DDFL vs SPY
Innovator Equity Dual Directional 15 Buffer ETF - July 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 | DDFL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $148M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | +5.07% | +13.79% | |
| 1Y Return | +8.77% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 2.2% | 15.3% | |
| Max Drawdown | -1.6% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 30, 2025 | Jan 22, 1993 |
DDFL vs SPY Performance
Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) 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 DDFL returned +8.77% while SPY returned +23.66%. Year to date, DDFL is up 5.07% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.2% for DDFL. 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 -1.6% for DDFL 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 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DDFL 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, DDFL currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
DDFL and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DDFL or SPY?
DDFL 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, DDFL or SPY?
Over the past year DDFL returned +8.77% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), DDFL annualized +9.02% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, DDFL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.2% for DDFL. Worst drawdown: DDFL -1.6% vs SPY -56.5%.
Should I hold both DDFL and SPY?
DDFL and SPY have a monthly-return correlation of 0.89, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DDFL and SPY?
DDFL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, DDFL or SPY?
DDFL yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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