INTM vs SPY
Invesco Intermediate Municipal ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | INTM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $101M | $789.1B | |
| Dividend Yield | 2.92% | 1.01% | |
| Holdings | 173 | 505 | |
| YTD Return | -0.87% | +13.68% | |
| 1Y Return | +3.14% | +21.53% | |
| 3Y Return (annualized) | - | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 4.2% | 15.3% | |
| Max Drawdown | -2.9% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jul 23, 2025 | Jan 22, 1993 |
INTM vs SPY Performance
Invesco Intermediate Municipal ETF (INTM) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year INTM returned +3.14% while SPY returned +21.53%. Year to date, INTM is down 0.87% versus a gain of 13.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 4.2% for INTM. 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 -2.9% for INTM 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 0.46. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
INTM charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, INTM currently yields 2.92% against 1.01% for SPY.
Holdings Overlap
INTM and SPY share 0 holdings out of 560 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, INTM or SPY?
INTM has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, INTM or SPY?
Over the past year INTM returned +3.14% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), INTM annualized +3.40% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, INTM or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.2% for INTM. Worst drawdown: INTM -2.9% vs SPY -56.5%.
Should I hold both INTM and SPY?
INTM and SPY have a monthly-return correlation of 0.46, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between INTM and SPY?
INTM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 560 unique securities.
Which pays a higher dividend, INTM or SPY?
INTM yields 2.92% while SPY yields 1.01%, so INTM currently pays the higher dividend yield.
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