HEQQ vs SPY
JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HEQQ or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 53.5%.
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 | HEQQ | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $30M | $814.4B |
| Dividend Yield | 0.22% | 1.01% |
| Holdings | 108 | 505 |
| YTD Return | +5.12% | +13.34%Best |
| 1Y Return | +10.28% | +19.97%Best |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 8.4%Best | 11.9% |
| Max Drawdown | -7.6%Best | -12.4% |
| $10,000 over 1.4 years | $12,261 | $13,650Best |
| Top 10 Weight | 53.5% | 38.0%Best |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Mar 26, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.4 years row, are measured over the window both funds cover: Mar 27, 2025 to Sep 4, 2026 (1.4 years).
HEQQ 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 1.4 years both funds cover.
HEQQ vs SPY Performance
JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) is an ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HEQQ returned +10.28% while SPY returned +19.97%. Year to date, HEQQ is up 5.12% versus a gain of 13.34% 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 11.9% compared with 8.4% for HEQQ. 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 -7.6% for HEQQ and -12.4% 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 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
HEQQ charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, HEQQ currently yields 0.22% against 1.01% for SPY.
Holdings Overlap
93.6% of HEQQ's money is in holdings SPY also owns. 53.9% of SPY's money is in holdings HEQQ also owns.
Most of HEQQ is already inside SPY. Owning both mostly buys the same companies twice.
83 positions in common, counted across the 98 positions we hold weights for in HEQQ and 504 in SPY, against full books of 108 and 505.
What only one of them owns
Our book lists 413 positions for SPY that do not appear in our book for HEQQ (45.5% of the fund), and 10 for HEQQ that do not appear in SPY (3.8%).
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 HEQQ | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 9.04% | 7.71% | 1.33% |
| AAPLApple, Inc | 7.54% | 6.83% | 0.71% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.78% | 5.50% | 1.28% |
| AMZNAmazon.Com Inc | 5.23% | 4.08% | 1.15% |
| GOOGAlphabet Inc. C | 6.29% | 2.67% | 3.62% |
| MUMicron Technology, Inc. | 4.96% | 1.51% | 3.45% |
| AVGOBroadcom Inc | 3.30% | 2.97% | 0.33% |
| AMDAdvanced Micro Devices Inc | 3.81% | 1.27% | 2.54% |
| METAMeta Platform Inc | 3.09% | 1.94% | 1.15% |
| WMTWalmart, Inc. | 3.50% | 0.73% | 2.77% |
93.6% of HEQQ 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, HEQQ or SPY?
HEQQ has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, HEQQ or SPY?
Over the past year HEQQ returned +10.28% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), HEQQ annualized +15.67% vs +24.89% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HEQQ or SPY?
SPY has been the more volatile fund at 11.9% annualized versus 8.4% for HEQQ. Worst drawdown: HEQQ -7.6% vs SPY -12.4%.
Should I hold both HEQQ and SPY?
HEQQ and SPY have a monthly-return correlation of 0.91, 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 HEQQ and SPY?
93.6% of HEQQ's money is in holdings SPY also owns. 53.9% of SPY's is in holdings HEQQ also owns. They hold 83 positions in common, counted across the 98 positions we hold weights for in HEQQ and 504 in SPY.
Which pays a higher dividend, HEQQ or SPY?
HEQQ yields 0.22% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than HEQQ?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 53.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.