BSEP vs SPY
Innovator U.S. Equity Buffer ETF - September 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 503 holdings.
Side-by-Side Comparison
| Metric | BSEP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $214M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | +9.24% | +13.68% | |
| 1Y Return | +15.37% | +21.53% | |
| 3Y Return (annualized) | +15.84% | +21.44% | |
| 5Y Return (annualized) | +10.89% | +13.18% | |
| Volatility (annualized) | 11.7% | 15.3% | |
| Max Drawdown | -24.0% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Aug 30, 2019 | Jan 22, 1993 |
BSEP vs SPY Performance
Innovator U.S. Equity Buffer ETF - September (BSEP) 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 BSEP returned +15.37% while SPY returned +21.53%. Year to date, BSEP is up 9.24% versus a gain of 13.68% for SPY.
Over three years, BSEP compounded at +15.84% per year against +21.44% for SPY; over five years the annualized figures are +10.89% and +13.18% respectively. Across the full 7-year window we track, BSEP has the edge at +12.24% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.7% for BSEP. 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 -24.0% for BSEP 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
BSEP charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, BSEP currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, BSEP or SPY?
BSEP has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, BSEP or SPY?
Over the past year BSEP returned +15.37% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), BSEP annualized +12.24% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BSEP or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.7% for BSEP. Worst drawdown: BSEP -24.0% vs SPY -56.5%.
Should I hold both BSEP and SPY?
BSEP and SPY have a monthly-return correlation of 0.99, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
Which pays a higher dividend, BSEP or SPY?
BSEP yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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