BSEP vs SPY
Innovator U.S. Equity Buffer ETF - September vs State Street SPDR S&P 500 ETF Trust
Which is better, BSEP or SPY?
Option Writing against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BSEP | SPY |
|---|---|---|
| Expense Ratio | 0.79% | 0.09%Best |
| AUM | $216M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 12 | 505 |
| YTD Return | +10.64% | +13.81%Best |
| 1Y Return | +13.11% | +16.94%Best |
| 3Y Return (annualized) | +17.23% | +22.84%Best |
| 5Y Return (annualized) | +11.51% | +13.50%Best |
| Volatility (annualized) | 11.6%Best | 16.6% |
| Max Drawdown | -24.0%Best | -34.1% |
| $10,000 over 5 years | $17,241 | $18,836Best |
| Top 10 Weight | 37.8%Tie | 37.8%Tie |
| Fund Family | Innovator ETFs Trust | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Option Writing | Large Cap Blend |
| Inception | Aug 30, 2019 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 3, 2019 to Sep 22, 2026 (7.1 years).
BSEP vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 7.1 years both funds cover.
BSEP vs SPY Performance
Innovator U.S. Equity Buffer ETF - September (BSEP) is an ETF from Innovator ETFs Trust and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BSEP returned +13.11% while SPY returned +16.94%. Year to date, BSEP is up 10.64% versus a gain of 13.81% for SPY.
Over three years, BSEP compounded at +17.23% per year against +22.84% for SPY; over five years the annualized figures are +11.51% and +13.50% respectively. Across the full 7-year window we track, SPY has the edge at +16.09% annualized vs +12.23%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 11.6% 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 0.98% for SPY.
Holdings Overlap
97.4% of BSEP's money is in holdings SPY also owns. 97.8% of SPY's money is in holdings BSEP also owns.
Most of SPY is already inside BSEP. Owning both mostly buys the same companies twice.
483 positions in common, counted across the 491 positions we hold weights for in BSEP and 504 in SPY, against full books of 12 and 505.
What only one of them owns
Our book lists 17 positions for SPY that do not appear in our book for BSEP (1.7% of the fund), and 7 for BSEP that do not appear in SPY (1.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in BSEP | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.21% | 8.01% | 0.20% |
| AAPLApple, Inc | 7.16% | 7.26% | 0.10% |
| MSFTMicrosoft Corp | 5.63% | 5.66% | 0.03% |
| AMZNAmazon.Com Inc | 3.76% | 3.79% | 0.03% |
| GOOGLAlphabet Inc,class A | 2.98% | 2.99% | 0.01% |
| AVGOBroadcom Inc | 2.51% | 2.66% | 0.15% |
| GOOGAlphabet Inc | 2.38% | 2.39% | 0.01% |
| METAMeta Platforms Inc | 1.99% | 1.93% | 0.06% |
| MUMicron Technology, Inc. | 1.60% | 1.60% | 0.00% |
| TSLATesla Inc | 1.57% | 1.52% | 0.05% |
97.8% of SPY is already inside BSEP.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $70 a year on a $10,000 investment.
Which performed better, BSEP or SPY?
Over the past year BSEP returned +13.11% vs +16.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), BSEP annualized +12.23% vs +16.09% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BSEP or SPY?
SPY has been the more volatile fund at 16.6% annualized versus 11.6% for BSEP. Worst drawdown: BSEP -24.0% vs SPY -34.1%.
Should I hold both BSEP and SPY?
BSEP and SPY have a monthly-return correlation of 0.99, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between BSEP and SPY?
97.8% of SPY's money is in holdings BSEP also owns. 97.8% of SPY's is in holdings BSEP also owns. They hold 483 positions in common, counted across the 491 positions we hold weights for in BSEP and 504 in SPY.
Which pays a higher dividend, BSEP or SPY?
BSEP yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than BSEP?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. Which one suits a particular account depends on what it is for. This is information, not a recommendation.