CFO vs SPY
CFO vs SPY
VictoryShares US 500 Enhanced 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 | CFO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $415M | $789.1B | |
| Dividend Yield | 1.24% | 1.01% | |
| Holdings | 502 | 505 | |
| YTD Return | +11.84% | +13.28% | |
| 1Y Return | +16.48% | +23.94% | |
| 3Y Return (annualized) | +11.21% | +21.07% | |
| 5Y Return (annualized) | +4.36% | +13.27% | |
| Volatility (annualized) | 12.3% | 15.3% | |
| Max Drawdown | -24.4% | -56.5% | |
| Fund Family | Victory Capital Management Inc. | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 1, 2014 | Jan 22, 1993 |
CFO vs SPY Performance
VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) 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 CFO returned +16.48% while SPY returned +23.94%. Year to date, CFO is up 11.84% versus a gain of 13.28% for SPY.
Over three years, CFO compounded at +11.21% per year against +21.07% for SPY; over five years the annualized figures are +4.36% and +13.27% respectively. Across the full 12-year window we track, SPY has the edge at +8.84% annualized vs +8.27%. 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 12.3% for CFO. 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 -24.4% for CFO 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CFO 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, CFO currently yields 1.24% against 1.01% for SPY.
Holdings Overlap
CFO 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 CFO | 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 CFO 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, CFO or SPY?
CFO 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, CFO or SPY?
Over the past year CFO returned +16.48% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (12 years), CFO annualized +8.27% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, CFO or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.3% for CFO. Worst drawdown: CFO -24.4% vs SPY -56.5%.
Should I hold both CFO and SPY?
CFO and SPY have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CFO and SPY?
CFO and SPY share 400 common holdings with a 40.2% weight overlap. Combined, they hold 602 unique securities.
Which pays a higher dividend, CFO or SPY?
CFO yields 1.24% while SPY yields 1.01%, so CFO currently pays the higher dividend yield.
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