IBDQ vs SPY
iShares iBonds Dec 2025 Term Corporate ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IBDQ or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 98.2%.
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 | IBDQ | SPY |
|---|---|---|
| Expense Ratio | 0.10% | 0.09%Best |
| AUM | $2.3B | $804.7B |
| Dividend Yield | 3.75% | 0.98% |
| Holdings | 21 | 505 |
| Volatility (annualized) | 4.1%Best | 15.1% |
| Max Drawdown | -15.2%Best | -34.1% |
| $10,000 over 10.8 years | $14,185 | $35,273Best |
| Top 10 Weight | 98.2% | 38.0%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Mar 11, 2015 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 270 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. IBDQ has data through Dec 15, 2025 and SPY through Sep 11, 2026.
Volatility and max drawdown, and the $10,000 over 10.8 years row, are measured over the window both funds cover: Mar 12, 2015 to Dec 15, 2025 (10.8 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 4.1% for IBDQ. 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 -15.2% for IBDQ and -34.1% 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 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
IBDQ charges 0.10% per year while SPY charges 0.09%. On a $10,000 position that is $10 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, IBDQ currently yields 3.75% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 20 holdings in IBDQ and 504 in SPY, totalling 100.2% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 249 days apart, IBDQ as of Nov 28, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 20 positions we hold weights for in IBDQ and 504 in SPY, against full books of 21 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for IBDQ (99.5% of the fund), and 20 for IBDQ that do not appear in SPY (100.2%).
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.
You are not choosing between two funds in isolation.
Whichever of IBDQ and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IBDQ or SPY?
IBDQ has an expense ratio of 0.10% while SPY charges 0.09%. SPY is the cheaper option, by $1 a year on a $10,000 investment.
Which is riskier, IBDQ or SPY?
SPY has been the more volatile fund at 15.1% annualized versus 4.1% for IBDQ. Worst drawdown: IBDQ -15.2% vs SPY -34.1%.
Should I hold both IBDQ and SPY?
IBDQ and SPY have a monthly-return correlation of 0.48, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IBDQ or SPY?
IBDQ yields 3.75% while SPY yields 0.98%, so IBDQ currently pays the higher dividend yield.
Is SPY better than IBDQ?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 98.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.