IMFL vs SPY
Invesco International Developed Dynamic Multifactor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IMFL or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. IMFL led over 1Y, SPY over 3Y, 5Y and the full window. IMFL is less concentrated, with 25.7% 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 | IMFL | SPY |
|---|---|---|
| Expense Ratio | 0.34% | 0.09%Best |
| AUM | $1.1B | $804.7B |
| Dividend Yield | 2.91% | 0.98% |
| Holdings | 884 | 505 |
| YTD Return | +14.37%Best | +12.22% |
| 1Y Return | +25.20%Best | +16.97% |
| 3Y Return (annualized) | +15.50% | +21.16%Best |
| 5Y Return (annualized) | +8.00% | +13.00%Best |
| Volatility (annualized) | 15.8% | 15.2%Best |
| Max Drawdown | -33.3% | -24.5%Best |
| $10,000 over 5 years | $14,693 | $18,424Best |
| Top 10 Weight | 25.7%Best | 37.8% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Feb 24, 2021 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 24, 2021 to Sep 17, 2026 (5.6 years).
IMFL 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 5.6 years both funds cover.
IMFL vs SPY Performance
Invesco International Developed Dynamic Multifactor ETF (IMFL) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year IMFL returned +25.20% while SPY returned +16.97%. Year to date, IMFL is up 14.37% versus a gain of 12.22% for SPY.
Over three years, IMFL compounded at +15.50% per year against +21.16% for SPY; over five years the annualized figures are +8.00% and +13.00% respectively. Across the full 6-year window we track, SPY has the edge at +14.24% annualized vs +8.90%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IMFL has been the more volatile fund, with annualized monthly volatility of 15.8% 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 -33.3% for IMFL and -24.5% 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 0.72. 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 2.91% against 0.98% for SPY.
Holdings Overlap
0.1% of IMFL's money is in holdings SPY also owns. 0.7% of SPY's money is in holdings IMFL also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
2 positions in common, counted across the 754 positions we hold weights for in IMFL and 504 in SPY, against full books of 884 and 505.
What only one of them owns
Our book lists 495 positions for SPY that do not appear in our book for IMFL (98.7% of the fund), and 18 for IMFL that do not appear in SPY (10.9%).
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 IMFL 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, IMFL or SPY?
IMFL has an expense ratio of 0.34% while SPY charges 0.09%. SPY is the cheaper option, by $25 a year on a $10,000 investment.
Which performed better, IMFL or SPY?
Over the past year IMFL returned +25.20% vs +16.97% for SPY, so IMFL leads on 1-year performance. Over the longest common window we track (6 years), IMFL annualized +8.90% vs +14.24% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IMFL or SPY?
IMFL has been the more volatile fund at 15.8% annualized versus 15.2% for SPY. Worst drawdown: IMFL -33.3% vs SPY -24.5%.
Should I hold both IMFL and SPY?
IMFL and SPY have a monthly-return correlation of 0.72, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IMFL or SPY?
IMFL yields 2.91% while SPY yields 0.98%, so IMFL currently pays the higher dividend yield.
Is SPY better than IMFL?
SPY has a lower expense ratio. IMFL led over 1Y, SPY over 3Y, 5Y and the full window. IMFL is less concentrated, with 25.7% 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.