IGTR vs SPY
Innovator Gradient Tactical Rotation Strategy ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IGTR or SPY?
Each has led over a different period.
SPY has a lower expense ratio. IGTR led over 1Y, SPY over the full window. IGTR is less concentrated, with 17.4% of the fund in its ten largest positions against 37.8%.
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 | IGTR | SPY |
|---|---|---|
| Expense Ratio | 0.80% | 0.09%Best |
| AUM | $20M | $804.7B |
| Dividend Yield | 0.67% | 0.98% |
| Holdings | 110 | 505 |
| Volatility (annualized) | 15.1% | 13.2%Best |
| Max Drawdown | -20.1% | -18.8%Best |
| $10,000 over 3.6 years | $13,832 | $19,951Best |
| Top 10 Weight | 17.4%Best | 37.8% |
| Fund Family | Innovator ETFs Trust | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 17, 2022 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 70 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. IGTR has data through Jul 10, 2026 and SPY through Sep 18, 2026.
Volatility and max drawdown, and the $10,000 over 3.6 years row, are measured over the window both funds cover: Nov 17, 2022 to Jul 10, 2026 (3.6 years).
Risk: Volatility and Drawdowns
IGTR has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 13.2% 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 -20.1% for IGTR and -18.8% 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 0.68. They move together some of the time, and apart the rest.
Fees and Cost Over Time
IGTR charges 0.80% per year while SPY charges 0.09%. On a $10,000 position that is $80 vs $9 annually, a gap of $71 per year that compounds over a long holding period. On income, IGTR currently yields 0.67% against 0.98% for SPY.
Holdings Overlap
95.1% of IGTR's money is in holdings SPY also owns. 38.9% of SPY's money is in holdings IGTR also owns.
Most of IGTR is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 124 days apart, IGTR as of Apr 30, 2026 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.
94 positions in common, counted across the 101 positions we hold weights for in IGTR and 504 in SPY, against full books of 110 and 505.
What only one of them owns
Our book lists 403 positions for SPY that do not appear in our book for IGTR (60.4% of the fund), and 3 for IGTR that do not appear in SPY (2.2%).
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.
Top Shared Holdings
| Stock | Weight in IGTR | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 1.04% | 8.01% | 6.97% |
| AAPLApple, Inc | 0.75% | 7.26% | 6.51% |
| AMZNAmazon.Com Inc | 1.03% | 3.79% | 2.76% |
| AVGOBroadcom Inc | 1.26% | 2.66% | 1.40% |
| MUMicron Technology, Inc. | 1.97% | 1.60% | 0.37% |
| AMDAdvanced Micro Devices Inc | 1.91% | 1.14% | 0.77% |
| TSLATesla Inc | 1.15% | 1.52% | 0.37% |
| METAMeta Platforms Inc | 0.73% | 1.93% | 1.20% |
| INTCIntel Corporation | 1.92% | 0.67% | 1.25% |
| WDCWestern Digital Corp Company Guar 11/28 3 | 1.75% | 0.24% | 1.51% |
95.1% of IGTR is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IGTR or SPY?
IGTR has an expense ratio of 0.80% while SPY charges 0.09%. SPY is the cheaper option, by $71 a year on a $10,000 investment.
Which is riskier, IGTR or SPY?
IGTR has been the more volatile fund at 15.1% annualized versus 13.2% for SPY. Worst drawdown: IGTR -20.1% vs SPY -18.8%.
Should I hold both IGTR and SPY?
IGTR and SPY have a monthly-return correlation of 0.68, 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 IGTR and SPY?
95.1% of IGTR's money is in holdings SPY also owns. 38.9% of SPY's is in holdings IGTR also owns. They hold 94 positions in common, counted across the 101 positions we hold weights for in IGTR and 504 in SPY.
Which pays a higher dividend, IGTR or SPY?
IGTR yields 0.67% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than IGTR?
SPY has a lower expense ratio. IGTR led over 1Y, SPY over the full window. IGTR is less concentrated, with 17.4% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.