JFLI vs SPY
JPMorgan Flexible Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JFLI or SPY?
Allocation/Balanced against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 64.2%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | JFLI | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $48M | $804.7B |
| Dividend Yield | 7.24% | 0.98% |
| Holdings | 587 | 505 |
| YTD Return | +8.78% | +11.52%Best |
| 1Y Return | +13.77% | +17.48%Best |
| 3Y Return (annualized) | - | +20.62% |
| 5Y Return (annualized) | - | +12.73% |
| Volatility (annualized) | 8.6%Best | 13.2% |
| Max Drawdown | -12.9%Best | -18.8% |
| $10,000 over 1.6 years | $12,058 | $12,696Best |
| Top 10 Weight | 64.2% | 38.0%Best |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Blend |
| Inception | Feb 12, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.6 years row, are measured over the window both funds cover: Feb 13, 2025 to Sep 10, 2026 (1.6 years).
JFLI vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.6 years both funds cover.
JFLI vs SPY Performance
JPMorgan Flexible Income ETF (JFLI) is an ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JFLI returned +13.77% while SPY returned +17.48%. Year to date, JFLI is up 8.78% versus a gain of 11.52% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.2% compared with 8.6% for JFLI. 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 -12.9% for JFLI and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
JFLI charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, JFLI currently yields 7.24% against 0.98% for SPY.
Holdings Overlap
19.4% of JFLI's money is in holdings SPY also owns. 48.4% of SPY's money is in holdings JFLI also owns.
The two portfolios partly overlap.
The two holdings books were reported 126 days apart, JFLI as of Mar 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
165 positions in common, counted across the 495 positions we hold weights for in JFLI and 504 in SPY, against full books of 587 and 505.
What only one of them owns
Our book lists 331 positions for SPY that do not appear in our book for JFLI (51.1% of the fund), and 50 for JFLI that do not appear in SPY (63.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in JFLI | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 0.23% | 7.71% | 7.48% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 0.49% | 5.50% | 5.01% |
| AVGOBroadcom Inc | 0.44% | 2.97% | 2.53% |
| METAMeta Platforms, Inc. | 0.08% | 1.94% | 1.86% |
| MUMicron Technology, Inc. | 0.14% | 1.51% | 1.37% |
| TSLATesla Inc | 0.22% | 1.38% | 1.16% |
| LLYEli Lilly & Co. | 0.23% | 1.33% | 1.10% |
| TAt&t, Inc. | 1.22% | 0.24% | 0.98% |
| AMDAdvanced Micro Devices Inc. | 0.13% | 1.27% | 1.14% |
| JNJJohnson & Johnson | 0.26% | 0.92% | 0.66% |
48.4% of SPY is already inside JFLI.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, JFLI or SPY?
JFLI has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, JFLI or SPY?
Over the past year JFLI returned +13.77% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), JFLI annualized +12.41% vs +16.09% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JFLI or SPY?
SPY has been the more volatile fund at 13.2% annualized versus 8.6% for JFLI. Worst drawdown: JFLI -12.9% vs SPY -18.8%.
Should I hold both JFLI and SPY?
JFLI and SPY have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between JFLI and SPY?
48.4% of SPY's money is in holdings JFLI also owns. 48.4% of SPY's is in holdings JFLI also owns. They hold 165 positions in common, counted across the 495 positions we hold weights for in JFLI and 504 in SPY.
Which pays a higher dividend, JFLI or SPY?
JFLI yields 7.24% while SPY yields 0.98%, so JFLI currently pays the higher dividend yield.
Is SPY better than JFLI?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 64.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.