BAFE vs SPY
Brown Advisory Flexible Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, BAFE or SPY?
Each has led over a different period.
SPY has a lower expense ratio. BAFE led over 1Y, SPY over the full window. SPY is less concentrated, with 37.1% of the fund in its ten largest positions against 43.3%.
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 | BAFE | SPY |
|---|---|---|
| Expense Ratio | 0.54% | 0.09%Best |
| AUM | $1.8B | $797.9B |
| Dividend Yield | 0.27% | 1.00% |
| Holdings | 87 | 504 |
| YTD Return | +10.14% | +11.28%Best |
| 1Y Return | +14.01%Best | +13.46% |
| 3Y Return (annualized) | - | +20.37% |
| 5Y Return (annualized) | - | +11.54% |
| Volatility (annualized) | 12.9% | 12.2%Best |
| Max Drawdown | -18.4%Best | -18.8% |
| $10,000 over 2 years | $12,076 | $13,149Best |
| Top 10 Weight | 43.3% | 37.1%Best |
| Fund Family | Brown Advisory | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 18, 2024 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 2 years row, are measured over the window both funds cover: Nov 18, 2024 to Nov 13, 2026 (2 years).
BAFE vs SPY 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 2 years both funds cover.
BAFE vs SPY Performance
Brown Advisory Flexible Equity ETF (BAFE) is an ETF from Brown Advisory and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BAFE returned +14.01% while SPY returned +13.46%. Year to date, BAFE is up 10.14% versus a gain of 11.28% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BAFE has been the more volatile fund, with annualized monthly volatility of 12.9% compared with 12.2% 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 -18.4% for BAFE and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BAFE charges 0.54% per year while SPY charges 0.09%. On a $10,000 position that is $54 vs $9 annually, a gap of $45 per year that compounds over a long holding period. On income, BAFE currently yields 0.27% against 1.00% for SPY.
Holdings Overlap
77.4% of BAFE's money is in holdings SPY also owns. 39.0% of SPY's money is in holdings BAFE also owns.
Most of BAFE is already inside SPY. Owning both mostly buys the same companies twice.
33 positions in common, counted across the 42 positions we hold weights for in BAFE and 502 in SPY, against full books of 87 and 504.
What only one of them owns
Our book lists 467 positions for SPY that do not appear in our book for BAFE (60.7% of the fund), and 5 for BAFE that do not appear in SPY (6.9%).
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 BAFE | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.52% | 5.79% | 0.73% |
| NVDANvidia Corp. | 3.39% | 7.52% | 4.13% |
| AAPLApple, Inc | 1.88% | 7.60% | 5.72% |
| AMZNAmazon.Com Inc | 4.40% | 3.71% | 0.69% |
| VVisa Inc - Class A Shares | 4.85% | 1.12% | 3.73% |
| METAMeta Platform Inc | 3.90% | 2.06% | 1.84% |
| GOOGLAlphabet Inc., Class A | 3.04% | 2.52% | 0.52% |
| MAMastercard Inc | 4.33% | 0.82% | 3.51% |
| GOOGAlphabet, Inc., Class C | 2.91% | 2.03% | 0.88% |
| BRK.ABerkshire Hathaway Inc | 2.76% | 1.59% | 1.17% |
77.4% of BAFE 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, BAFE or SPY?
BAFE has an expense ratio of 0.54% while SPY charges 0.09%. SPY is the cheaper option, by $45 a year on a $10,000 investment.
Which performed better, BAFE or SPY?
Over the past year BAFE returned +14.01% vs +13.46% for SPY, so BAFE leads on 1-year performance. Over the longest common window we track (2 years), BAFE annualized +9.89% vs +14.67% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BAFE or SPY?
BAFE has been the more volatile fund at 12.9% annualized versus 12.2% for SPY. Worst drawdown: BAFE -18.4% vs SPY -18.8%.
Should I hold both BAFE and SPY?
BAFE and SPY have a monthly-return correlation of 0.88, 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 BAFE and SPY?
77.4% of BAFE's money is in holdings SPY also owns. 39.0% of SPY's is in holdings BAFE also owns. They hold 33 positions in common, counted across the 42 positions we hold weights for in BAFE and 502 in SPY.
Which pays a higher dividend, BAFE or SPY?
BAFE yields 0.27% while SPY yields 1.00%, so SPY currently pays the higher dividend yield.
Is SPY better than BAFE?
SPY has a lower expense ratio. BAFE led over 1Y, SPY over the full window. SPY is less concentrated, with 37.1% of the fund in its ten largest positions against 43.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.