INFL vs SPY
INFL vs SPY
Horizon Kinetics Inflation Beneficiaries ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. INFL delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | INFL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.85% | 0.09% | |
| AUM | $1.5B | $789.1B | |
| Dividend Yield | 0.83% | 1.01% | |
| Holdings | 48 | 505 | |
| YTD Return | +16.80% | +13.79% | |
| 1Y Return | +24.99% | +23.66% | |
| 3Y Return (annualized) | +19.43% | +21.40% | |
| 5Y Return (annualized) | +13.50% | +13.37% | |
| Volatility (annualized) | 16.9% | 15.3% | |
| Max Drawdown | -21.3% | -56.5% | |
| Fund Family | Horizon Kinetics LLC | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 11, 2021 | Jan 22, 1993 |
INFL vs SPY Performance
Horizon Kinetics Inflation Beneficiaries ETF (INFL) is a ETF from Horizon Kinetics LLC and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year INFL returned +24.99% while SPY returned +23.66%. Year to date, INFL is up 16.80% versus a gain of 13.79% for SPY.
Over three years, INFL compounded at +19.43% per year against +21.40% for SPY; over five years the annualized figures are +13.50% and +13.37% respectively. Across the full 6-year window we track, INFL has the edge at +15.53% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
INFL has been the more volatile fund, with annualized monthly volatility of 16.9% 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 -21.3% for INFL 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 0.63. They move independently enough that combining them can meaningfully diversify a portfolio.
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 0.83% against 1.01% for SPY.
Holdings Overlap
INFL and SPY share 5 holdings out of 543 unique holdings combined, representing a 0.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in INFL | Weight in SPY | Difference |
|---|---|---|---|
| TPL | 4.29% | 0.04% | 4.25% |
| ICE | 3.28% | 0.12% | 3.16% |
| CME | 2.80% | 0.13% | 2.67% |
| BG | Pro | Pro | Pro |
| MMC | Pro | Pro | Pro |
See all 5 holdings INFL shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
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. On a $10,000 investment, that is $76 per year of difference.
Which performed better, INFL or SPY?
Over the past year INFL returned +24.99% vs +23.66% for SPY, so INFL leads on 1-year performance. Over the longest common window we track (6 years), INFL annualized +15.53% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, INFL or SPY?
INFL has been the more volatile fund at 16.9% annualized versus 15.3% for SPY. Worst drawdown: INFL -21.3% vs SPY -56.5%.
Should I hold both INFL and SPY?
INFL and SPY have a monthly-return correlation of 0.63, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between INFL and SPY?
INFL and SPY share 5 common holdings with a 0.4% weight overlap. Combined, they hold 543 unique securities.
Which pays a higher dividend, INFL or SPY?
INFL yields 0.83% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.