INVN vs SPY
Alger Russell Innovation ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, INVN or SPY?
Mid Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. INVN led over 1Y and the full window. INVN is less concentrated, with 25.7% of the fund in its ten largest positions against 38.0%.
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 | INVN | SPY |
|---|---|---|
| Expense Ratio | 0.55% | 0.09%Best |
| AUM | $10M | $814.4B |
| Dividend Yield | 0.26% | 1.01% |
| Holdings | 51 | 505 |
| YTD Return | +25.27%Best | +13.34% |
| 1Y Return | +31.19%Best | +19.97% |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 20.6% | 12.9%Best |
| Max Drawdown | -26.0% | -18.8%Best |
| $10,000 over 1.7 years | $13,526Best | $13,408 |
| Top 10 Weight | 25.7%Best | 38.0% |
| Fund Family | Alger | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Jan 6, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.7 years row, are measured over the window both funds cover: Jan 7, 2025 to Sep 4, 2026 (1.7 years).
INVN 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 1.7 years both funds cover.
INVN vs SPY Performance
Alger Russell Innovation ETF (INVN) is an ETF from Alger and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year INVN returned +31.19% while SPY returned +19.97%. Year to date, INVN is up 25.27% versus a gain of 13.34% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
INVN has been the more volatile fund, with annualized monthly volatility of 20.6% compared with 12.9% 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 -26.0% for INVN 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 0.55. They move together some of the time, and apart the rest.
Fees and Cost Over Time
INVN charges 0.55% per year while SPY charges 0.09%. On a $10,000 position that is $55 vs $9 annually, a gap of $46 per year that compounds over a long holding period. On income, INVN currently yields 0.26% against 1.01% for SPY.
Holdings Overlap
29.2% of INVN's money is in holdings SPY also owns. 1.5% of SPY's money is in holdings INVN also owns.
INVN and SPY share little of their money.
15 positions in common, counted across the 50 positions we hold weights for in INVN and 504 in SPY, against full books of 51 and 505.
What only one of them owns
Our book lists 481 positions for SPY that do not appear in our book for INVN (97.9% of the fund), and 34 for INVN that do not appear in SPY (68.7%).
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 INVN | Weight in SPY | Difference |
|---|---|---|---|
| ZBRAZebra Technologies Corp | 2.72% | 0.03% | 2.69% |
| PYPLPaypay Holdings, Inc. | 2.39% | 0.08% | 2.31% |
| EXPEExpedia Group Inc (consumer Discretionary) | 2.36% | 0.05% | 2.31% |
| MRKMerck & Company Inc | 1.83% | 0.47% | 1.36% |
| WDAYWorkday, Inc., Class A | 2.23% | 0.05% | 2.18% |
| REGNRegeneron Pharmaceuticals, Inc. | 2.17% | 0.11% | 2.06% |
| BMYBristol-Myers Squibb Co. | 1.91% | 0.20% | 1.71% |
| ADBEAdobe Systems | 1.82% | 0.16% | 1.66% |
| GDDYGodaddy Inc. Class A | 1.92% | 0.02% | 1.90% |
| PFEPfizer Inc | 1.71% | 0.22% | 1.49% |
29.2% of INVN 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, INVN or SPY?
INVN has an expense ratio of 0.55% while SPY charges 0.09%. SPY is the cheaper option, by $46 a year on a $10,000 investment.
Which performed better, INVN or SPY?
Over the past year INVN returned +31.19% vs +19.97% for SPY, so INVN leads on 1-year performance. Over the longest common window we track (2 years), INVN annualized +19.44% vs +18.83% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, INVN or SPY?
INVN has been the more volatile fund at 20.6% annualized versus 12.9% for SPY. Worst drawdown: INVN -26.0% vs SPY -18.8%.
Should I hold both INVN and SPY?
INVN and SPY have a monthly-return correlation of 0.55, 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 INVN and SPY?
29.2% of INVN's money is in holdings SPY also owns. 1.5% of SPY's is in holdings INVN also owns. They hold 15 positions in common, counted across the 50 positions we hold weights for in INVN and 504 in SPY.
Which pays a higher dividend, INVN or SPY?
INVN yields 0.26% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than INVN?
SPY has a lower expense ratio. INVN led over 1Y and the full window. INVN is less concentrated, with 25.7% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.