EALT vs SPY
Innovator US Equity 5 to 15 Buffer ETF - Quarterly 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 | EALT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.09% | |
| AUM | $175M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 8 | 505 | |
| YTD Return | +3.38% | +12.68% | |
| 1Y Return | +9.52% | +21.82% | |
| 3Y Return (annualized) | +13.20% | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 8.9% | 15.3% | |
| Max Drawdown | -14.8% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Oct 2, 2023 | Jan 22, 1993 |
EALT vs SPY Performance
Innovator US Equity 5 to 15 Buffer ETF - Quarterly (EALT) 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 EALT returned +9.52% while SPY returned +21.82%. Year to date, EALT is up 3.38% versus a gain of 12.68% for SPY.
Over three years, EALT compounded at +13.20% per year against +21.98% for SPY. Across the full 3-year window we track, EALT has the edge at +13.20% annualized vs +8.81%. 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 8.9% for EALT. 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 -14.8% for EALT 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 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
EALT charges 0.69% per year while SPY charges 0.09%. On a $10,000 position that is $69 vs $9 annually, a gap of $60 per year that compounds over a long holding period. On income, EALT currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
EALT and SPY share 0 holdings out of 505 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, EALT or SPY?
EALT has an expense ratio of 0.69% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $60 per year of difference.
Which performed better, EALT or SPY?
Over the past year EALT returned +9.52% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), EALT annualized +13.20% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, EALT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 8.9% for EALT. Worst drawdown: EALT -14.8% vs SPY -56.5%.
Should I hold both EALT and SPY?
EALT and SPY have a monthly-return correlation of 0.93, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between EALT and SPY?
EALT and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, EALT or SPY?
EALT yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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