IBTF vs SPY
iShares iBonds Dec 2025 Term Treasury ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IBTF or SPY?
SPY has been ahead.
IBTF has a lower expense ratio. SPY led over 1Y and the full window.
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 | IBTF | SPY |
|---|---|---|
| Expense Ratio | 0.07%Best | 0.09% |
| AUM | $1.4B | $804.7B |
| Dividend Yield | 3.85% | 0.98% |
| Holdings | 6 | 505 |
| Volatility (annualized) | 2.7%Best | 17.0% |
| Max Drawdown | -20.8%Best | -28.7% |
| $10,000 over 5.8 years | $10,710 | $24,552Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Feb 25, 2020 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 282 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. IBTF has data through Dec 15, 2025 and SPY through Sep 23, 2026.
Volatility and max drawdown, and the $10,000 over 5.8 years row, are measured over the window both funds cover: Feb 28, 2020 to Dec 15, 2025 (5.8 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 17.0% compared with 2.7% for IBTF. 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 -20.8% for IBTF and -28.7% 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 0.12. They move largely independently of each other.
Fees and Cost Over Time
IBTF charges 0.07% per year while SPY charges 0.09%. On a $10,000 position that is $7 vs $9 annually, a gap of $2 per year that compounds over a long holding period. On income, IBTF currently yields 3.85% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 4 holdings in IBTF and 504 in SPY, totalling 161.4% and 99.9% 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 277 days apart, IBTF as of Nov 28, 2025 and SPY as of Sep 1, 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 4 positions we hold weights for in IBTF and 504 in SPY, against full books of 6 and 505.
You are not choosing between two funds in isolation.
Whichever of IBTF 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, IBTF or SPY?
IBTF has an expense ratio of 0.07% while SPY charges 0.09%. IBTF is the cheaper option, by $2 a year on a $10,000 investment.
Which is riskier, IBTF or SPY?
SPY has been the more volatile fund at 17.0% annualized versus 2.7% for IBTF. Worst drawdown: IBTF -20.8% vs SPY -28.7%.
Should I hold both IBTF and SPY?
IBTF and SPY have a monthly-return correlation of 0.12, 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, IBTF or SPY?
IBTF yields 3.85% while SPY yields 0.98%, so IBTF currently pays the higher dividend yield.
Is SPY better than IBTF?
IBTF has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.