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Select up to 4 funds for institutional 10-axis comparison, fee drag, and holdings overlap
10 Quantitative Fund Axes · Substitute vs. Diversifier Classifier · |A ∩ B| Shared Index Holdings
Relationship between distinct investment styles
Asset Class / Style Diversifiers tracking distinct indices (Markit iBoxx USD Liquid High Yield Index vs S&P 500 Index). Comparison evaluates factor tilts and portfolio allocation.
Shared benchmark constituents between HYG and SPY
Holistic investor holding friction: Net Expense Ratio (Annual) + 30-Day Median Bid-Ask Spread (Amortized)
Cumulative wealth lost to expense drag assuming $10,000 invested at 8.0% annualized gross growth
| Horizon | Hypothetical Gross ($) | HYG49 bps | SPY9.45 bps |
|---|---|---|---|
| 1 Year | $10,800.00 | $10,751.00 -$49.00 drag | $10,790.55 -$9.45 drag |
| 3 Years | $12,597.12 | $12,426.44 -$170.68 drag | $12,564.08 -$33.04 drag |
| 5 Years | $14,693.28 | $14,362.97 -$330.31 drag | $14,629.11 -$64.17 drag |
| 10 Years | $21,589.25 | $20,629.50 -$959.75 drag | $21,401.09 -$188.16 drag |
Comprehensive institutional factor alignment across pilot universe
| Quantitative Axis | HYGiShares iBoxx $ High Yield Corporate Bond ETF | SPYSPDR S&P 500 ETF Trust |
|---|---|---|
| 1. Official Benchmark Index | Markit iBoxx USD Liquid High Yield Index | S&P 500 Index |
| 2. Style Box & Legal Structure | High Yield Fixed IncomeETF | Large BlendUIT |
| 3. Net Expense Ratio & 1Y True TCO | 0.49% (49 bps) TCO (1Y): 50.5 bps | 0.09% (9.45 bps) TCO (1Y): 10.45 bps |
| 4. 10Y Compounded Fee Drag ($10K) | -$959.75 | -$188.16 |
| 5. Total Fund AUM Scale & $ Volume | $17.5B $1.9B / day | $687.0B $38.5B / day |
| 6. Holdings Breadth | 1210 securities | 503 securities |
| 7. Top 10 Concentration % | 6.8% | 33.1% |
| 8. Total Returns (1Y / 3Y / 5Y) | +14.5% / +3.8% / +3.4% | +14.88% / +33.9% / +97.8% |
| 9. Distribution Yield & Annual Amount | $5.08/sh (6.42%) monthly | $7.28/sh (1.25%) quarterly |
| 10. Tracking Volatility (Beta to S&P 500) | 1.00 | 1.00 |
11. 30-Day Median Bid-Ask Spread SEC Form N-CEN Item C.21 NBBO Spread:Median rolling 30-day transaction friction between national best bid and offer (NBBO). Measures liquidity cost incurred upon capital entry and exit. | 1.5 bps (0.02%) | 1.0 bps (0.01%) |
12. True TCO (1Y / 3Y / 5Y Horizon) True Total Cost of Ownership (TCO):Combines ongoing Net Expense Ratio with amortized trading spread:TCO(H) = Expense + (Spread / H)SPY excels for tactical turnover ($H=1$), while VOO dominates multi-year compounding ($H=5$). | 50.5 / 49.5 / 49.3 bps | 10.45 / 9.78 / 9.65 bps |