INDY vs SPY
iShares India 50 ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, INDY or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 53.6%.
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 | INDY | SPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.09%Best |
| AUM | $554M | $804.7B |
| Dividend Yield | 9.38% | 0.98% |
| Holdings | 55 | 505 |
| YTD Return | -15.41% | +10.96%Best |
| 1Y Return | -13.72% | +15.52%Best |
| 3Y Return (annualized) | -0.58% | +20.73%Best |
| 5Y Return (annualized) | -0.66% | +12.53%Best |
| Volatility (annualized) | 20.6% | 14.4%Best |
| Max Drawdown | -45.5% | -34.1%Best |
| $10,000 over 5 years | $9,674 | $18,044Best |
| Top 10 Weight | 53.6% | 37.8%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Nov 18, 2009 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 20, 2009 to Sep 16, 2026 (16.8 years).
INDY 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 16.8 years both funds cover.
INDY vs SPY Performance
iShares India 50 ETF (INDY) 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 INDY returned -13.72% while SPY returned +15.52%. Year to date, INDY is down 15.41% versus a gain of 10.96% for SPY.
Over three years, INDY compounded at -0.58% per year against +20.73% for SPY; over five years the annualized figures are -0.66% and +12.53% respectively. Across the full 17-year window we track, SPY has the edge at +12.65% annualized vs +4.33%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
INDY has been the more volatile fund, with annualized monthly volatility of 20.6% compared with 14.4% 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 -45.5% for INDY and -34.1% 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 0.54. They move together some of the time, and apart the rest.
Fees and Cost Over Time
INDY charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, INDY currently yields 9.38% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 51 holdings in INDY and 504 in SPY, totalling 103.1% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 51 positions we hold weights for in INDY and 504 in SPY, against full books of 55 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for INDY (99.3% of the fund), and 1 for INDY that do not appear in SPY (3.8%).
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 INDY 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, INDY or SPY?
INDY has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which performed better, INDY or SPY?
Over the past year INDY returned -13.72% vs +15.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), INDY annualized +4.33% vs +12.65% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, INDY or SPY?
INDY has been the more volatile fund at 20.6% annualized versus 14.4% for SPY. Worst drawdown: INDY -45.5% vs SPY -34.1%.
Should I hold both INDY and SPY?
INDY and SPY have a monthly-return correlation of 0.54, 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, INDY or SPY?
INDY yields 9.38% while SPY yields 0.98%, so INDY currently pays the higher dividend yield.
Is SPY better than INDY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 53.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.