ISWN vs SPY
Amplify BlackSwan ISWN 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 | ISWN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.09% | |
| AUM | $38M | $821.1B | |
| Dividend Yield | 2.87% | 1.01% | |
| Holdings | 14 | 505 | |
| YTD Return | +6.41% | +12.68% | |
| 1Y Return | +11.41% | +21.82% | |
| 3Y Return (annualized) | +10.58% | +21.98% | |
| 5Y Return (annualized) | -0.28% | +12.89% | |
| Volatility (annualized) | 12.6% | 15.3% | |
| Max Drawdown | -32.4% | -56.5% | |
| Fund Family | Amplify ETFs | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jan 26, 2021 | Jan 22, 1993 |
ISWN vs SPY Performance
Amplify BlackSwan ISWN ETF (ISWN) is a ETF from Amplify ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ISWN returned +11.41% while SPY returned +21.82%. Year to date, ISWN is up 6.41% versus a gain of 12.68% for SPY.
Over three years, ISWN compounded at +10.58% per year against +21.98% for SPY; over five years the annualized figures are -0.28% and +12.89% respectively. Across the full 6-year window we track, SPY has the edge at +8.81% annualized vs +0.40%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.6% for ISWN. 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 -32.4% for ISWN 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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ISWN charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, ISWN currently yields 2.87% against 1.01% for SPY.
Holdings Overlap
ISWN and SPY share 0 holdings out of 513 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, ISWN or SPY?
ISWN has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $40 per year of difference.
Which performed better, ISWN or SPY?
Over the past year ISWN returned +11.41% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), ISWN annualized +0.40% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, ISWN or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.6% for ISWN. Worst drawdown: ISWN -32.4% vs SPY -56.5%.
Should I hold both ISWN and SPY?
ISWN and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ISWN and SPY?
ISWN and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 513 unique securities.
Which pays a higher dividend, ISWN or SPY?
ISWN yields 2.87% while SPY yields 1.01%, so ISWN currently pays the higher dividend yield.
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