SABA vs SPY
Saba Capital Income & Opportunities Fund II vs State Street SPDR S&P 500 ETF Trust
Which is better, SABA or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and 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 | SABA | SPY |
|---|---|---|
| Expense Ratio | 0.71% | 0.09%Best |
| AUM | $247M | $823.2B |
| Dividend Yield | 8.41% | 0.99% |
| Holdings | 153 | 1,515 |
| YTD Return | -1.83% | +13.53%Best |
| 1Y Return | -6.73% | +17.47%Best |
| 3Y Return (annualized) | +7.90% | +22.36%Best |
| 5Y Return (annualized) | +1.80% | +13.21%Best |
| Volatility (annualized) | 13.2%Best | 15.2% |
| Max Drawdown | -62.0% | -56.5%Best |
| $10,000 over 5 years | $10,933 | $18,596Best |
| Fund Family | Saba Capital | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Mar 17, 1988 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Oct 14, 2026 (30.8 years).
SABA 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SABA vs SPY Performance
Saba Capital Income & Opportunities Fund II (SABA) is an ETF from Saba Capital and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SABA returned -6.73% while SPY returned +17.47%. Year to date, SABA is down 1.83% versus a gain of 13.53% for SPY.
Over three years, SABA compounded at +7.90% per year against +22.36% for SPY; over five years the annualized figures are +1.80% and +13.21% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs -0.40%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 13.2% for SABA. 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 -62.0% for SABA 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 0.42. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SABA charges 0.71% per year while SPY charges 0.09%. On a $10,000 position that is $71 vs $9 annually, a gap of $62 per year that compounds over a long holding period. On income, SABA currently yields 8.41% against 0.99% for SPY.
Holdings Overlap
At least 9.3% of SPY's money is in holdings SABA also owns.
Stated as a floor: for SABA, our book for it covers 41.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and SABA share little of their money.
20 positions in common, counted across the 50 positions we hold weights for in SABA and 504 in SPY, against full books of 153 and 1,515.
Top Shared Holdings
| Stock | Weight in SABA | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 0.91% | 5.71% | 4.80% |
| UPSUnited Parcel Service, Inc | 1.77% | 0.12% | 1.65% |
| CRMSalesforce Inc Crm Us Equity | 1.53% | 0.32% | 1.21% |
| DVNDevon Energy Corp. | 1.49% | 0.09% | 1.40% |
| PGRProgressive Corporation | 1.37% | 0.20% | 1.17% |
| COPConocophillips Common Stock USD 0.01 | 1.13% | 0.25% | 0.88% |
| MRKMerck & Company Inc | 0.84% | 0.54% | 0.30% |
| DISWalt Disney Co | 1.05% | 0.29% | 0.76% |
| BSXBoston Scientific Corp. | 1.18% | 0.10% | 1.08% |
| WTW:LNWillis Towers Watson Plc Ordinary Shares | 1.17% | 0.05% | 1.12% |
You are not choosing between two funds in isolation.
Whichever of SABA 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, SABA or SPY?
SABA has an expense ratio of 0.71% while SPY charges 0.09%. SPY is the cheaper option, by $62 a year on a $10,000 investment.
Which performed better, SABA or SPY?
Over the past year SABA returned -6.73% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SABA annualized -0.40% vs +8.79% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SABA or SPY?
SPY has been the more volatile fund at 15.2% annualized versus 13.2% for SABA. Worst drawdown: SABA -62.0% vs SPY -56.5%.
Should I hold both SABA and SPY?
SABA and SPY have a monthly-return correlation of 0.42, 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 SABA and SPY?
At least 9.3% of SPY's money is in holdings SABA also owns. Our book for SABA is partial, so the real figure is this or higher. They hold 20 positions in common, counted across the 50 positions we hold weights for in SABA and 504 in SPY.
Which pays a higher dividend, SABA or SPY?
SABA yields 8.41% while SPY yields 0.99%, so SABA currently pays the higher dividend yield.
Is SPY better than SABA?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.