AMAX vs SPY
Adaptive Hedged Multi-Asset Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, AMAX or SPY?
Preferred Stock against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 68.9%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | AMAX | SPY |
|---|---|---|
| Expense Ratio | 1.36% | 0.09%Best |
| AUM | $75M | $823.2B |
| Dividend Yield | 12.31% | 0.99% |
| Holdings | 23 | 1,515 |
| YTD Return | +2.73% | +13.53%Best |
| 1Y Return | -0.53% | +17.47%Best |
| 3Y Return (annualized) | +9.84% | +22.36%Best |
| 5Y Return (annualized) | +3.02% | +13.21%Best |
| Volatility (annualized) | 9.3%Best | 15.6% |
| Max Drawdown | -16.3%Best | -24.5% |
| $10,000 over 5 years | $11,604 | $18,596Best |
| Top 10 Weight | 68.9% | 38.2%Best |
| Fund Family | Adaptive ETFs | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Preferred Stock | Large Cap Blend |
| Inception | Oct 2, 2009 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 15, 2021 to Oct 14, 2026 (4.9 years).
AMAX vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 4.9 years both funds cover.
AMAX vs SPY Performance
Adaptive Hedged Multi-Asset Income ETF (AMAX) is an ETF from Adaptive ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year AMAX returned -0.53% while SPY returned +17.47%. Year to date, AMAX is up 2.73% versus a gain of 13.53% for SPY.
Over three years, AMAX compounded at +9.84% per year against +22.36% for SPY; over five years the annualized figures are +3.02% and +13.21% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 9.3% for AMAX. 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 -16.3% for AMAX and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
AMAX charges 1.36% per year while SPY charges 0.09%. On a $10,000 position that is $136 vs $9 annually, a gap of $127 per year that compounds over a long holding period. On income, AMAX currently yields 12.31% against 0.99% for SPY.
Holdings Overlap
7.3% of AMAX's money is in holdings SPY also owns. 0.2% of SPY's money is in holdings AMAX also owns.
AMAX and SPY share little of their money.
1 positions in common, counted across the 15 positions we hold weights for in AMAX and 504 in SPY, against full books of 23 and 1,515.
What only one of them owns
Our book lists 495 positions for SPY that do not appear in our book for AMAX (98.9% of the fund), and 4 for AMAX that do not appear in SPY (27.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in AMAX | Weight in SPY | Difference |
|---|---|---|---|
| NEMNewmont Corp Common | 7.34% | 0.20% | 7.14% |
You are not choosing between two funds in isolation.
Whichever of AMAX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, AMAX or SPY?
AMAX has an expense ratio of 1.36% while SPY charges 0.09%. SPY is the cheaper option, by $127 a year on a $10,000 investment.
Which performed better, AMAX or SPY?
Over the past year AMAX returned -0.53% vs +17.47% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AMAX or SPY?
SPY has been the more volatile fund at 15.6% annualized versus 9.3% for AMAX. Worst drawdown: AMAX -16.3% vs SPY -24.5%.
Should I hold both AMAX and SPY?
AMAX and SPY have a monthly-return correlation of 0.80, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between AMAX and SPY?
7.3% of AMAX's money is in holdings SPY also owns. 0.2% of SPY's is in holdings AMAX also owns. They hold 1 positions in common, counted across the 15 positions we hold weights for in AMAX and 504 in SPY.
Which pays a higher dividend, AMAX or SPY?
AMAX yields 12.31% while SPY yields 0.99%, so AMAX currently pays the higher dividend yield.
Is SPY better than AMAX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 68.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.