BWG vs SPY
BWG vs SPY
BrandywineGLOBAL Global Income Opportunities Fund Inc vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | BWG | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.66% | 0.09% | |
| AUM | $142M | $789.1B | |
| Dividend Yield | 11.05% | 1.01% | |
| Holdings | 110 | 505 | |
| YTD Return | -0.35% | +13.28% | |
| 1Y Return | +3.08% | +23.94% | |
| 3Y Return (annualized) | +10.90% | +21.07% | |
| 5Y Return (annualized) | +1.77% | +13.27% | |
| Volatility (annualized) | 15.5% | 15.3% | |
| Max Drawdown | -58.8% | -56.5% | |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Mar 28, 2012 | Jan 22, 1993 |
BWG vs SPY Performance
BrandywineGLOBAL Global Income Opportunities Fund Inc (BWG) is a ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BWG returned +3.08% while SPY returned +23.94%. Year to date, BWG is down 0.35% versus a gain of 13.28% for SPY.
Over three years, BWG compounded at +10.90% per year against +21.07% for SPY; over five years the annualized figures are +1.77% and +13.27% respectively. Across the full 14-year window we track, SPY has the edge at +8.84% annualized vs -2.29%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BWG has been the more volatile fund, with annualized monthly volatility of 15.5% compared with 15.3% 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 -58.8% for BWG and -56.5% for SPY. 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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BWG charges 2.66% per year while SPY charges 0.09%. On a $10,000 position that is $266 vs $9 annually, a gap of $257 per year that compounds over a long holding period. On income, BWG currently yields 11.05% against 1.01% for SPY.
Holdings Overlap
BWG and SPY share 0 holdings out of 572 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BWG or SPY?
BWG has an expense ratio of 2.66% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $257 per year of difference.
Which performed better, BWG or SPY?
Over the past year BWG returned +3.08% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (14 years), BWG annualized -2.29% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, BWG or SPY?
BWG has been the more volatile fund at 15.5% annualized versus 15.3% for SPY. Worst drawdown: BWG -58.8% vs SPY -56.5%.
Should I hold both BWG and SPY?
BWG and SPY have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BWG and SPY?
BWG and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 572 unique securities.
Which pays a higher dividend, BWG or SPY?
BWG yields 11.05% while SPY yields 1.01%, so BWG currently pays the higher dividend yield.
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