SPY vs USEW
State Street SPDR S&P 500 ETF Trust vs Cambria US EW ETF
Quick Verdict
SPY has a lower expense ratio. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | USEW | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.30% | |
| AUM | $821.1B | $195M | |
| Dividend Yield | 1.01% | 0.55% | |
| Holdings | 505 | 429 | |
| YTD Return | +12.73% | +12.24% | |
| 1Y Return | +20.06% | - | |
| 3Y Return (annualized) | +21.59% | - | |
| 5Y Return (annualized) | +12.93% | - | |
| Volatility (annualized) | 15.3% | - | |
| Max Drawdown | -56.5% | -8.3% | |
| Fund Family | State Street Investment Management | Cambria Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Dec 18, 2025 |
SPY vs USEW Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Cambria US EW ETF (USEW) is a ETF from Cambria Investment Management. Year to date, SPY is up 12.73% versus a gain of 12.24% for USEW.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -56.5% for SPY and -8.3% for USEW. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 1.01% against 0.55% for USEW.
Holdings Overlap
SPY and USEW share 346 holdings out of 583 unique holdings combined, representing a 47.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $21 per year of difference.
What is the holdings overlap between SPY and USEW?
SPY and USEW share 346 common holdings with a 47.2% weight overlap. Combined, they hold 583 unique securities.
Which pays a higher dividend, SPY or USEW?
SPY yields 1.01% while USEW yields 0.55%, so SPY currently pays the higher dividend yield.
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