MUNX vs SPY
MUNX vs SPY
AMG GW&K Muni Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MUNX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.29% | 0.09% | |
| AUM | $20M | $789.1B | |
| Dividend Yield | 1.94% | 1.01% | |
| Holdings | 69 | 505 | |
| YTD Return | +0.98% | +13.79% | |
| 1Y Return | - | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | - | 15.3% | |
| Max Drawdown | -3.0% | -56.5% | |
| Fund Family | AMG Funds | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Oct 29, 2025 | Jan 22, 1993 |
MUNX vs SPY Performance
AMG GW&K Muni Income ETF (MUNX) is a ETF from AMG Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Year to date, MUNX is up 0.98% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -3.0% for MUNX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
MUNX charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, MUNX currently yields 1.94% against 1.01% for SPY.
Holdings Overlap
MUNX and SPY share 0 holdings out of 538 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, MUNX or SPY?
MUNX has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $20 per year of difference.
What is the holdings overlap between MUNX and SPY?
MUNX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 538 unique securities.
Which pays a higher dividend, MUNX or SPY?
MUNX yields 1.94% while SPY yields 1.01%, so MUNX currently pays the higher dividend yield.
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