SPY vs VAMO
State Street SPDR S&P 500 ETF Trust vs Cambria Value and Momentum ETF
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 | VAMO | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.65% | |
| AUM | $821.1B | $87M | |
| Dividend Yield | 1.01% | 0.61% | |
| Holdings | 505 | 103 | |
| YTD Return | +12.68% | +7.55% | |
| 1Y Return | +21.82% | +17.80% | |
| 3Y Return (annualized) | +21.98% | +13.13% | |
| 5Y Return (annualized) | +12.89% | +11.47% | |
| Volatility (annualized) | 15.3% | 13.0% | |
| Max Drawdown | -56.5% | -41.8% | |
| Fund Family | State Street Investment Management | Cambria Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Sep 8, 2015 |
SPY vs VAMO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Cambria Value and Momentum ETF (VAMO) is a ETF from Cambria Investment Management. Over the past year SPY returned +21.82% while VAMO returned +17.80%. Year to date, SPY is up 12.68% versus a gain of 7.55% for VAMO.
Over three years, SPY compounded at +21.98% per year against +13.13% for VAMO; over five years the annualized figures are +12.89% and +11.47% respectively. Across the full 11-year window we track, SPY has the edge at +8.81% annualized vs +4.69%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.0% 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 -56.5% for SPY and -41.8% for VAMO. 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 0.42. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.01% against 0.61% for VAMO.
Holdings Overlap
SPY and VAMO share 18 holdings out of 587 unique holdings combined, representing a 1.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $56 per year of difference.
Which performed better, SPY or VAMO?
Over the past year SPY returned +21.82% vs +17.80% for VAMO, so SPY leads on 1-year performance. Over the longest common window we track (11 years), SPY annualized +8.81% vs +4.69% for VAMO. Past performance does not guarantee future results.
Which is riskier, SPY or VAMO?
SPY has been the more volatile fund at 15.3% annualized versus 13.0% for VAMO. Worst drawdown: SPY -56.5% vs VAMO -41.8%.
Should I hold both SPY and VAMO?
SPY and VAMO have a monthly-return correlation of 0.42, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and VAMO?
SPY and VAMO share 18 common holdings with a 1.7% weight overlap. Combined, they hold 587 unique securities.
Which pays a higher dividend, SPY or VAMO?
SPY yields 1.01% while VAMO yields 0.61%, so SPY currently pays the higher dividend yield.
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