INFL vs SPY
Horizon Kinetics Inflation Beneficiaries ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, INFL or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. INFL led over 1Y, 5Y and the full window, SPY over 3Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 48.4%.
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 | INFL | SPY |
|---|---|---|
| Expense Ratio | 0.85% | 0.09%Best |
| AUM | $1.6B | $804.7B |
| Dividend Yield | 0.75% | 0.98% |
| Holdings | 53 | 505 |
| YTD Return | +18.82%Best | +13.82% |
| 1Y Return | +21.59%Best | +16.96% |
| 3Y Return (annualized) | +21.52% | +22.97%Best |
| 5Y Return (annualized) | +14.18%Best | +13.73% |
| Volatility (annualized) | 17.2% | 15.1%Best |
| Max Drawdown | -21.3%Best | -24.5% |
| $10,000 over 5 years | $19,407Best | $19,027 |
| Top 10 Weight | 48.4% | 37.8%Best |
| Fund Family | Horizon Kinetics LLC | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Jan 11, 2021 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 12, 2021 to Sep 21, 2026 (5.7 years).
INFL 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 5.7 years both funds cover.
INFL vs SPY Performance
Horizon Kinetics Inflation Beneficiaries ETF (INFL) is an ETF from Horizon Kinetics LLC and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year INFL returned +21.59% while SPY returned +16.96%. Year to date, INFL is up 18.82% versus a gain of 13.82% for SPY.
Over three years, INFL compounded at +21.52% per year against +22.97% for SPY; over five years the annualized figures are +14.18% and +13.73% respectively. Across the full 6-year window we track, INFL has the edge at +15.51% annualized vs +14.86%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
INFL has been the more volatile fund, with annualized monthly volatility of 17.2% compared with 15.1% 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 -21.3% for INFL 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 0.63. They move together some of the time, and apart the rest.
Fees and Cost Over Time
INFL charges 0.85% per year while SPY charges 0.09%. On a $10,000 position that is $85 vs $9 annually, a gap of $76 per year that compounds over a long holding period. On income, INFL currently yields 0.75% against 0.98% for SPY.
Holdings Overlap
14.0% of INFL's money is in holdings SPY also owns. 0.5% of SPY's money is in holdings INFL also owns.
INFL and SPY share little of their money.
5 positions in common, counted across the 47 positions we hold weights for in INFL and 504 in SPY, against full books of 53 and 505.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for INFL (98.8% of the fund), and 19 for INFL that do not appear in SPY (37.9%).
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 INFL 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, INFL or SPY?
INFL has an expense ratio of 0.85% while SPY charges 0.09%. SPY is the cheaper option, by $76 a year on a $10,000 investment.
Which performed better, INFL or SPY?
Over the past year INFL returned +21.59% vs +16.96% for SPY, so INFL leads on 1-year performance. Over the longest common window we track (6 years), INFL annualized +15.51% vs +14.86% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, INFL or SPY?
INFL has been the more volatile fund at 17.2% annualized versus 15.1% for SPY. Worst drawdown: INFL -21.3% vs SPY -24.5%.
Should I hold both INFL and SPY?
INFL and SPY have a monthly-return correlation of 0.63, 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 INFL and SPY?
14.0% of INFL's money is in holdings SPY also owns. 0.5% of SPY's is in holdings INFL also owns. They hold 5 positions in common, counted across the 47 positions we hold weights for in INFL and 504 in SPY.
Which pays a higher dividend, INFL or SPY?
INFL yields 0.75% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than INFL?
SPY has a lower expense ratio. INFL led over 1Y, 5Y and the full window, SPY over 3Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 48.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.