IMFL vs SPY
Invesco International Developed Dynamic Multifactor ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. IMFL delivered stronger 1-year returns. IMFL offers more diversification with 852 holdings.
Side-by-Side Comparison
| Metric | IMFL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.34% | 0.09% | |
| AUM | $1.0B | $789.1B | |
| Dividend Yield | 2.89% | 1.01% | |
| Holdings | 887 | 505 | |
| YTD Return | +14.53% | +13.75% | |
| 1Y Return | +27.02% | +22.91% | |
| 3Y Return (annualized) | +15.75% | +21.67% | |
| 5Y Return (annualized) | +8.35% | +13.32% | |
| Volatility (annualized) | 15.9% | 15.3% | |
| Max Drawdown | -33.3% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 24, 2021 | Jan 22, 1993 |
IMFL vs SPY Performance
Invesco International Developed Dynamic Multifactor ETF (IMFL) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year IMFL returned +27.02% while SPY returned +22.91%. Year to date, IMFL is up 14.53% versus a gain of 13.75% for SPY.
Over three years, IMFL compounded at +15.75% per year against +21.67% for SPY; over five years the annualized figures are +8.35% and +13.32% respectively. Across the full 6-year window we track, IMFL has the edge at +9.10% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IMFL has been the more volatile fund, with annualized monthly volatility of 15.9% 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 -33.3% for IMFL 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IMFL charges 0.34% per year while SPY charges 0.09%. On a $10,000 position that is $34 vs $9 annually, a gap of $25 per year that compounds over a long holding period. On income, IMFL currently yields 2.89% against 1.01% for SPY.
Holdings Overlap
IMFL and SPY share 0 holdings out of 1355 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, IMFL or SPY?
IMFL has an expense ratio of 0.34% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $25 per year of difference.
Which performed better, IMFL or SPY?
Over the past year IMFL returned +27.02% vs +22.91% for SPY, so IMFL leads on 1-year performance. Over the longest common window we track (6 years), IMFL annualized +9.10% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, IMFL or SPY?
IMFL has been the more volatile fund at 15.9% annualized versus 15.3% for SPY. Worst drawdown: IMFL -33.3% vs SPY -56.5%.
Should I hold both IMFL and SPY?
IMFL and SPY have a monthly-return correlation of 0.72, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IMFL and SPY?
IMFL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1355 unique securities.
Which pays a higher dividend, IMFL or SPY?
IMFL yields 2.89% while SPY yields 1.01%, so IMFL currently pays the higher dividend yield.
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