SPY vs VAMO
State Street SPDR S&P 500 ETF Trust vs Cambria Value and Momentum Hedged Equity ETF
Which is better, SPY or VAMO?
Large Cap Blend against Small Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. VAMO is less concentrated, with 17.4% of the fund in its ten largest positions against 38.0%.
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 | VAMO |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.65% |
| AUM | $804.7B | $87M |
| Dividend Yield | 0.98% | 0.61% |
| Holdings | 505 | 103 |
| YTD Return | +12.47%Best | +7.10% |
| 1Y Return | +17.51%Best | +11.51% |
| 3Y Return (annualized) | +21.18%Best | +13.22% |
| 5Y Return (annualized) | +12.88%Best | +10.76% |
| Volatility (annualized) | 15.1% | 12.9%Best |
| Max Drawdown | -34.1%Best | -41.8% |
| $10,000 over 5 years | $18,327Best | $16,669 |
| Top 10 Weight | 38.0% | 17.4%Best |
| Fund Family | State Street Investment Management | Cambria Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Small Cap Blend |
| Inception | Jan 22, 1993 | Sep 8, 2015 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2015 to Sep 11, 2026 (11 years).
SPY vs VAMO 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 covers the 11 years both funds cover.
SPY vs VAMO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Cambria Value and Momentum Hedged Equity ETF (VAMO) is an ETF from Cambria Investment Management. Over the past year SPY returned +17.51% while VAMO returned +11.51%. Year to date, SPY is up 12.47% versus a gain of 7.10% for VAMO.
Over three years, SPY compounded at +21.18% per year against +13.22% for VAMO; over five years the annualized figures are +12.88% and +10.76% respectively. Across the full 11-year window we track, SPY has the edge at +13.99% annualized vs +4.62%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 12.9% for VAMO. 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 -34.1% for SPY and -41.8% for VAMO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.42. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while VAMO charges 0.65%. On a $10,000 position that is $9 vs $65 annually, a gap of $56 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.61% for VAMO.
Holdings Overlap
1.7% of SPY's money is in holdings VAMO also owns. 17.2% of VAMO's money is in holdings SPY also owns.
VAMO and SPY share little of their money.
18 positions in common, counted across the 504 positions we hold weights for in SPY and 101 in VAMO, against full books of 505 and 103.
What only one of them owns
Measured across the 504 and 101 positions we hold weights for.
SPY holds 476 positions VAMO does not, 97.8% of the fund.
Largest: NVDA 7.71%, AAPL 6.83%, MSFT 5.50%, AMZN 4.08%, GOOGL 3.33%
Top Shared Holdings
| Stock | Weight in SPY | Weight in VAMO | Difference |
|---|---|---|---|
| VLOValero Energy Corp. | 0.14% | 1.21% | 1.07% |
| NEMNewmont Corp. | 0.16% | 1.19% | 1.03% |
| MCKMckesson Corp. | 0.15% | 1.03% | 0.88% |
| COFCapital One Financial Corp. | 0.21% | 0.95% | 0.74% |
| CCitigroup Inc. | 0.35% | 0.80% | 0.45% |
| CFCf Industries Holdings Inc. | 0.03% | 1.08% | 1.05% |
| APAApa Corp | 0.02% | 1.05% | 1.03% |
| GMGeneral Motors Co. | 0.12% | 0.94% | 0.82% |
| DVNDevon Energy Corp. | 0.08% | 0.94% | 0.86% |
| CAHCardinal Health Inc. | 0.08% | 0.90% | 0.82% |
You are not choosing between two funds in isolation.
Whichever of SPY and VAMO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or VAMO?
SPY has an expense ratio of 0.09% while VAMO charges 0.65%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which performed better, SPY or VAMO?
Over the past year SPY returned +17.51% vs +11.51% for VAMO, so SPY leads on 1-year performance. Over the longest common window we track (11 years), SPY annualized +13.99% vs +4.62% for VAMO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VAMO?
SPY has been the more volatile fund at 15.1% annualized versus 12.9% for VAMO. Worst drawdown: SPY -34.1% vs VAMO -41.8%.
Should I hold both SPY and VAMO?
SPY and VAMO have a monthly-return correlation of 0.42, 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 VAMO?
17.2% of VAMO's money is in holdings SPY also owns. 17.2% of VAMO's is in holdings SPY also owns. They hold 18 positions in common, counted across the 504 positions we hold weights for in SPY and 101 in VAMO.
Which pays a higher dividend, SPY or VAMO?
SPY yields 0.98% while VAMO yields 0.61%, so SPY currently pays the higher dividend yield.
Is VAMO better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. VAMO is less concentrated, with 17.4% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.