ISMF vs SPY
iShares Managed Futures Active 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 505 holdings.
Side-by-Side Comparison
| Metric | ISMF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.80% | 0.09% | |
| AUM | $61M | $821.1B | |
| Dividend Yield | 2.58% | 1.01% | |
| Holdings | 127 | 505 | |
| YTD Return | +6.42% | +12.22% | |
| 1Y Return | +18.59% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 6.2% | 15.3% | |
| Max Drawdown | -4.2% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Mar 12, 2025 | Jan 22, 1993 |
ISMF vs SPY Performance
iShares Managed Futures Active ETF (ISMF) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ISMF returned +18.59% while SPY returned +20.83%. Year to date, ISMF is up 6.42% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 6.2% for ISMF. 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 -4.2% for ISMF 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 0.38. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ISMF charges 0.80% per year while SPY charges 0.09%. On a $10,000 position that is $80 vs $9 annually, a gap of $71 per year that compounds over a long holding period. On income, ISMF currently yields 2.58% against 1.01% for SPY.
Holdings Overlap
ISMF and SPY share 0 holdings out of 505 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, ISMF or SPY?
ISMF has an expense ratio of 0.80% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $71 per year of difference.
Which performed better, ISMF or SPY?
Over the past year ISMF returned +18.59% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), ISMF annualized +13.44% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, ISMF or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 6.2% for ISMF. Worst drawdown: ISMF -4.2% vs SPY -56.5%.
Should I hold both ISMF and SPY?
ISMF and SPY have a monthly-return correlation of 0.38, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ISMF and SPY?
ISMF and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, ISMF or SPY?
ISMF yields 2.58% while SPY yields 1.01%, so ISMF currently pays the higher dividend yield.
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