ICAP vs SPY
Infrastructure Capital Equity Income 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 | ICAP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.47% | 0.09% | |
| AUM | $118M | $789.1B | |
| Dividend Yield | 10.77% | 1.01% | |
| Holdings | 175 | 505 | |
| YTD Return | +10.69% | +13.39% | |
| 1Y Return | +21.74% | +22.52% | |
| 3Y Return (annualized) | +17.66% | +21.36% | |
| 5Y Return (annualized) | - | +13.19% | |
| Volatility (annualized) | 19.5% | 15.3% | |
| Max Drawdown | -24.2% | -56.5% | |
| Fund Family | Infrastructure Capital Advisors, LLC | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 28, 2021 | Jan 22, 1993 |
ICAP vs SPY Performance
Infrastructure Capital Equity Income ETF (ICAP) is a ETF from Infrastructure Capital Advisors, LLC and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ICAP returned +21.74% while SPY returned +22.52%. Year to date, ICAP is up 10.69% versus a gain of 13.39% for SPY.
Over three years, ICAP compounded at +17.66% per year against +21.36% for SPY. Across the full 5-year window we track, SPY has the edge at +8.84% annualized vs +8.65%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ICAP has been the more volatile fund, with annualized monthly volatility of 19.5% compared with 15.3% for SPY. 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 -24.2% for ICAP 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ICAP charges 2.47% per year while SPY charges 0.09%. On a $10,000 position that is $247 vs $9 annually, a gap of $238 per year that compounds over a long holding period. On income, ICAP currently yields 10.77% against 1.01% for SPY.
Holdings Overlap
ICAP and SPY share 48 holdings out of 540 unique holdings combined, representing a 23.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ICAP or SPY?
ICAP has an expense ratio of 2.47% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $238 per year of difference.
Which performed better, ICAP or SPY?
Over the past year ICAP returned +21.74% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), ICAP annualized +8.65% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, ICAP or SPY?
ICAP has been the more volatile fund at 19.5% annualized versus 15.3% for SPY. Worst drawdown: ICAP -24.2% vs SPY -56.5%.
Should I hold both ICAP and SPY?
ICAP and SPY have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ICAP and SPY?
ICAP and SPY share 48 common holdings with a 23.1% weight overlap. Combined, they hold 540 unique securities.
Which pays a higher dividend, ICAP or SPY?
ICAP yields 10.77% while SPY yields 1.01%, so ICAP currently pays the higher dividend yield.
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