SPY vs USA
State Street SPDR S&P 500 ETF Trust vs Liberty All-Star Equity Fund
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | USA | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.92% | |
| AUM | $814.4B | $2.1B | |
| Dividend Yield | 1.01% | 10.15% | |
| Holdings | 505 | 139 | |
| YTD Return | +12.60% | +2.64% | |
| 1Y Return | +20.83% | +1.17% | |
| 3Y Return (annualized) | +20.98% | +9.46% | |
| 5Y Return (annualized) | +12.56% | +2.52% | |
| Volatility (annualized) | 15.3% | 19.6% | |
| Max Drawdown | -56.5% | -84.2% | |
| Fund Family | State Street Investment Management | Liberty All Star Funds | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Oct 31, 1986 |
SPY vs USA Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Liberty All-Star Equity Fund (USA) is a ETF from Liberty All Star Funds. Over the past year SPY returned +20.83% while USA returned +1.17%. Year to date, SPY is up 12.60% versus a gain of 2.64% for USA.
Over three years, SPY compounded at +20.98% per year against +9.46% for USA; over five years the annualized figures are +12.56% and +2.52% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs -0.22%. 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 worth weighing if you expect to sell during market stress rather than ride it out.
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 1.01% against 10.15% for USA.
Holdings Overlap
SPY and USA share 109 holdings out of 542 unique holdings combined, representing a 37.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $83 per year of difference.
Which performed better, SPY or USA?
Over the past year SPY returned +20.83% vs +1.17% for USA, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.79% vs -0.22% for USA. Past performance does not guarantee future results.
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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and USA?
SPY and USA share 109 common holdings with a 37.9% weight overlap. Combined, they hold 542 unique securities.
Which pays a higher dividend, SPY or USA?
SPY yields 1.01% while USA yields 10.15%, so USA 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.