ICF vs SPY
ICF vs SPY
iShares Select US REIT 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 | ICF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.32% | 0.09% | |
| AUM | $2.1B | $789.1B | |
| Dividend Yield | 2.46% | 1.01% | |
| Holdings | 34 | 505 | |
| YTD Return | +15.58% | +13.79% | |
| 1Y Return | +16.05% | +23.66% | |
| 3Y Return (annualized) | +10.45% | +21.40% | |
| 5Y Return (annualized) | +2.54% | +13.37% | |
| Volatility (annualized) | 21.3% | 15.3% | |
| Max Drawdown | -78.8% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 29, 2001 | Jan 22, 1993 |
ICF vs SPY Performance
iShares Select US REIT ETF (ICF) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ICF returned +16.05% while SPY returned +23.66%. Year to date, ICF is up 15.58% versus a gain of 13.79% for SPY.
Over three years, ICF compounded at +10.45% per year against +21.40% for SPY; over five years the annualized figures are +2.54% and +13.37% respectively. Across the full 26-year window we track, SPY has the edge at +8.85% annualized vs +5.51%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ICF has been the more volatile fund, with annualized monthly volatility of 21.3% 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 -78.8% for ICF 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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ICF charges 0.32% per year while SPY charges 0.09%. On a $10,000 position that is $32 vs $9 annually, a gap of $23 per year that compounds over a long holding period. On income, ICF currently yields 2.46% against 1.01% for SPY.
Holdings Overlap
ICF and SPY share 25 holdings out of 509 unique holdings combined, representing a 1.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in ICF | Weight in SPY | Difference |
|---|---|---|---|
| WELL | 8.50% | 0.25% | 8.25% |
| PLD | 7.86% | 0.20% | 7.66% |
| EQIX | 7.29% | 0.15% | 7.14% |
| AMT | Pro | Pro | Pro |
| SPG | Pro | Pro | Pro |
| PSA | Pro | Pro | Pro |
| O | Pro | Pro | Pro |
| VTR | Pro | Pro | Pro |
| DLR | Pro | Pro | Pro |
| IRM | Pro | Pro | Pro |
See all 10 holdings ICF shares with SPY Exact weights in each fund and the difference, for every overlapping position. X-ray my whole portfolio$99/yr Pro · 7-day refund | |||
Frequently Asked Questions
Which is cheaper, ICF or SPY?
ICF has an expense ratio of 0.32% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $23 per year of difference.
Which performed better, ICF or SPY?
Over the past year ICF returned +16.05% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (26 years), ICF annualized +5.51% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, ICF or SPY?
ICF has been the more volatile fund at 21.3% annualized versus 15.3% for SPY. Worst drawdown: ICF -78.8% vs SPY -56.5%.
Should I hold both ICF and SPY?
ICF and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ICF and SPY?
ICF and SPY share 25 common holdings with a 1.7% weight overlap. Combined, they hold 509 unique securities.
Which pays a higher dividend, ICF or SPY?
ICF yields 2.46% while SPY yields 1.01%, so ICF currently pays the higher dividend yield.
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