CNEQ vs SPY
CNEQ vs SPY
Alger Concentrated Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CNEQ delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CNEQ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.56% | 0.09% | |
| AUM | $898M | $789.1B | |
| Dividend Yield | 0.44% | 1.01% | |
| Holdings | 30 | 505 | |
| YTD Return | +16.63% | +13.50% | |
| 1Y Return | +29.40% | +23.56% | |
| 3Y Return (annualized) | - | +21.17% | |
| 5Y Return (annualized) | - | +13.46% | |
| Volatility (annualized) | 23.6% | 15.3% | |
| Max Drawdown | -27.6% | -56.5% | |
| Fund Family | Alger | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 4, 2024 | Jan 22, 1993 |
CNEQ vs SPY Performance
Alger Concentrated Equity ETF (CNEQ) is a ETF from Alger and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CNEQ returned +29.40% while SPY returned +23.56%. Year to date, CNEQ is up 16.63% versus a gain of 13.50% for SPY.
Risk: Volatility and Drawdowns
CNEQ has been the more volatile fund, with annualized monthly volatility of 23.6% 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 -27.6% for CNEQ 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 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CNEQ charges 0.56% per year while SPY charges 0.09%. On a $10,000 position that is $56 vs $9 annually, a gap of $47 per year that compounds over a long holding period. On income, CNEQ currently yields 0.44% against 1.01% for SPY.
Holdings Overlap
CNEQ and SPY share 13 holdings out of 519 unique holdings combined, representing a 34.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in CNEQ | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 14.66% | 7.31% | 7.35% |
| AAPL | 5.62% | 7.09% | 1.47% |
| MSFT | 6.55% | 4.43% | 2.12% |
| GOOG | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| AMZN | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| WDC | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
See all 10 holdings CNEQ 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, CNEQ or SPY?
CNEQ has an expense ratio of 0.56% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $47 per year of difference.
Which performed better, CNEQ or SPY?
Over the past year CNEQ returned +29.40% vs +23.56% for SPY, so CNEQ leads on 1-year performance. Over the longest common window we track (2 years), CNEQ annualized +35.19% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CNEQ or SPY?
CNEQ has been the more volatile fund at 23.6% annualized versus 15.3% for SPY. Worst drawdown: CNEQ -27.6% vs SPY -56.5%.
Should I hold both CNEQ and SPY?
CNEQ and SPY have a monthly-return correlation of 0.88, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CNEQ and SPY?
CNEQ and SPY share 13 common holdings with a 34.5% weight overlap. Combined, they hold 519 unique securities.
Which pays a higher dividend, CNEQ or SPY?
CNEQ yields 0.44% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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