NVIR vs SPY
Horizon Kinetics Energy Remediation ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, NVIR or SPY?
Energy against Large Cap Blend.
SPY has a lower expense ratio. NVIR led over 1Y, SPY over 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.8%.
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 | NVIR | SPY |
|---|---|---|
| Expense Ratio | 0.85% | 0.09%Best |
| AUM | $5M | $804.7B |
| Dividend Yield | 0.74% | 0.98% |
| Holdings | 42 | 505 |
| YTD Return | +22.88%Best | +11.52% |
| 1Y Return | +31.89%Best | +17.48% |
| 3Y Return (annualized) | +15.39% | +20.62%Best |
| 5Y Return (annualized) | - | +12.73% |
| Volatility (annualized) | 14.5% | 12.4%Best |
| Max Drawdown | -22.5% | -18.8%Best |
| $10,000 over 3.5 years | $17,025 | $19,702Best |
| Top 10 Weight | 46.8% | 38.0%Best |
| Fund Family | Horizon Kinetics LLC | State Street Investment Management |
| Category | Commodity | Equity |
| Style | Energy | Large Cap Blend |
| Inception | Feb 21, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.5 years row, are measured over the window both funds cover: Feb 22, 2023 to Sep 10, 2026 (3.5 years).
NVIR vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.5 years both funds cover.
NVIR vs SPY Performance
Horizon Kinetics Energy Remediation ETF (NVIR) is an ETF from Horizon Kinetics LLC and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year NVIR returned +31.89% while SPY returned +17.48%. Year to date, NVIR is up 22.88% versus a gain of 11.52% for SPY.
Over three years, NVIR compounded at +15.39% per year against +20.62% for SPY. Across the full 4-year window we track, SPY has the edge at +21.38% annualized vs +16.42%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
NVIR has been the more volatile fund, with annualized monthly volatility of 14.5% compared with 12.4% for SPY. 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 -22.5% for NVIR 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 0.30. They move together some of the time, and apart the rest.
Fees and Cost Over Time
NVIR 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, NVIR currently yields 0.74% against 0.98% for SPY.
Holdings Overlap
41.8% of NVIR's money is in holdings SPY also owns. 2.1% of SPY's money is in holdings NVIR also owns.
The two portfolios partly overlap.
16 positions in common, counted across the 39 positions we hold weights for in NVIR and 504 in SPY, against full books of 42 and 505.
What only one of them owns
Our book lists 478 positions for SPY that do not appear in our book for NVIR (97.4% of the fund), and 17 for NVIR that do not appear in SPY (36.1%).
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.
Top Shared Holdings
| Stock | Weight in NVIR | Weight in SPY | Difference |
|---|---|---|---|
| WMBWilliams Cos. Inc. | 5.41% | 0.13% | 5.28% |
| TPLTexas Pacific Land Trust | 4.97% | 0.03% | 4.94% |
| XOMExxon Mobil Corp. | 3.65% | 0.96% | 2.69% |
| EQTEqt Corp | 3.88% | 0.05% | 3.83% |
| FANGDiamondback Energy Inc. | 3.52% | 0.06% | 3.46% |
| COPConocophillips Co | 2.81% | 0.22% | 2.59% |
| EOGEog Resources Inc | 2.84% | 0.11% | 2.73% |
| CHKChesapeake Energy Corp | 2.68% | 0.03% | 2.65% |
| SLBSchlumberger Nv. | 2.22% | 0.11% | 2.11% |
| OXYOccidental Petroleum Corp. | 2.25% | 0.06% | 2.19% |
41.8% of NVIR is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, NVIR or SPY?
NVIR has an expense ratio of 0.85% while SPY charges 0.09%. SPY is the cheaper option, by $76 a year on a $10,000 investment.
Which performed better, NVIR or SPY?
Over the past year NVIR returned +31.89% vs +17.48% for SPY, so NVIR leads on 1-year performance. Over the longest common window we track (4 years), NVIR annualized +16.42% vs +21.38% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NVIR or SPY?
NVIR has been the more volatile fund at 14.5% annualized versus 12.4% for SPY. Worst drawdown: NVIR -22.5% vs SPY -18.8%.
Should I hold both NVIR and SPY?
NVIR and SPY have a monthly-return correlation of 0.30, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between NVIR and SPY?
41.8% of NVIR's money is in holdings SPY also owns. 2.1% of SPY's is in holdings NVIR also owns. They hold 16 positions in common, counted across the 39 positions we hold weights for in NVIR and 504 in SPY.
Which pays a higher dividend, NVIR or SPY?
NVIR yields 0.74% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than NVIR?
SPY has a lower expense ratio. NVIR led over 1Y, SPY over 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.