IQSZ vs SPY
Invesco Global Equity Net Zero ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. IQSZ delivered stronger 1-year returns. IQSZ offers more diversification with 513 holdings.
Side-by-Side Comparison
| Metric | IQSZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.19% | 0.09% | |
| AUM | $177M | $821.1B | |
| Dividend Yield | 1.44% | 1.01% | |
| Holdings | 513 | 505 | |
| YTD Return | +16.23% | +12.68% | |
| 1Y Return | +28.53% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 11.5% | 15.3% | |
| Max Drawdown | -9.1% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 16, 2025 | Jan 22, 1993 |
IQSZ vs SPY Performance
Invesco Global Equity Net Zero ETF (IQSZ) 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 IQSZ returned +28.53% while SPY returned +21.82%. Year to date, IQSZ is up 16.23% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.5% for IQSZ. 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 -9.1% for IQSZ 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 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IQSZ charges 0.19% per year while SPY charges 0.09%. On a $10,000 position that is $19 vs $9 annually, a gap of $10 per year that compounds over a long holding period. On income, IQSZ currently yields 1.44% against 1.01% for SPY.
Holdings Overlap
IQSZ and SPY share 179 holdings out of 812 unique holdings combined, representing a 48.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IQSZ or SPY?
IQSZ has an expense ratio of 0.19% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $10 per year of difference.
Which performed better, IQSZ or SPY?
Over the past year IQSZ returned +28.53% vs +21.82% for SPY, so IQSZ leads on 1-year performance. Over the longest common window we track (1 years), IQSZ annualized +28.89% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, IQSZ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.5% for IQSZ. Worst drawdown: IQSZ -9.1% vs SPY -56.5%.
Should I hold both IQSZ and SPY?
IQSZ and SPY have a monthly-return correlation of 0.96, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between IQSZ and SPY?
IQSZ and SPY share 179 common holdings with a 48.4% weight overlap. Combined, they hold 812 unique securities.
Which pays a higher dividend, IQSZ or SPY?
IQSZ yields 1.44% while SPY yields 1.01%, so IQSZ currently pays the higher dividend yield.
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