SPY vs USA
State Street SPDR S&P 500 ETF Trust vs Liberty All-Star Equity Fund
Which is better, SPY or USA?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. USA is less concentrated, with 25.0% of the fund in its ten largest positions against 37.8%.
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 | SPY | USA |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.92% |
| AUM | $804.7B | $2.1B |
| Dividend Yield | 0.98% | 9.81% |
| Holdings | 505 | 139 |
| YTD Return | +12.99%Best | +1.43% |
| 1Y Return | +16.73%Best | +1.06% |
| 3Y Return (annualized) | +22.52%Best | +10.22% |
| 5Y Return (annualized) | +13.07%Best | +1.49% |
| Volatility (annualized) | 15.3%Best | 19.6% |
| Max Drawdown | -56.5%Best | -84.2% |
| $10,000 over 5 years | $18,481Best | $10,768 |
| Top 10 Weight | 37.8% | 25.0%Best |
| Fund Family | State Street Investment Management | Liberty All Star Funds |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Oct 31, 1986 |
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 23, 2026 (30.7 years).
SPY vs USA 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs USA Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Liberty All-Star Equity Fund (USA) is an ETF from Liberty All Star Funds. Over the past year SPY returned +16.73% while USA returned +1.06%. Year to date, SPY is up 12.99% versus a gain of 1.43% for USA.
Over three years, SPY compounded at +22.52% per year against +10.22% for USA; over five years the annualized figures are +13.07% and +1.49% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs -0.26%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
USA has been the more volatile fund, with annualized monthly volatility of 19.6% 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 -84.2% for USA. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while USA charges 0.92%. On a $10,000 position that is $9 vs $92 annually, a gap of $83 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 9.81% for USA.
Holdings Overlap
51.9% of SPY's money is in holdings USA also owns. 80.7% of USA's money is in holdings SPY also owns.
Most of USA is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 63 days apart, SPY as of Sep 1, 2026 and USA as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
109 positions in common, counted across the 504 positions we hold weights for in SPY and 147 in USA, against full books of 505 and 139.
What only one of them owns
Our book lists 21 positions for USA that do not appear in our book for SPY (11.5% of the fund), and 388 for SPY that do not appear in USA (47.5%).
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 SPY | Weight in USA | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 5.70% | 2.31% |
| MSFTMicrosoft Corp | 5.66% | 2.57% | 3.09% |
| GOOGAlphabet Inc | 2.39% | 3.84% | 1.45% |
| AMZNAmazon.Com Inc | 3.79% | 1.66% | 2.13% |
| GOOGLAlphabet Inc,class A | 2.99% | 1.10% | 1.89% |
| AVGOBroadcom Inc | 2.66% | 1.29% | 1.37% |
| METAMeta Platforms Inc | 1.93% | 1.98% | 0.05% |
| TSLATesla Inc | 1.52% | 1.66% | 0.14% |
| VVisa Inc Class A | 0.94% | 1.68% | 0.74% |
| COFCapital One Financial Corp. | 0.20% | 2.32% | 2.12% |
80.7% of USA 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, SPY or USA?
SPY has an expense ratio of 0.09% while USA charges 0.92%. SPY is the cheaper option, by $83 a year on a $10,000 investment.
Which performed better, SPY or USA?
Over the past year SPY returned +16.73% vs +1.06% for USA, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.79% vs -0.26% for USA. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or USA?
USA has been the more volatile fund at 19.6% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs USA -84.2%.
Should I hold both SPY and USA?
SPY and USA have a monthly-return correlation of 0.84, 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 SPY and USA?
80.7% of USA's money is in holdings SPY also owns. 80.7% of USA's is in holdings SPY also owns. They hold 109 positions in common, counted across the 504 positions we hold weights for in SPY and 147 in USA.
Which pays a higher dividend, SPY or USA?
SPY yields 0.98% while USA yields 9.81%, so USA currently pays the higher dividend yield.
Is USA better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. USA is less concentrated, with 25.0% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.