IQ

Data as of Nov 4, 2026.

vsCompare their flowsaskIQ about these two fundsAsk the committee about these two funds
Across categories

ORR vs SPY: Differences, Returns & Fees

Share
Share on XDownload as PDF

Over the year to Nov 4, 2026, ORR returned +21.6% to SPY's +14.8%.

askIQ about this page

askIQ about ORR and SPY

Net assets: $355m on Aug 31, 2026 for Militia Long/Short Equity ETF, and $804.8bn on Nov 3, 2026 for SPDR S&P 500 ETF Trust.

ORR on its own →SPY on its own →
At a glance

Pair scorecard

Their one-year returns differ by 6.8 points.

ORR vs SPY: Differences, Returns & Fees
MeasureORRSPY
Return
Total return, 1 year+21.6%+14.8%
Total return, 52 weeks+20.3%
Against its benchmark
What it tracksnot publishedS&P 500 Index
Treasury bills, 52 weeks+3.7%
Against cash16.7 points ahead
Cost and size
Expense rationot published0.09%
Net assets, ORR as of Aug 31, 2026 and SPY as of Nov 3, 2026$355m$804.8bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight100%
Top ten holdings, share of the fund37.3%
Risk
Correlation with the S&P 500’s weekly returns+0.41
Beta to the S&P 500+0.47: about 0.47% for each 1%
Its average week when the S&P 500 fellfell 0.27%
Down-week capture25.0%
Weeks the S&P 500 fell26 of 52, by 1.07% on average

Method

Side by side

ORR Militia Long/Short Equity ETF SPY SPDR S&P 500 ETF Trust
Where it sits Alternatives ETF Stock ETF
Issuer Militia State Street
What it is Long-short equity Tracks the S&P 500
Total return, 1 year +21.6% +14.8%
Its benchmark over the same days not measured +14.8% (VOO)
Gap to its benchmark not measured 0.0 pts vs VOO
Expense ratio not published 0.09%
Holdings not read by ETFIQ 504
Net assets, ORR as of Aug 31, 2026 and SPY as of Nov 3, 2026 $355m $804.8bn

ORR and SPY on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

Alert

SPY flows, by email on Sundays.

One-click unsubscribe. See Privacy.

About each fund
ORR

ORR is a long-short equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.41 with the S&P 500’s and a beta of +0.47, so for each 1% the index moved it moved about 0.47% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks ORR fell 0.27% on average, a down-week capture of 25.0%. Over the same 52 weeks ORR returned +20.3% and a Treasury bill fund +3.7%, so it finished 16.7 percentage points ahead of cash.

SPY

SPY tracks the S&P 500. Over the year to Nov 4, 2026 it returned +14.8% with distributions reinvested, against +14.8% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Nov 3, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 37.3%.

Questions people ask

Are ORR and SPY in the same category?
ORR is an alternatives ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, ORR or SPY?
In the year to Nov 4, 2026, with distributions reinvested, ORR returned +21.6% and SPY +14.8%.
Other comparisons
ORR vs VOOIVV vs ORRORR vs QQQGLD vs ORRCLSE vs SPYCSM vs SPYEHLS vs SPYCBLS vs SPY
Where to next
BIL, the T-bill fund these are measured against →ORR on its own →SPY on its own →Hold both: look the portfolio through →Rankings →SPY dividend history →SPY holdings →Standards and sources →
Sources and dates
ORR filings on SEC EDGAR ↗
ORR prospectus with the expense ratio (SEC) ↗
Militia page for ORR ↗
SPY filings on SEC EDGAR ↗
State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, ORR against SPY, data as of Nov 4, 2026. https://etfiq.com/compare/any/orr-vs-spy

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.