SPY vs STEW
State Street SPDR S&P 500 ETF Trust vs SRH Total Return Fund
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | STEW | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 2.28% | |
| AUM | $789.1B | $2.3B | |
| Dividend Yield | 1.01% | 3.12% | |
| Holdings | 505 | 24 | |
| YTD Return | +13.39% | +5.98% | |
| 1Y Return | +22.52% | +11.54% | |
| 3Y Return (annualized) | +21.36% | +15.89% | |
| 5Y Return (annualized) | +13.19% | +10.12% | |
| Volatility (annualized) | 15.3% | 18.3% | |
| Max Drawdown | -56.5% | -78.2% | |
| Fund Family | State Street Investment Management | Paralel Advisors LLC | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jan 31, 2002 |
SPY vs STEW Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and SRH Total Return Fund (STEW) is a ETF from Paralel Advisors LLC. Over the past year SPY returned +22.52% while STEW returned +11.54%. Year to date, SPY is up 13.39% versus a gain of 5.98% for STEW.
Over three years, SPY compounded at +21.36% per year against +15.89% for STEW; over five years the annualized figures are +13.19% and +10.12% respectively. Across the full 27-year window we track, SPY has the edge at +8.84% annualized vs +3.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
STEW has been the more volatile fund, with annualized monthly volatility of 18.3% 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 -56.5% for SPY and -78.2% for STEW. 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 0.68. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while STEW charges 2.28%. On a $10,000 position that is $9 vs $228 annually, a gap of $219 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.12% for STEW.
Holdings Overlap
SPY and STEW share 12 holdings out of 514 unique holdings combined, representing a 9.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or STEW?
SPY has an expense ratio of 0.09% while STEW charges 2.28%. SPY is the cheaper option. On a $10,000 investment, that is $219 per year of difference.
Which performed better, SPY or STEW?
Over the past year SPY returned +22.52% vs +11.54% for STEW, so SPY leads on 1-year performance. Over the longest common window we track (27 years), SPY annualized +8.84% vs +3.87% for STEW. Past performance does not guarantee future results.
Which is riskier, SPY or STEW?
STEW has been the more volatile fund at 18.3% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs STEW -78.2%.
Should I hold both SPY and STEW?
SPY and STEW have a monthly-return correlation of 0.68, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and STEW?
SPY and STEW share 12 common holdings with a 9.1% weight overlap. Combined, they hold 514 unique securities.
Which pays a higher dividend, SPY or STEW?
SPY yields 1.01% while STEW yields 3.12%, so STEW currently pays the higher dividend yield.
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