IHI vs SPY
iShares US Medical Devices ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IHI or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. IHI led over the full window, SPY over 1Y, 3Y and 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 74.6%.
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 | IHI | SPY |
|---|---|---|
| Expense Ratio | 0.37% | 0.09%Best |
| AUM | $3.4B | $804.7B |
| Dividend Yield | 0.44% | 0.98% |
| Holdings | 51 | 505 |
| YTD Return | -17.57% | +11.52%Best |
| 1Y Return | -16.06% | +17.48%Best |
| 3Y Return (annualized) | +0.25% | +20.62%Best |
| 5Y Return (annualized) | -4.66% | +12.73%Best |
| Volatility (annualized) | 17.5% | 15.2%Best |
| Max Drawdown | -49.7%Best | -56.5% |
| $10,000 over 5 years | $7,877 | $18,205Best |
| Top 10 Weight | 74.6% | 38.0%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | May 1, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: May 5, 2006 to Sep 10, 2026 (20.4 years).
IHI 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 20.4 years both funds cover.
IHI vs SPY Performance
iShares US Medical Devices ETF (IHI) 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 IHI returned -16.06% while SPY returned +17.48%. Year to date, IHI is down 17.57% versus a gain of 11.52% for SPY.
Over three years, IHI compounded at +0.25% per year against +20.62% for SPY; over five years the annualized figures are -4.66% and +12.73% respectively. Across the full 20-year window we track, IHI has the edge at +9.46% annualized vs +9.34%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IHI has been the more volatile fund, with annualized monthly volatility of 17.5% 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 -49.7% for IHI 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 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IHI charges 0.37% per year while SPY charges 0.09%. On a $10,000 position that is $37 vs $9 annually, a gap of $28 per year that compounds over a long holding period. On income, IHI currently yields 0.44% against 0.98% for SPY.
Holdings Overlap
87.8% of IHI's money is in holdings SPY also owns. 1.4% of SPY's money is in holdings IHI also owns.
Most of IHI is already inside SPY. Owning both mostly buys the same companies twice.
16 positions in common, counted across the 47 positions we hold weights for in IHI and 504 in SPY, against full books of 51 and 505.
What only one of them owns
Measured across the 47 and 504 positions we hold weights for.
SPY holds 479 positions IHI does not, 98.1% of the fund.
Largest: NVDA 7.71%, AAPL 6.83%, MSFT 5.50%, AMZN 4.08%, GOOGL 3.33%
Top Shared Holdings
| Stock | Weight in IHI | Weight in SPY | Difference |
|---|---|---|---|
| ABTAbbott Laboratories | 18.54% | 0.28% | 18.26% |
| ISRGIntuitive Surgical Inc | 12.87% | 0.20% | 12.67% |
| SYKStryker Corp 3.375 11/25 | 10.77% | 0.17% | 10.60% |
| BDXBecton Dickinson And Co. | 5.18% | 0.07% | 5.11% |
| DXCMDexcom Inc. | 4.90% | 0.05% | 4.85% |
| RMDResmed Inc. | 4.85% | 0.05% | 4.80% |
| MDTMedtronic Plc Ordinary Shares | 4.59% | 0.17% | 4.42% |
| GEHCGe Healthcare Technologies Inc | 4.52% | 0.05% | 4.47% |
| EWEdwards Lifesciences Corp | 4.29% | 0.08% | 4.21% |
| BSXBoston Scientific Corp. | 4.06% | 0.11% | 3.95% |
87.8% of IHI 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, IHI or SPY?
IHI has an expense ratio of 0.37% while SPY charges 0.09%. SPY is the cheaper option, by $28 a year on a $10,000 investment.
Which performed better, IHI or SPY?
Over the past year IHI returned -16.06% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), IHI annualized +9.46% vs +9.34% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IHI or SPY?
IHI has been the more volatile fund at 17.5% annualized versus 15.2% for SPY. Worst drawdown: IHI -49.7% vs SPY -56.5%.
Should I hold both IHI and SPY?
IHI and SPY have a monthly-return correlation of 0.76, 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 IHI and SPY?
87.8% of IHI's money is in holdings SPY also owns. 1.4% of SPY's is in holdings IHI also owns. They hold 16 positions in common, counted across the 47 positions we hold weights for in IHI and 504 in SPY.
Which pays a higher dividend, IHI or SPY?
IHI yields 0.44% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than IHI?
SPY has a lower expense ratio. IHI led over the full window, SPY over 1Y, 3Y and 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 74.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.