IJR vs SPY
iShares Core S&P Small-Cap ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
IJR has a lower expense ratio. IJR delivered stronger 1-year returns. IJR offers more diversification with 662 holdings.
Side-by-Side Comparison
| Metric | IJR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.06% | 0.09% | |
| AUM | $112.9B | $821.1B | |
| Dividend Yield | 1.13% | 1.01% | |
| Holdings | 662 | 505 | |
| YTD Return | +21.15% | +12.22% | |
| 1Y Return | +29.83% | +20.83% | |
| 3Y Return (annualized) | +16.05% | +21.70% | |
| 5Y Return (annualized) | +7.85% | +12.98% | |
| Volatility (annualized) | 19.4% | 15.3% | |
| Max Drawdown | -58.9% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 22, 2000 | Jan 22, 1993 |
IJR vs SPY Performance
iShares Core S&P Small-Cap ETF (IJR) 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 IJR returned +29.83% while SPY returned +20.83%. Year to date, IJR is up 21.15% versus a gain of 12.22% for SPY.
Over three years, IJR compounded at +16.05% per year against +21.70% for SPY; over five years the annualized figures are +7.85% and +12.98% respectively. Across the full 26-year window we track, IJR has the edge at +9.17% annualized vs +8.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IJR has been the more volatile fund, with annualized monthly volatility of 19.4% 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 -58.9% for IJR 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 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IJR charges 0.06% per year while SPY charges 0.09%. On a $10,000 position that is $6 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, IJR currently yields 1.13% against 1.01% for SPY.
Holdings Overlap
IJR and SPY share 0 holdings out of 1095 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IJR or SPY?
IJR has an expense ratio of 0.06% while SPY charges 0.09%. IJR is the cheaper option. On a $10,000 investment, that is $3 per year of difference.
Which performed better, IJR or SPY?
Over the past year IJR returned +29.83% vs +20.83% for SPY, so IJR leads on 1-year performance. Over the longest common window we track (26 years), IJR annualized +9.17% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, IJR or SPY?
IJR has been the more volatile fund at 19.4% annualized versus 15.3% for SPY. Worst drawdown: IJR -58.9% vs SPY -56.5%.
Should I hold both IJR and SPY?
IJR and SPY have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IJR and SPY?
IJR and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1095 unique securities.
Which pays a higher dividend, IJR or SPY?
IJR yields 1.13% while SPY yields 1.01%, so IJR currently pays the higher dividend yield.
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