ENHU vs SPY
iShares Enhanced Large Cap Core Active ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ENHU or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. ENHU led over 1Y and the full window. The two have moved almost in lockstep, correlation 1.00. ENHU is less concentrated, with 38.2% of the fund in its ten largest positions against 38.9%.
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 | ENHU | SPY |
|---|---|---|
| Expense Ratio | 0.22% | 0.09%Best |
| AUM | $9M | $777.9B |
| Dividend Yield | 0.74% | 1.00% |
| Holdings | 708 | 1,011 |
| YTD Return | +12.74%Best | +12.09% |
| 1Y Return | +13.49%Best | +12.45% |
| 3Y Return (annualized) | - | +21.45% |
| 5Y Return (annualized) | - | +11.87% |
| Volatility (annualized) | 13.1%Best | 13.3% |
| Max Drawdown | -9.0% | -8.9%Best |
| $10,000 over 1 years | $11,413Best | $11,313 |
| Top 10 Weight | 38.2%Best | 38.9% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 4, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Nov 5, 2025 to Nov 11, 2026 (1 years).
ENHU 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 1 years both funds cover.
ENHU vs SPY Performance
iShares Enhanced Large Cap Core Active ETF (ENHU) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ENHU returned +13.49% while SPY returned +12.45%. Year to date, ENHU is up 12.74% versus a gain of 12.09% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.3% compared with 13.1% for ENHU. 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 -9.0% for ENHU and -8.9% 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
ENHU charges 0.22% per year while SPY charges 0.09%. On a $10,000 position that is $22 vs $9 annually, a gap of $13 per year that compounds over a long holding period. On income, ENHU currently yields 0.74% against 1.00% for SPY.
Holdings Overlap
92.0% of ENHU's money is in holdings SPY also owns. 83.6% of SPY's money is in holdings ENHU also owns.
Most of ENHU is already inside SPY. Owning both mostly buys the same companies twice.
229 positions in common, counted across the 351 positions we hold weights for in ENHU and 504 in SPY, against full books of 708 and 1,011.
What only one of them owns
Our book lists 272 positions for SPY that do not appear in our book for ENHU (16.3% of the fund), and 105 for ENHU that do not appear in SPY (7.5%).
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 ENHU | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.43% | 8.05% | 0.62% |
| AAPLApple Inc | 7.26% | 7.53% | 0.27% |
| MSFTMicrosoft Corp | 6.14% | 5.96% | 0.18% |
| AMZNAmazon.Com Inc | 3.90% | 3.75% | 0.15% |
| GOOGLAlphabet Inc | 3.07% | 3.07% | 0.00% |
| GOOGAlphabet Inc. C | 2.55% | 2.46% | 0.09% |
| METAMeta Platforms Inc | 2.46% | 2.45% | 0.01% |
| AVGOBroadcom Inc | 2.35% | 2.48% | 0.13% |
| MUMicron Technology, Inc. | 1.58% | 1.55% | 0.03% |
| LLYEli Lilly & Co | 1.47% | 1.45% | 0.02% |
92.0% of ENHU is already inside SPY.
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, ENHU or SPY?
ENHU has an expense ratio of 0.22% while SPY charges 0.09%. SPY is the cheaper option, by $13 a year on a $10,000 investment.
Which performed better, ENHU or SPY?
Over the past year ENHU returned +13.49% vs +12.45% for SPY, so ENHU leads on 1-year performance. Over the longest common window we track (1 years), ENHU annualized +14.13% vs +13.13% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ENHU or SPY?
SPY has been the more volatile fund at 13.3% annualized versus 13.1% for ENHU. Worst drawdown: ENHU -9.0% vs SPY -8.9%.
Should I hold both ENHU and SPY?
ENHU and SPY have a monthly-return correlation of 1.00, 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 ENHU and SPY?
92.0% of ENHU's money is in holdings SPY also owns. 83.6% of SPY's is in holdings ENHU also owns. They hold 229 positions in common, counted across the 351 positions we hold weights for in ENHU and 504 in SPY.
Which pays a higher dividend, ENHU or SPY?
ENHU yields 0.74% while SPY yields 1.00%, so SPY currently pays the higher dividend yield.
Is SPY better than ENHU?
SPY has a lower expense ratio. ENHU led over 1Y and the full window. The two have moved almost in lockstep, correlation 1.00. ENHU is less concentrated, with 38.2% of the fund in its ten largest positions against 38.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.