JANM vs SPY
FT Vest US Equity Max Buffer ETF - January 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 503 holdings.
Side-by-Side Comparison
| Metric | JANM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.85% | 0.09% | |
| AUM | $36M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | +3.64% | +13.68% | |
| 1Y Return | +6.57% | +21.53% | |
| 3Y Return (annualized) | - | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 2.6% | 15.3% | |
| Max Drawdown | -2.8% | -56.5% | |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jan 17, 2025 | Jan 22, 1993 |
JANM vs SPY Performance
FT Vest US Equity Max Buffer ETF - January (JANM) is a ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JANM returned +6.57% while SPY returned +21.53%. Year to date, JANM is up 3.64% versus a gain of 13.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.6% for JANM. 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 -2.8% for JANM 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 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
JANM charges 0.85% per year while SPY charges 0.09%. On a $10,000 position that is $85 vs $9 annually, a gap of $76 per year that compounds over a long holding period. On income, JANM currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
JANM and SPY share 0 holdings out of 504 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, JANM or SPY?
JANM has an expense ratio of 0.85% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $76 per year of difference.
Which performed better, JANM or SPY?
Over the past year JANM returned +6.57% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), JANM annualized +6.10% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, JANM or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.6% for JANM. Worst drawdown: JANM -2.8% vs SPY -56.5%.
Should I hold both JANM and SPY?
JANM and SPY have a monthly-return correlation of 0.94, 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 JANM and SPY?
JANM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, JANM or SPY?
JANM yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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