JAPN vs SPY
Horizon Kinetics Japan Owner Operator 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 | JAPN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.85% | 0.09% | |
| AUM | $26M | $821.1B | |
| Dividend Yield | 0.24% | 1.01% | |
| Holdings | 36 | 505 | |
| YTD Return | -1.42% | +14.24% | |
| 1Y Return | -11.68% | +21.71% | |
| 3Y Return (annualized) | - | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 16.7% | 15.3% | |
| Max Drawdown | -23.9% | -56.5% | |
| Fund Family | Horizon Kinetics LLC | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 12, 2025 | Jan 22, 1993 |
JAPN vs SPY Performance
Horizon Kinetics Japan Owner Operator ETF (JAPN) is a ETF from Horizon Kinetics LLC and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JAPN returned -11.68% while SPY returned +21.71%. Year to date, JAPN is down 1.42% versus a gain of 14.24% for SPY.
Risk: Volatility and Drawdowns
JAPN has been the more volatile fund, with annualized monthly volatility of 16.7% 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 -23.9% for JAPN 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 0.32. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JAPN 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, JAPN currently yields 0.24% against 1.01% for SPY.
Holdings Overlap
JAPN and SPY share 0 holdings out of 537 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, JAPN or SPY?
JAPN 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, JAPN or SPY?
Over the past year JAPN returned -11.68% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), JAPN annualized +1.27% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, JAPN or SPY?
JAPN has been the more volatile fund at 16.7% annualized versus 15.3% for SPY. Worst drawdown: JAPN -23.9% vs SPY -56.5%.
Should I hold both JAPN and SPY?
JAPN and SPY have a monthly-return correlation of 0.32, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JAPN and SPY?
JAPN and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 537 unique securities.
Which pays a higher dividend, JAPN or SPY?
JAPN yields 0.24% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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