IEUR vs SPY
iShares Core MSCI Europe ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. IEUR offers more diversification with 1,024 holdings.
Side-by-Side Comparison
| Metric | IEUR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.10% | 0.09% | |
| AUM | $9.4B | $821.1B | |
| Dividend Yield | 3.10% | 1.01% | |
| Holdings | 1,024 | 505 | |
| YTD Return | +11.64% | +12.68% | |
| 1Y Return | +20.55% | +21.82% | |
| 3Y Return (annualized) | +18.28% | +21.98% | |
| 5Y Return (annualized) | +8.92% | +12.89% | |
| Volatility (annualized) | 16.3% | 15.3% | |
| Max Drawdown | -41.1% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 10, 2014 | Jan 22, 1993 |
IEUR vs SPY Performance
iShares Core MSCI Europe ETF (IEUR) 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 IEUR returned +20.55% while SPY returned +21.82%. Year to date, IEUR is up 11.64% versus a gain of 12.68% for SPY.
Over three years, IEUR compounded at +18.28% per year against +21.98% for SPY; over five years the annualized figures are +8.92% and +12.89% respectively. Across the full 12-year window we track, SPY has the edge at +8.81% annualized vs +5.11%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IEUR has been the more volatile fund, with annualized monthly volatility of 16.3% 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 -41.1% for IEUR 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
IEUR 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, IEUR currently yields 3.10% against 1.01% for SPY.
Holdings Overlap
IEUR and SPY share 4 holdings out of 1365 unique holdings combined, representing a 0.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IEUR or SPY?
IEUR has an expense ratio of 0.10% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $1 per year of difference.
Which performed better, IEUR or SPY?
Over the past year IEUR returned +20.55% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (12 years), IEUR annualized +5.11% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, IEUR or SPY?
IEUR has been the more volatile fund at 16.3% annualized versus 15.3% for SPY. Worst drawdown: IEUR -41.1% vs SPY -56.5%.
Should I hold both IEUR and SPY?
IEUR 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 IEUR and SPY?
IEUR and SPY share 4 common holdings with a 0.2% weight overlap. Combined, they hold 1365 unique securities.
Which pays a higher dividend, IEUR or SPY?
IEUR yields 3.10% while SPY yields 1.01%, so IEUR currently pays the higher dividend yield.
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