EPRF vs SPY
Innovator S&P Investment Grade Preferred ETF 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 | EPRF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.47% | 0.09% | |
| AUM | $68M | $789.1B | |
| Dividend Yield | 5.71% | 1.01% | |
| Holdings | 81 | 505 | |
| YTD Return | -6.59% | +13.79% | |
| 1Y Return | -7.15% | +23.66% | |
| 3Y Return (annualized) | +0.83% | +21.40% | |
| 5Y Return (annualized) | -3.31% | +13.37% | |
| Volatility (annualized) | 10.6% | 15.3% | |
| Max Drawdown | -26.8% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | May 23, 2016 | Jan 22, 1993 |
EPRF vs SPY Performance
Innovator S&P Investment Grade Preferred ETF (EPRF) 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 EPRF returned -7.15% while SPY returned +23.66%. Year to date, EPRF is down 6.59% versus a gain of 13.79% for SPY.
Over three years, EPRF compounded at +0.83% per year against +21.40% for SPY; over five years the annualized figures are -3.31% and +13.37% respectively. Across the full 10-year window we track, SPY has the edge at +8.85% annualized vs +0.74%. 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 10.6% for EPRF. 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 -26.8% for EPRF 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 0.65. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EPRF charges 0.47% per year while SPY charges 0.09%. On a $10,000 position that is $47 vs $9 annually, a gap of $38 per year that compounds over a long holding period. On income, EPRF currently yields 5.71% against 1.01% for SPY.
Holdings Overlap
EPRF and SPY share 3 holdings out of 568 unique holdings combined, representing a 0.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EPRF or SPY?
EPRF has an expense ratio of 0.47% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $38 per year of difference.
Which performed better, EPRF or SPY?
Over the past year EPRF returned -7.15% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), EPRF annualized +0.74% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, EPRF or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.6% for EPRF. Worst drawdown: EPRF -26.8% vs SPY -56.5%.
Should I hold both EPRF and SPY?
EPRF and SPY have a monthly-return correlation of 0.65, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EPRF and SPY?
EPRF and SPY share 3 common holdings with a 0.3% weight overlap. Combined, they hold 568 unique securities.
Which pays a higher dividend, EPRF or SPY?
EPRF yields 5.71% while SPY yields 1.01%, so EPRF currently pays the higher dividend yield.
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