IVAL vs SPY
Alpha Architect International Quantitative Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. IVAL delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVAL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.38% | 0.09% | |
| AUM | $222M | $821.1B | |
| Dividend Yield | 2.60% | 1.01% | |
| Holdings | 55 | 505 | |
| YTD Return | +18.48% | +12.22% | |
| 1Y Return | +27.91% | +20.83% | |
| 3Y Return (annualized) | +20.44% | +21.70% | |
| 5Y Return (annualized) | +11.34% | +12.98% | |
| Volatility (annualized) | 17.4% | 15.3% | |
| Max Drawdown | -49.2% | -56.5% | |
| Fund Family | Alpha Architect | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 16, 2014 | Jan 22, 1993 |
IVAL vs SPY Performance
Alpha Architect International Quantitative Value ETF (IVAL) is a ETF from Alpha Architect and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year IVAL returned +27.91% while SPY returned +20.83%. Year to date, IVAL is up 18.48% versus a gain of 12.22% for SPY.
Over three years, IVAL compounded at +20.44% per year against +21.70% for SPY; over five years the annualized figures are +11.34% and +12.98% respectively. Across the full 12-year window we track, SPY has the edge at +8.79% annualized vs +5.55%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVAL has been the more volatile fund, with annualized monthly volatility of 17.4% compared with 15.3% 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 -49.2% for IVAL 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 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IVAL charges 0.38% per year while SPY charges 0.09%. On a $10,000 position that is $38 vs $9 annually, a gap of $29 per year that compounds over a long holding period. On income, IVAL currently yields 2.60% against 1.01% for SPY.
Holdings Overlap
IVAL and SPY share 0 holdings out of 554 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, IVAL or SPY?
IVAL has an expense ratio of 0.38% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $29 per year of difference.
Which performed better, IVAL or SPY?
Over the past year IVAL returned +27.91% vs +20.83% for SPY, so IVAL leads on 1-year performance. Over the longest common window we track (12 years), IVAL annualized +5.55% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, IVAL or SPY?
IVAL has been the more volatile fund at 17.4% annualized versus 15.3% for SPY. Worst drawdown: IVAL -49.2% vs SPY -56.5%.
Should I hold both IVAL and SPY?
IVAL and SPY have a monthly-return correlation of 0.75, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVAL and SPY?
IVAL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 554 unique securities.
Which pays a higher dividend, IVAL or SPY?
IVAL yields 2.60% while SPY yields 1.01%, so IVAL currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.