SPY vs WAR
State Street SPDR S&P 500 ETF Trust vs US Global Technology And Aerospace & Defense ETF
Which is better, SPY or WAR?
Large Cap Blend against Large Cap Growth.
SPY has a lower expense ratio. WAR led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 61.0%.
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 | WAR |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.60% |
| AUM | $804.7B | $36M |
| Dividend Yield | 0.98% | 10.22% |
| Holdings | 505 | 31 |
| YTD Return | +12.19% | +31.74%Best |
| 1Y Return | +18.53% | +45.71%Best |
| 3Y Return (annualized) | +20.88% | - |
| 5Y Return (annualized) | +12.69% | - |
| Volatility (annualized) | 12.7%Best | 31.0% |
| Max Drawdown | -18.8%Best | -25.0% |
| $10,000 over 1.7 years | $13,200 | $17,581Best |
| Top 10 Weight | 38.0%Best | 61.0% |
| Fund Family | State Street Investment Management | U.S. Global Investors, Inc. |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 22, 1993 | Dec 30, 2024 |
Volatility and max drawdown, and the $10,000 over 1.7 years row, are measured over the window both funds cover: Dec 30, 2024 to Sep 9, 2026 (1.7 years).
SPY vs WAR 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 1.7 years both funds cover.
SPY vs WAR Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and US Global Technology And Aerospace & Defense ETF (WAR) is an ETF from U.S. Global Investors, Inc.. Over the past year SPY returned +18.53% while WAR returned +45.71%. Year to date, SPY is up 12.19% versus a gain of 31.74% for WAR.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
WAR has been the more volatile fund, with annualized monthly volatility of 31.0% compared with 12.7% 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 -18.8% for SPY and -25.0% for WAR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while WAR charges 0.60%. On a $10,000 position that is $9 vs $60 annually, a gap of $51 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 10.22% for WAR.
Holdings Overlap
11.0% of SPY's money is in holdings WAR also owns. 40.5% of WAR's money is in holdings SPY also owns.
The two portfolios partly overlap.
10 positions in common, counted across the 504 positions we hold weights for in SPY and 29 in WAR, against full books of 505 and 31.
What only one of them owns
Our book lists 12 positions for WAR that do not appear in our book for SPY (28.8% of the fund), and 485 for SPY that do not appear in WAR (88.4%).
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 WAR | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.71% | 4.23% | 3.48% |
| AXONAxon Enterprise Inc | 0.07% | 10.71% | 10.64% |
| MUMicron Technology, Inc. | 1.51% | 7.40% | 5.89% |
| PLTRPalantir Technologies Inc | 0.56% | 5.09% | 4.53% |
| TERTeradyne Inc - Common | 0.09% | 4.13% | 4.04% |
| CRWDCrowdstrike Holdings Inc. Class A | 0.32% | 3.75% | 3.43% |
| SNDKSandisk Corp/De | 0.32% | 2.19% | 1.87% |
| APHAmphenol Corp. Class A | 0.32% | 1.10% | 0.78% |
| LITELumentum Holdings Inc | 0.10% | 1.00% | 0.90% |
| SMCISuper Micro Computer Inc Common Stock USD.001 | 0.03% | 0.92% | 0.89% |
40.5% of WAR is already inside SPY.
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 WAR?
SPY has an expense ratio of 0.09% while WAR charges 0.60%. SPY is the cheaper option, by $51 a year on a $10,000 investment.
Which performed better, SPY or WAR?
Over the past year SPY returned +18.53% vs +45.71% for WAR, so WAR leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +17.74% vs +39.36% for WAR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or WAR?
WAR has been the more volatile fund at 31.0% annualized versus 12.7% for SPY. Worst drawdown: SPY -18.8% vs WAR -25.0%.
Should I hold both SPY and WAR?
SPY and WAR have a monthly-return correlation of 0.73, 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 WAR?
40.5% of WAR's money is in holdings SPY also owns. 40.5% of WAR's is in holdings SPY also owns. They hold 10 positions in common, counted across the 504 positions we hold weights for in SPY and 29 in WAR.
Which pays a higher dividend, SPY or WAR?
SPY yields 0.98% while WAR yields 10.22%, so WAR currently pays the higher dividend yield.
Is WAR better than SPY?
SPY has a lower expense ratio. WAR led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 61.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.