ORR vs SPY
Militia Long/Short Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ORR or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. ORR led over 1Y and the full window.
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 | ORR | SPY |
|---|---|---|
| Expense Ratio | 10.91% | 0.09%Best |
| AUM | $355M | $814.4B |
| Dividend Yield | 0.00% | 1.01% |
| Holdings | 181 | 505 |
| YTD Return | +13.81%Best | +13.34% |
| 1Y Return | +24.83%Best | +19.97% |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 11.7%Best | 12.9% |
| Max Drawdown | -9.9%Best | -18.8% |
| $10,000 over 1.6 years | $15,026Best | $13,138 |
| Fund Family | Militia Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | Jan 14, 2025 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.6 years row, are measured over the window both funds cover: Jan 15, 2025 to Sep 4, 2026 (1.6 years).
ORR 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 1.6 years both funds cover.
ORR vs SPY Performance
Militia Long/Short Equity ETF (ORR) is an ETF from Militia Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ORR returned +24.83% while SPY returned +19.97%. Year to date, ORR is up 13.81% versus a gain of 13.34% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.9% compared with 11.7% for ORR. 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 -9.9% for ORR 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 0.02. They move largely independently of each other.
Fees and Cost Over Time
ORR charges 10.91% per year while SPY charges 0.09%. On a $10,000 position that is $1091 vs $9 annually, a gap of $1082 per year that compounds over a long holding period. On income, ORR currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
At least 9.8% of SPY's money is in holdings ORR also owns.
Only one direction is shown: for ORR, our book for it lists positions totalling 138.5% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPY and ORR share little of their money.
12 positions in common, counted across the 179 positions we hold weights for in ORR and 504 in SPY, against full books of 181 and 505.
Top Shared Holdings
| Stock | Weight in ORR | Weight in SPY | Difference |
|---|---|---|---|
| AMZNAmazon.Com Inc | 3.62% | 4.08% | 0.46% |
| GOOGAlphabet Inc. C | 4.20% | 2.67% | 1.53% |
| LLYEli Lilly & Co. | 0.71% | 1.33% | 0.62% |
| MSMorgan Stanley | 0.59% | 0.39% | 0.20% |
| BLKBlackrock Funding Inc/De | 0.72% | 0.25% | 0.47% |
| APPAppLovin Corp. Com Cl A | 0.73% | 0.17% | 0.56% |
| LHXL3Harris Technologies Inc. | 0.69% | 0.08% | 0.61% |
| CBOECboe Global Market | 0.71% | 0.05% | 0.66% |
| WFCWells Fargo & Co. | -1.01% | 0.41% | 1.42% |
| DLRDigital Realty Trust Inc. | -1.05% | 0.10% | 1.15% |
You are not choosing between two funds in isolation.
Whichever of ORR 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, ORR or SPY?
ORR has an expense ratio of 10.91% while SPY charges 0.09%. SPY is the cheaper option, by $1082 a year on a $10,000 investment.
Which performed better, ORR or SPY?
Over the past year ORR returned +24.83% vs +19.97% for SPY, so ORR leads on 1-year performance. Over the longest common window we track (2 years), ORR annualized +28.98% vs +18.60% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ORR or SPY?
SPY has been the more volatile fund at 12.9% annualized versus 11.7% for ORR. Worst drawdown: ORR -9.9% vs SPY -18.8%.
Should I hold both ORR and SPY?
ORR and SPY have a monthly-return correlation of 0.02, 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 ORR and SPY?
At least 9.8% of SPY's money is in holdings ORR also owns. Our book for ORR is partial, so the real figure is this or higher. They hold 12 positions in common, counted across the 179 positions we hold weights for in ORR and 504 in SPY.
Which pays a higher dividend, ORR or SPY?
ORR yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than ORR?
SPY has a lower expense ratio. ORR led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.