ELM vs SPY
ELM vs SPY
Elm Market Navigator 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 | ELM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.24% | 0.09% | |
| AUM | $576M | $789.1B | |
| Dividend Yield | 2.53% | 1.01% | |
| Holdings | 20 | 505 | |
| YTD Return | +8.47% | +13.79% | |
| 1Y Return | +16.47% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 7.8% | 15.3% | |
| Max Drawdown | -9.0% | -56.5% | |
| Fund Family | Elm Partners Management LLC | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Feb 10, 2025 | Jan 22, 1993 |
ELM vs SPY Performance
Elm Market Navigator ETF (ELM) is a ETF from Elm Partners Management LLC and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ELM returned +16.47% while SPY returned +23.66%. Year to date, ELM is up 8.47% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.8% for ELM. 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 -9.0% for ELM 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ELM charges 0.24% per year while SPY charges 0.09%. On a $10,000 position that is $24 vs $9 annually, a gap of $15 per year that compounds over a long holding period. On income, ELM currently yields 2.53% against 1.01% for SPY.
Holdings Overlap
ELM and SPY share 0 holdings out of 522 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, ELM or SPY?
ELM has an expense ratio of 0.24% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $15 per year of difference.
Which performed better, ELM or SPY?
Over the past year ELM returned +16.47% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), ELM annualized +14.28% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, ELM or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.8% for ELM. Worst drawdown: ELM -9.0% vs SPY -56.5%.
Should I hold both ELM and SPY?
ELM and SPY have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ELM and SPY?
ELM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 522 unique securities.
Which pays a higher dividend, ELM or SPY?
ELM yields 2.53% while SPY yields 1.01%, so ELM currently pays the higher dividend yield.
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