SPY vs USEW
State Street SPDR S&P 500 ETF Trust vs Cambria US EW ETF
Which is better, SPY or USEW?
SPY costs less.
SPY has a lower expense ratio. USEW is less concentrated, with 21.7% 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 | USEW |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.30% |
| AUM | $804.7B | $190M |
| Dividend Yield | 0.98% | 0.54% |
| Holdings | 505 | 428 |
| YTD Return | +11.45%Best | +9.50% |
| 1Y Return | +15.87% | - |
| 3Y Return (annualized) | +20.93% | - |
| 5Y Return (annualized) | +12.59% | - |
| Top 10 Weight | 37.8% | 21.7%Best |
| Fund Family | State Street Investment Management | Cambria Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Dec 18, 2025 |
Not shown on this pair: Volatility (annualized), Max Drawdown, $10,000 over the window.
SPY vs USEW 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 USEW Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Cambria US EW ETF (USEW) is an ETF from Cambria Investment Management. Year to date, SPY is up 11.45% versus a gain of 9.50% for USEW.
Past performance does not guarantee future results.
Fees and Cost Over Time
SPY charges 0.09% per year while USEW charges 0.30%. On a $10,000 position that is $9 vs $30 annually, a gap of $21 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.54% for USEW.
Holdings Overlap
92.3% of SPY's money is in holdings USEW also owns. 59.3% of USEW's money is in holdings SPY also owns.
Most of SPY is already inside USEW. Owning both mostly buys the same companies twice.
347 positions in common, counted across the 504 positions we hold weights for in SPY and 427 in USEW, against full books of 505 and 428.
What only one of them owns
Our book lists 73 positions for USEW that do not appear in our book for SPY (40.3% of the fund), and 151 for SPY that do not appear in USEW (7.2%).
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 USEW | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 1.08% | 6.93% |
| AAPLApple, Inc | 7.26% | 1.66% | 5.60% |
| MSFTMicrosoft Corp | 5.66% | 1.22% | 4.44% |
| AMZNAmazon.Com Inc | 3.79% | 0.98% | 2.81% |
| AVGOBroadcom Inc | 2.66% | 1.02% | 1.64% |
| GOOGLAlphabet Inc,class A | 2.99% | 0.48% | 2.51% |
| GOOGAlphabet Inc | 2.39% | 0.92% | 1.47% |
| METAMeta Platforms Inc | 1.93% | 0.74% | 1.19% |
| JPMJpmorgan Chase | 1.45% | 1.08% | 0.37% |
| MUMicron Technology, Inc. | 1.60% | 0.41% | 1.19% |
92.3% of SPY is already inside USEW.
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 USEW?
SPY has an expense ratio of 0.09% while USEW charges 0.30%. SPY is the cheaper option, by $21 a year on a $10,000 investment.
What is the holdings overlap between SPY and USEW?
92.3% of SPY's money is in holdings USEW also owns. 59.3% of USEW's is in holdings SPY also owns. They hold 347 positions in common, counted across the 504 positions we hold weights for in SPY and 427 in USEW.
Which pays a higher dividend, SPY or USEW?
SPY yields 0.98% while USEW yields 0.54%, so SPY currently pays the higher dividend yield.
Is USEW better than SPY?
SPY has a lower expense ratio. USEW is less concentrated, with 21.7% 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.