MSMR vs SPY
McElhenny Sheffield Managed Risk 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 503 holdings.
Side-by-Side Comparison
| Metric | MSMR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.06% | 0.09% | |
| AUM | $183M | $789.1B | |
| Dividend Yield | 1.83% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | +1.82% | +13.75% | |
| 1Y Return | +8.85% | +22.91% | |
| 3Y Return (annualized) | +13.90% | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 10.4% | 15.3% | |
| Max Drawdown | -14.9% | -56.5% | |
| Fund Family | Aptus Capital Advisors | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Nov 16, 2021 | Jan 22, 1993 |
MSMR vs SPY Performance
McElhenny Sheffield Managed Risk ETF (MSMR) is a ETF from Aptus Capital Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MSMR returned +8.85% while SPY returned +22.91%. Year to date, MSMR is up 1.82% versus a gain of 13.75% for SPY.
Over three years, MSMR compounded at +13.90% per year against +21.67% for SPY. Across the full 5-year window we track, SPY has the edge at +8.85% annualized vs +8.51%. 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 10.4% for MSMR. 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 -14.9% for MSMR 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 0.59. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MSMR charges 1.06% per year while SPY charges 0.09%. On a $10,000 position that is $106 vs $9 annually, a gap of $97 per year that compounds over a long holding period. On income, MSMR currently yields 1.83% against 1.01% for SPY.
Holdings Overlap
MSMR and SPY share 0 holdings out of 508 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, MSMR or SPY?
MSMR has an expense ratio of 1.06% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $97 per year of difference.
Which performed better, MSMR or SPY?
Over the past year MSMR returned +8.85% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), MSMR annualized +8.51% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, MSMR or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.4% for MSMR. Worst drawdown: MSMR -14.9% vs SPY -56.5%.
Should I hold both MSMR and SPY?
MSMR and SPY have a monthly-return correlation of 0.59, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MSMR and SPY?
MSMR and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, MSMR or SPY?
MSMR yields 1.83% while SPY yields 1.01%, so MSMR currently pays the higher dividend yield.
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