IEV vs SPY
iShares Europe ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IEV or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. IEV is less concentrated, with 20.9% of the fund in its ten largest positions against 38.0%.
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 | IEV | SPY |
|---|---|---|
| Expense Ratio | 0.60% | 0.09%Best |
| AUM | $1.7B | $804.7B |
| Dividend Yield | 2.71% | 0.98% |
| Holdings | 372 | 505 |
| YTD Return | +7.01% | +11.52%Best |
| 1Y Return | +16.76% | +17.48%Best |
| 3Y Return (annualized) | +17.13% | +20.62%Best |
| 5Y Return (annualized) | +9.22% | +12.73%Best |
| Volatility (annualized) | 18.2% | 15.2%Best |
| Max Drawdown | -65.6% | -56.5%Best |
| $10,000 over 5 years | $15,542 | $18,205Best |
| Top 10 Weight | 20.9%Best | 38.0% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jul 25, 2000 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 28, 2000 to Sep 10, 2026 (26.1 years).
IEV vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 26.1 years both funds cover.
IEV vs SPY Performance
iShares Europe ETF (IEV) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year IEV returned +16.76% while SPY returned +17.48%. Year to date, IEV is up 7.01% versus a gain of 11.52% for SPY.
Over three years, IEV compounded at +17.13% per year against +20.62% for SPY; over five years the annualized figures are +9.22% and +12.73% respectively. Across the full 26-year window we track, SPY has the edge at +6.92% annualized vs +3.14%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IEV has been the more volatile fund, with annualized monthly volatility of 18.2% compared with 15.2% 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 -65.6% for IEV and -56.5% 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IEV charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, IEV currently yields 2.71% against 0.98% for SPY.
Holdings Overlap
2.9% of IEV's money is in holdings SPY also owns. 0.6% of SPY's money is in holdings IEV also owns.
IEV and SPY share little of their money.
4 positions in common, counted across the 361 positions we hold weights for in IEV and 504 in SPY, against full books of 372 and 505.
What only one of them owns
Our book lists 491 positions for SPY that do not appear in our book for IEV (98.9% of the fund), and 7 for IEV that do not appear in SPY (3.6%).
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 IEV 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, IEV or SPY?
IEV has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option, by $51 a year on a $10,000 investment.
Which performed better, IEV or SPY?
Over the past year IEV returned +16.76% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (26 years), IEV annualized +3.14% vs +6.92% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IEV or SPY?
IEV has been the more volatile fund at 18.2% annualized versus 15.2% for SPY. Worst drawdown: IEV -65.6% vs SPY -56.5%.
Should I hold both IEV and SPY?
IEV and SPY have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between IEV and SPY?
2.9% of IEV's money is in holdings SPY also owns. 0.6% of SPY's is in holdings IEV also owns. They hold 4 positions in common, counted across the 361 positions we hold weights for in IEV and 504 in SPY.
Which pays a higher dividend, IEV or SPY?
IEV yields 2.71% while SPY yields 0.98%, so IEV currently pays the higher dividend yield.
Is SPY better than IEV?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. IEV is less concentrated, with 20.9% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.