SPY — State Street SPDR S&P 500 ETF Trust 13F holdings and portfolio analysis

BereitState Street SPDR S&P 500 ETF Trust · Michael Riley

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Baseline

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Baselinetested
Strategie-Q&A-Referenz3 Referenz-Q&A

Vorbereitete Q&A zu diesem Fonds. Als Referenzkontext für Ihre eigene Analyse verwenden.

baseline13FChat AI
What does directly following the disclosed baseline portfolio expose an investor to?

Directly following the baseline exposes an investor to a top-heavy large-cap portfolio that behaves a lot like SPY but with somewhat more single-name concentration. The baseline top 5 are 28.30% and top 10 are 38.83%, led by NVDA 8.01%, AAPL 7.09%, MSFT 6.35%, AMZN 3.96%, and AVGO 2.89%. Sector weights are also dominated by Information Technology at 35.48%, followed by Financials 13.72% and Consumer Discretionary 10.68%. The backtest risk profile stays market-like with beta 0.97 and max drawdown -18.86%, so this is not a low-risk alternative to SPY; it is a slightly more concentrated version of broad U.S. large-cap exposure.

↳Ask how much of baseline risk comes from its top 5 names versus its sector allocation.
baseline13FChat AI
Which recent baseline periods best explain the risk-return trade-off?

The 2025 period data shows the trade-off clearly: the baseline kept tracking error low, but excess returns were small and inconsistent. It outperformed modestly in 2025-01 (+0.12 excess), 2025-02 (+0.24), 2025-05 (+0.23), and 2025-11 (+0.29), but lagged in 2025-06 (-0.36), 2025-07 (-0.35), 2025-09 (-0.36), and 2025-10 (-0.39). The sharpest drawdown in the full series occurred in early April 2025 when drawdown reached -18.86% on 2025-04-08, while recoveryDays is 54. Those numbers show why the baseline produced strong long-run return but only a modest benchmark edge: it stayed close to market moves almost every month.

↳Ask for a table of the best and worst baseline months versus SPY with turnover included.
baseline13FChat AI
What should a user inspect next before deciding whether the baseline is acceptable?

A user should inspect concentration, implementation, and benchmark-relative consistency next. The baseline risk notes flag a negative information ratio, top 10 concentration of 38.83%, 18,030 trades, and 100% initial turnover, while totalEstimatedCost is 0.323. Monthly turnover also commonly runs around 2.0 to 3.2 in the turnover series, including 3.18 in 2025-09 and 2.93 in 2025-07. That means the baseline is acceptable only if the user is comfortable with market-like risk, top-heavy tech exposure, and a strategy whose edge over SPY is small enough that trading frictions can matter.

↳Ask whether trading costs and concentration would erase the baseline’s small advantage over SPY in a live portfolio.
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