MAPP vs SPY
Harbor Multi-Asset Explorer ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MAPP or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 74.4%.
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 | MAPP | SPY |
|---|---|---|
| Expense Ratio | 0.80% | 0.09%Best |
| AUM | $11M | $804.7B |
| Dividend Yield | 2.85% | 0.98% |
| Holdings | 24 | 505 |
| Volatility (annualized) | 8.5%Best | 12.6% |
| Max Drawdown | -12.9%Best | -18.8% |
| $10,000 over 3 years | $15,209 | $17,892Best |
| Top 10 Weight | 74.4% | 38.0%Best |
| Fund Family | Harbor Funds | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Sep 13, 2023 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 14 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. MAPP has data through Aug 28, 2026 and SPY through Sep 11, 2026.
Volatility and max drawdown, and the $10,000 over 3 years row, are measured over the window both funds cover: Sep 14, 2023 to Aug 28, 2026 (3 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.6% compared with 8.5% for MAPP. 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 -12.9% for MAPP 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 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
MAPP charges 0.80% per year while SPY charges 0.09%. On a $10,000 position that is $80 vs $9 annually, a gap of $71 per year that compounds over a long holding period. On income, MAPP currently yields 2.85% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 23 holdings in MAPP and 504 in SPY, totalling 99.8% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 23 positions we hold weights for in MAPP and 504 in SPY, against full books of 24 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for MAPP (99.5% of the fund), and 21 for MAPP that do not appear in SPY (96.8%).
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.
You are not choosing between two funds in isolation.
Whichever of MAPP and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MAPP or SPY?
MAPP has an expense ratio of 0.80% while SPY charges 0.09%. SPY is the cheaper option, by $71 a year on a $10,000 investment.
Which is riskier, MAPP or SPY?
SPY has been the more volatile fund at 12.6% annualized versus 8.5% for MAPP. Worst drawdown: MAPP -12.9% vs SPY -18.8%.
Should I hold both MAPP and SPY?
MAPP and SPY have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, MAPP or SPY?
MAPP yields 2.85% while SPY yields 0.98%, so MAPP currently pays the higher dividend yield.
Is SPY better than MAPP?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 74.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.