of difference.
Which performed better, LPRE or SPY?
Over the past year LPRE returned +16.12% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), LPRE annualized +22.18% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, LPRE or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.2% for LPRE. Worst drawdown: LPRE -10.6% vs SPY -56.5%.
Should I hold both LPRE and SPY?
LPRE and SPY have a monthly-return correlation of 0.61, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between LPRE and SPY?
LPRE and SPY share 14 common holdings with a 0.9% weight overlap. Combined, they hold 515 unique securities.
Which pays a higher dividend, LPRE or SPY?
LPRE yields 1.11% while SPY yields 1.01%, so LPRE currently pays the higher dividend yield.
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