BFRZ vs SPY
Innovator Equity Managed 100 Buffer ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | BFRZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.89% | 0.09% | |
| AUM | $142M | $821.1B | |
| Dividend Yield | 0.27% | 1.01% | |
| Holdings | 191 | 505 | |
| YTD Return | +0.64% | +12.22% | |
| 1Y Return | +4.65% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 4.2% | 15.3% | |
| Max Drawdown | -3.1% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | May 13, 2025 | Jan 22, 1993 |
BFRZ vs SPY Performance
Innovator Equity Managed 100 Buffer ETF (BFRZ) is a ETF from Innovator ETFs Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BFRZ returned +4.65% while SPY returned +20.83%. Year to date, BFRZ is up 0.64% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 4.2% for BFRZ. 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 -3.1% for BFRZ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BFRZ charges 0.89% per year while SPY charges 0.09%. On a $10,000 position that is $89 vs $9 annually, a gap of $80 per year that compounds over a long holding period. On income, BFRZ currently yields 0.27% against 1.01% for SPY.
Holdings Overlap
BFRZ and SPY share 122 holdings out of 562 unique holdings combined, representing a 66.9% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, BFRZ or SPY?
BFRZ has an expense ratio of 0.89% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $80 per year of difference.
Which performed better, BFRZ or SPY?
Over the past year BFRZ returned +4.65% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), BFRZ annualized +6.32% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, BFRZ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.2% for BFRZ. Worst drawdown: BFRZ -3.1% vs SPY -56.5%.
Should I hold both BFRZ and SPY?
BFRZ and SPY have a monthly-return correlation of 0.60, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BFRZ and SPY?
BFRZ and SPY share 122 common holdings with a 66.9% weight overlap. Combined, they hold 562 unique securities.
Which pays a higher dividend, BFRZ or SPY?
BFRZ yields 0.27% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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