IONZ vs SPY
Defiance Daily Target 2X Short IONQ ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IONZ or SPY?
Opposite sides of the same exposure.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two move opposite each other, correlation -0.76, so holding both offsets the exposure while paying both fees.
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 | IONZ | SPY |
|---|---|---|
| Expense Ratio | 1.91% | 0.09%Best |
| AUM | $7M | $811.2B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 14 | 1,515 |
| YTD Return | -90.13% | +13.54%Best |
| 1Y Return | -91.20% | +16.25%Best |
| 3Y Return (annualized) | - | +23.72% |
| 5Y Return (annualized) | - | +13.95% |
| Volatility (annualized) | 146.0% | 11.5%Best |
| Max Drawdown | -98.7% | -8.9%Best |
| $10,000 over 1.3 years | $153 | $12,925Best |
| Fund Family | Defiance ETFs, LLC | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Inverse Equity | Large Cap Blend |
| Inception | Jun 23, 2025 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.3 years row, are measured over the window both funds cover: Jun 24, 2025 to Oct 2, 2026 (1.3 years).
IONZ 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 1.3 years both funds cover.
IONZ vs SPY Performance
Defiance Daily Target 2X Short IONQ ETF (IONZ) is an ETF from Defiance ETFs, LLC and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year IONZ returned -91.20% while SPY returned +16.25%. Year to date, IONZ is down 90.13% versus a gain of 13.54% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IONZ has been the more volatile fund, with annualized monthly volatility of 146.0% compared with 11.5% 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 -98.7% for IONZ and -8.9% 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 -0.76. They move opposite each other. Holding both offsets the exposure rather than spreading it, while paying both funds' fees.
Fees and Cost Over Time
IONZ charges 1.91% per year while SPY charges 0.09%. On a $10,000 position that is $191 vs $9 annually, a gap of $182 per year that compounds over a long holding period. On income, IONZ currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in IONZ and 504 in SPY, totalling 19.2% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in IONZ and 504 in SPY, against full books of 14 and 1,515.
You are not choosing between two funds in isolation.
Whichever of IONZ 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, IONZ or SPY?
IONZ has an expense ratio of 1.91% while SPY charges 0.09%. SPY is the cheaper option, by $182 a year on a $10,000 investment.
Which performed better, IONZ or SPY?
Over the past year IONZ returned -91.20% vs +16.25% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), IONZ annualized -95.98% vs +21.82% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IONZ or SPY?
IONZ has been the more volatile fund at 146.0% annualized versus 11.5% for SPY. Worst drawdown: IONZ -98.7% vs SPY -8.9%.
Should I hold both IONZ and SPY?
IONZ and SPY have a monthly-return correlation of -0.76, so they move opposite each other. Holding both offsets the exposure rather than spreading it, and pays both funds' fees on the way. This is information, not a recommendation.
Which pays a higher dividend, IONZ or SPY?
IONZ yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than IONZ?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two move opposite each other, correlation -0.76, so holding both offsets the exposure while paying both fees. Which one suits a particular account depends on what it is for. This is information, not a recommendation.