CFA vs SPY
CFA vs SPY
VictoryShares US 500 Volatility Weighted ETF 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 | CFA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $537M | $789.1B | |
| Dividend Yield | 1.23% | 1.01% | |
| Holdings | 502 | 505 | |
| YTD Return | +12.23% | +13.50% | |
| 1Y Return | +16.48% | +23.56% | |
| 3Y Return (annualized) | +13.67% | +21.17% | |
| 5Y Return (annualized) | +8.43% | +13.46% | |
| Volatility (annualized) | 14.9% | 15.3% | |
| Max Drawdown | -37.9% | -56.5% | |
| Fund Family | Victory Capital Management Inc. | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 1, 2014 | Jan 22, 1993 |
CFA vs SPY Performance
VictoryShares US 500 Volatility Weighted ETF (CFA) is a ETF from Victory Capital Management Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CFA returned +16.48% while SPY returned +23.56%. Year to date, CFA is up 12.23% versus a gain of 13.50% for SPY.
Over three years, CFA compounded at +13.67% per year against +21.17% for SPY; over five years the annualized figures are +8.43% and +13.46% respectively. Across the full 12-year window we track, CFA has the edge at +9.93% annualized vs +8.85%. 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 14.9% for CFA. 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 -37.9% for CFA 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 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CFA charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, CFA currently yields 1.23% against 1.01% for SPY.
Holdings Overlap
CFA and SPY share 400 holdings out of 602 unique holdings combined, representing a 40.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in CFA | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 0.18% | 7.31% | 7.13% |
| AAPL | 0.31% | 7.09% | 6.78% |
| MSFT | 0.23% | 4.43% | 4.20% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| BRK.B | Pro | Pro | Pro |
See all 10 holdings CFA shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, CFA or SPY?
CFA has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, CFA or SPY?
Over the past year CFA returned +16.48% vs +23.56% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (12 years), CFA annualized +9.93% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CFA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.9% for CFA. Worst drawdown: CFA -37.9% vs SPY -56.5%.
Should I hold both CFA and SPY?
CFA and SPY have a monthly-return correlation of 0.94, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between CFA and SPY?
CFA and SPY share 400 common holdings with a 40.2% weight overlap. Combined, they hold 602 unique securities.
Which pays a higher dividend, CFA or SPY?
CFA yields 1.23% while SPY yields 1.01%, so CFA currently pays the higher dividend yield.
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