MEDX vs SPY
Horizon Kinetics Medical ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. MEDX delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | MEDX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.85% | 0.09% | |
| AUM | $17M | $821.1B | |
| Dividend Yield | 1.17% | 1.01% | |
| Holdings | 34 | 505 | |
| YTD Return | +11.52% | +12.22% | |
| 1Y Return | +30.95% | +20.83% | |
| 3Y Return (annualized) | +10.47% | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 14.5% | 15.3% | |
| Max Drawdown | -21.6% | -56.5% | |
| Fund Family | Horizon Kinetics LLC | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 27, 2023 | Jan 22, 1993 |
MEDX vs SPY Performance
Horizon Kinetics Medical ETF (MEDX) is a ETF from Horizon Kinetics LLC and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MEDX returned +30.95% while SPY returned +20.83%. Year to date, MEDX is up 11.52% versus a gain of 12.22% for SPY.
Over three years, MEDX compounded at +10.47% per year against +21.70% for SPY. Across the full 4-year window we track, SPY has the edge at +8.79% annualized vs +8.07%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.5% for MEDX. 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 -21.6% for MEDX 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 0.39. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MEDX charges 0.85% per year while SPY charges 0.09%. On a $10,000 position that is $85 vs $9 annually, a gap of $76 per year that compounds over a long holding period. On income, MEDX currently yields 1.17% against 1.01% for SPY.
Holdings Overlap
MEDX and SPY share 11 holdings out of 524 unique holdings combined, representing a 4.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MEDX or SPY?
MEDX has an expense ratio of 0.85% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $76 per year of difference.
Which performed better, MEDX or SPY?
Over the past year MEDX returned +30.95% vs +20.83% for SPY, so MEDX leads on 1-year performance. Over the longest common window we track (4 years), MEDX annualized +8.07% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, MEDX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.5% for MEDX. Worst drawdown: MEDX -21.6% vs SPY -56.5%.
Should I hold both MEDX and SPY?
MEDX and SPY have a monthly-return correlation of 0.39, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MEDX and SPY?
MEDX and SPY share 11 common holdings with a 4.3% weight overlap. Combined, they hold 524 unique securities.
Which pays a higher dividend, MEDX or SPY?
MEDX yields 1.17% while SPY yields 1.01%, so MEDX currently pays the higher dividend yield.
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