HFXI vs SPY
NYLI FTSE International Equity Currency Neutral ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. HFXI delivered stronger 1-year returns. HFXI offers more diversification with 876 holdings.
Side-by-Side Comparison
| Metric | HFXI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.09% | |
| AUM | $2.1B | $821.1B | |
| Dividend Yield | 3.39% | 1.01% | |
| Holdings | 876 | 505 | |
| YTD Return | +17.30% | +12.68% | |
| 1Y Return | +29.54% | +21.82% | |
| 3Y Return (annualized) | +21.69% | +21.98% | |
| 5Y Return (annualized) | +12.45% | +12.89% | |
| Volatility (annualized) | 13.8% | 15.3% | |
| Max Drawdown | -34.2% | -56.5% | |
| Fund Family | INDEXIQ ETF TRUST | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 22, 2015 | Jan 22, 1993 |
HFXI vs SPY Performance
NYLI FTSE International Equity Currency Neutral ETF (HFXI) is a ETF from INDEXIQ ETF TRUST and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HFXI returned +29.54% while SPY returned +21.82%. Year to date, HFXI is up 17.30% versus a gain of 12.68% for SPY.
Over three years, HFXI compounded at +21.69% per year against +21.98% for SPY; over five years the annualized figures are +12.45% and +12.89% respectively. Across the full 11-year window we track, SPY has the edge at +8.81% annualized vs +7.92%. 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 13.8% for HFXI. 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 -34.2% for HFXI 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 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HFXI charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, HFXI currently yields 3.39% against 1.01% for SPY.
Holdings Overlap
HFXI and SPY share 0 holdings out of 1246 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, HFXI or SPY?
HFXI has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $11 per year of difference.
Which performed better, HFXI or SPY?
Over the past year HFXI returned +29.54% vs +21.82% for SPY, so HFXI leads on 1-year performance. Over the longest common window we track (11 years), HFXI annualized +7.92% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, HFXI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.8% for HFXI. Worst drawdown: HFXI -34.2% vs SPY -56.5%.
Should I hold both HFXI and SPY?
HFXI and SPY have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HFXI and SPY?
HFXI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1246 unique securities.
Which pays a higher dividend, HFXI or SPY?
HFXI yields 3.39% while SPY yields 1.01%, so HFXI currently pays the higher dividend yield.
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