SMRI vs SPY
Bushido Capital US Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SMRI delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SMRI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.71% | 0.09% | |
| AUM | $697M | $821.1B | |
| Dividend Yield | 0.86% | 1.01% | |
| Holdings | 52 | 505 | |
| YTD Return | +35.11% | +12.68% | |
| 1Y Return | +49.07% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 15.9% | 15.3% | |
| Max Drawdown | -18.1% | -56.5% | |
| Fund Family | Bushido Capital | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 14, 2023 | Jan 22, 1993 |
SMRI vs SPY Performance
Bushido Capital US Equity ETF (SMRI) is a ETF from Bushido Capital and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SMRI returned +49.07% while SPY returned +21.82%. Year to date, SMRI is up 35.11% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
SMRI has been the more volatile fund, with annualized monthly volatility of 15.9% compared with 15.3% 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 -18.1% for SMRI 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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SMRI charges 0.71% per year while SPY charges 0.09%. On a $10,000 position that is $71 vs $9 annually, a gap of $62 per year that compounds over a long holding period. On income, SMRI currently yields 0.86% against 1.01% for SPY.
Holdings Overlap
SMRI and SPY share 42 holdings out of 513 unique holdings combined, representing a 5.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SMRI or SPY?
SMRI has an expense ratio of 0.71% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $62 per year of difference.
Which performed better, SMRI or SPY?
Over the past year SMRI returned +49.07% vs +21.82% for SPY, so SMRI leads on 1-year performance. Over the longest common window we track (3 years), SMRI annualized +28.64% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, SMRI or SPY?
SMRI has been the more volatile fund at 15.9% annualized versus 15.3% for SPY. Worst drawdown: SMRI -18.1% vs SPY -56.5%.
Should I hold both SMRI and SPY?
SMRI and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SMRI and SPY?
SMRI and SPY share 42 common holdings with a 5.6% weight overlap. Combined, they hold 513 unique securities.
Which pays a higher dividend, SMRI or SPY?
SMRI yields 0.86% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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