SPY vs XVOL
State Street SPDR S&P 500 ETF Trust vs Acruence Active Hedge US Equity ETF
Which is better, SPY or XVOL?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. XVOL is less concentrated, with 17.8% 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 | XVOL |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.83% |
| AUM | $804.7B | $2M |
| Dividend Yield | 0.98% | 2.00% |
| Holdings | 505 | 83 |
| Volatility (annualized) | 15.5%Best | 16.5% |
| Max Drawdown | -24.5%Best | -25.8% |
| $10,000 over 5 years | $18,262Best | $12,636 |
| Top 10 Weight | 37.8% | 17.8%Best |
| Fund Family | State Street Investment Management | Acruence Capital, LLC |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Apr 21, 2021 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 155 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SPY has data through Sep 18, 2026 and XVOL through Apr 16, 2026.
Volatility and max drawdown, and the $10,000 over 5 years row, are measured over the window both funds cover: Apr 22, 2021 to Apr 16, 2026 (5 years).
Risk: Volatility and Drawdowns
XVOL has been the more volatile fund, with annualized monthly volatility of 16.5% compared with 15.5% 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 -24.5% for SPY and -25.8% for XVOL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while XVOL charges 0.83%. On a $10,000 position that is $9 vs $83 annually, a gap of $74 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 2.00% for XVOL.
Holdings Overlap
39.8% of SPY's money is in holdings XVOL also owns. 97.4% of XVOL's money is in holdings SPY also owns.
Most of XVOL is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 244 days apart, SPY as of Sep 1, 2026 and XVOL as of Dec 31, 2025, so some of the difference between them is the time between the two reports rather than the funds.
78 positions in common, counted across the 504 positions we hold weights for in SPY and 81 in XVOL, against full books of 505 and 83.
What only one of them owns
Our book lists 2 positions for XVOL that do not appear in our book for SPY (1.3% of the fund), and 420 for SPY that do not appear in XVOL (59.6%).
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 XVOL | Difference |
|---|---|---|---|
| AAPLApple, Inc | 7.26% | 1.16% | 6.10% |
| MSFTMicrosoft Corp | 5.66% | 0.94% | 4.72% |
| AMZNAmazon.Com Inc | 3.79% | 1.46% | 2.33% |
| GOOGLAlphabet Inc,class A | 2.99% | 1.37% | 1.62% |
| GOOGAlphabet Inc | 2.39% | 1.35% | 1.04% |
| METAMeta Platforms Inc | 1.93% | 1.40% | 0.53% |
| LLYEli Lilly & Co. | 1.40% | 1.60% | 0.20% |
| KLACKla Corp | 0.34% | 2.28% | 1.94% |
| NEMNewmont Corp Common | 0.20% | 1.93% | 1.73% |
| NXPINxp Semiconductors Nv Sedol B505Pn7 | 0.09% | 1.95% | 1.86% |
97.4% of XVOL 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 XVOL?
SPY has an expense ratio of 0.09% while XVOL charges 0.83%. SPY is the cheaper option, by $74 a year on a $10,000 investment.
Which is riskier, SPY or XVOL?
XVOL has been the more volatile fund at 16.5% annualized versus 15.5% for SPY. Worst drawdown: SPY -24.5% vs XVOL -25.8%.
Should I hold both SPY and XVOL?
SPY and XVOL have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPY and XVOL?
97.4% of XVOL's money is in holdings SPY also owns. 97.4% of XVOL's is in holdings SPY also owns. They hold 78 positions in common, counted across the 504 positions we hold weights for in SPY and 81 in XVOL.
Which pays a higher dividend, SPY or XVOL?
SPY yields 0.98% while XVOL yields 2.00%, so XVOL currently pays the higher dividend yield.
Is XVOL better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. XVOL is less concentrated, with 17.8% 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.