INRO vs SPY
iShares US Industry Rotation Active ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, INRO or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. INRO led over 1Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.2%.
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 | INRO | SPY |
|---|---|---|
| Expense Ratio | 0.42% | 0.09%Best |
| AUM | $36M | $804.7B |
| Dividend Yield | 0.59% | 0.98% |
| Holdings | 296 | 505 |
| YTD Return | +12.68%Best | +11.45% |
| 1Y Return | +16.30%Best | +15.87% |
| 3Y Return (annualized) | - | +20.93% |
| 5Y Return (annualized) | - | +12.59% |
| Volatility (annualized) | 13.2% | 12.2%Best |
| Max Drawdown | -20.0% | -18.8%Best |
| $10,000 over 2.5 years | $14,700 | $14,950Best |
| Top 10 Weight | 38.2% | 37.8%Best |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Mar 26, 2024 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 2.5 years row, are measured over the window both funds cover: Mar 28, 2024 to Sep 15, 2026 (2.5 years).
INRO 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 2.5 years both funds cover.
INRO vs SPY Performance
iShares US Industry Rotation Active ETF (INRO) is an ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year INRO returned +16.30% while SPY returned +15.87%. Year to date, INRO is up 12.68% versus a gain of 11.45% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
INRO has been the more volatile fund, with annualized monthly volatility of 13.2% compared with 12.2% 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 -20.0% for INRO and -18.8% 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 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
INRO charges 0.42% per year while SPY charges 0.09%. On a $10,000 position that is $42 vs $9 annually, a gap of $33 per year that compounds over a long holding period. On income, INRO currently yields 0.59% against 0.98% for SPY.
Holdings Overlap
92.1% of INRO's money is in holdings SPY also owns. 81.8% of SPY's money is in holdings INRO also owns.
Most of INRO is already inside SPY. Owning both mostly buys the same companies twice.
213 positions in common, counted across the 295 positions we hold weights for in INRO and 504 in SPY, against full books of 296 and 505.
What only one of them owns
Our book lists 285 positions for SPY that do not appear in our book for INRO (17.6% of the fund), and 70 for INRO that do not appear in SPY (6.9%).
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.
Top Shared Holdings
| Stock | Weight in INRO | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.70% | 8.01% | 0.31% |
| AAPLApple, Inc | 7.90% | 7.26% | 0.64% |
| MSFTMicrosoft Corp | 5.81% | 5.66% | 0.15% |
| AMZNAmazon.Com Inc | 3.83% | 3.79% | 0.04% |
| GOOGLAlphabet Inc,class A | 2.93% | 2.99% | 0.06% |
| AVGOBroadcom Inc | 2.06% | 2.66% | 0.60% |
| GOOGAlphabet Inc | 2.22% | 2.39% | 0.17% |
| METAMeta Platforms Inc | 1.82% | 1.93% | 0.11% |
| JPMJpmorgan Chase | 2.21% | 1.45% | 0.76% |
| MUMicron Technology, Inc. | 1.68% | 1.60% | 0.08% |
92.1% of INRO is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, INRO or SPY?
INRO has an expense ratio of 0.42% while SPY charges 0.09%. SPY is the cheaper option, by $33 a year on a $10,000 investment.
Which performed better, INRO or SPY?
Over the past year INRO returned +16.30% vs +15.87% for SPY, so INRO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, INRO or SPY?
INRO has been the more volatile fund at 13.2% annualized versus 12.2% for SPY. Worst drawdown: INRO -20.0% vs SPY -18.8%.
Should I hold both INRO and SPY?
INRO and SPY have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between INRO and SPY?
92.1% of INRO's money is in holdings SPY also owns. 81.8% of SPY's is in holdings INRO also owns. They hold 213 positions in common, counted across the 295 positions we hold weights for in INRO and 504 in SPY.
Which pays a higher dividend, INRO or SPY?
INRO yields 0.59% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than INRO?
SPY has a lower expense ratio. INRO led over 1Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.