ORR vs SPY
Militia Long/Short Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. ORR delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | ORR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 10.91% | 0.09% | |
| AUM | $351M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 181 | 505 | |
| YTD Return | +11.38% | +14.24% | |
| 1Y Return | +22.88% | +21.71% | |
| 3Y Return (annualized) | - | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 12.1% | 15.3% | |
| Max Drawdown | -9.9% | -56.5% | |
| Fund Family | Militia Investments | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 14, 2025 | Jan 22, 1993 |
ORR vs SPY Performance
Militia Long/Short Equity ETF (ORR) is a ETF from Militia Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ORR returned +22.88% while SPY returned +21.71%. Year to date, ORR is up 11.38% versus a gain of 14.24% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.1% 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 -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 0.00. They move independently enough that combining them can meaningfully diversify a portfolio.
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
ORR and SPY share 12 holdings out of 671 unique holdings combined, representing a 7.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $1082 per year of difference.
Which performed better, ORR or SPY?
Over the past year ORR returned +22.88% vs +21.71% for SPY, so ORR leads on 1-year performance. Over the longest common window we track (2 years), ORR annualized +28.42% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, ORR or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.1% for ORR. Worst drawdown: ORR -9.9% vs SPY -56.5%.
Should I hold both ORR and SPY?
ORR and SPY have a monthly-return correlation of 0.00, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ORR and SPY?
ORR and SPY share 12 common holdings with a 7.9% weight overlap. Combined, they hold 671 unique securities.
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.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.