LMNX vs SPY
Defiance Daily Target 2X Long LMND ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, LMNX or SPY?
Trading-Leveraged Equity against Large Cap Blend.
SPY has a lower expense ratio. SPY led over the full window.
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 | LMNX | SPY |
|---|---|---|
| Expense Ratio | 1.31% | 0.09%Best |
| AUM | $4M | $823.2B |
| Dividend Yield | 0.00% | 0.99% |
| Holdings | 18 | 1,515 |
| Volatility (annualized) | 51.7% | 15.1%Best |
| Max Drawdown | -94.2% | -56.5%Best |
| $10,000 over 26.4 years | $4,226 | $55,817Best |
| Fund Family | Defiance ETFs, LLC | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Leveraged Equity | Large Cap Blend |
| Inception | Oct 15, 2025 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 48 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. LMNX has data through Aug 27, 2026 and SPY through Oct 14, 2026.
Volatility and max drawdown, and the $10,000 over 26.4 years row, are measured over the window both funds cover: Mar 30, 2000 to Aug 27, 2026 (26.4 years).
Risk: Volatility and Drawdowns
LMNX has been the more volatile fund, with annualized monthly volatility of 51.7% compared with 15.1% 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 -94.2% for LMNX and -56.5% 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 0.16. They move largely independently of each other.
Fees and Cost Over Time
LMNX charges 1.31% per year while SPY charges 0.09%. On a $10,000 position that is $131 vs $9 annually, a gap of $122 per year that compounds over a long holding period. On income, LMNX currently yields 0.00% against 0.99% for SPY.
Holdings Overlap
We hold position weights for 1 holding in LMNX and 504 in SPY, totalling 10.8% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in LMNX and 504 in SPY, against full books of 18 and 1,515.
You are not choosing between two funds in isolation.
Whichever of LMNX 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, LMNX or SPY?
LMNX has an expense ratio of 1.31% while SPY charges 0.09%. SPY is the cheaper option, by $122 a year on a $10,000 investment.
Which is riskier, LMNX or SPY?
LMNX has been the more volatile fund at 51.7% annualized versus 15.1% for SPY. Worst drawdown: LMNX -94.2% vs SPY -56.5%.
Should I hold both LMNX and SPY?
LMNX and SPY have a monthly-return correlation of 0.16, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, LMNX or SPY?
LMNX yields 0.00% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than LMNX?
SPY has a lower expense ratio. SPY led over the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.