IVV vs TFI
iShares Core S&P 500 ETF vs State Street SPDR Nuveen ICE Municipal Bond ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | TFI | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.23% | |
| AUM | $865.2B | $3.1B | |
| Dividend Yield | 1.09% | 3.46% | |
| Holdings | 508 | 1,809 | |
| YTD Return | +14.50% | +0.44% | |
| 1Y Return | +22.02% | +4.43% | |
| 3Y Return (annualized) | +21.80% | +2.64% | |
| 5Y Return (annualized) | +13.37% | -0.30% | |
| Volatility (annualized) | 15.1% | 5.8% | |
| Max Drawdown | -56.5% | -17.1% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | Sep 11, 2007 |
IVV vs TFI Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) is a ETF from State Street Investment Management. Over the past year IVV returned +22.02% while TFI returned +4.43%. Year to date, IVV is up 14.50% versus a gain of 0.44% for TFI.
Over three years, IVV compounded at +21.80% per year against +2.64% for TFI; over five years the annualized figures are +13.37% and -0.30% respectively. Across the full 19-year window we track, IVV has the edge at +7.07% annualized vs +0.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 5.8% for TFI. 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 -56.5% for IVV and -17.1% for TFI. 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 0.26. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while TFI charges 0.23%. On a $10,000 position that is $3 vs $23 annually, a gap of $20 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 3.46% for TFI.
Holdings Overlap
IVV and TFI share 0 holdings out of 512 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, IVV or TFI?
IVV has an expense ratio of 0.03% while TFI charges 0.23%. IVV is the cheaper option. On a $10,000 investment, that is $20 per year of difference.
Which performed better, IVV or TFI?
Over the past year IVV returned +22.02% vs +4.43% for TFI, so IVV leads on 1-year performance. Over the longest common window we track (19 years), IVV annualized +7.07% vs +0.82% for TFI. Past performance does not guarantee future results.
Which is riskier, IVV or TFI?
IVV has been the more volatile fund at 15.1% annualized versus 5.8% for TFI. Worst drawdown: IVV -56.5% vs TFI -17.1%.
Should I hold both IVV and TFI?
IVV and TFI have a monthly-return correlation of 0.26, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and TFI?
IVV and TFI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 512 unique securities.
Which pays a higher dividend, IVV or TFI?
IVV yields 1.09% while TFI yields 3.46%, so TFI currently pays the higher dividend yield.
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