JFR vs SPY
Nuveen Floating Rate Income Fund 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 | JFR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 5.52% | 0.09% | |
| AUM | - | $789.1B | |
| Dividend Yield | 11.89% | 1.01% | |
| Holdings | 450 | 505 | |
| YTD Return | +6.76% | +14.47% | |
| 1Y Return | +3.40% | +21.96% | |
| 3Y Return (annualized) | +11.12% | +21.70% | |
| 5Y Return (annualized) | +6.00% | +13.30% | |
| Volatility (annualized) | 15.4% | 15.3% | |
| Max Drawdown | -69.0% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Mar 25, 2004 | Jan 22, 1993 |
JFR vs SPY Performance
Nuveen Floating Rate Income Fund (JFR) is a ETF from Nuveen and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JFR returned +3.40% while SPY returned +21.96%. Year to date, JFR is up 6.76% versus a gain of 14.47% for SPY.
Over three years, JFR compounded at +11.12% per year against +21.70% for SPY; over five years the annualized figures are +6.00% and +13.30% respectively. Across the full 22-year window we track, SPY has the edge at +8.87% annualized vs -0.37%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JFR has been the more volatile fund, with annualized monthly volatility of 15.4% 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 -69.0% for JFR 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 0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JFR charges 5.52% per year while SPY charges 0.09%. On a $10,000 position that is $552 vs $9 annually, a gap of $543 per year that compounds over a long holding period. On income, JFR currently yields 11.89% against 1.01% for SPY.
Holdings Overlap
JFR and SPY share 0 holdings out of 773 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, JFR or SPY?
JFR has an expense ratio of 5.52% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $543 per year of difference.
Which performed better, JFR or SPY?
Over the past year JFR returned +3.40% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), JFR annualized -0.37% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, JFR or SPY?
JFR has been the more volatile fund at 15.4% annualized versus 15.3% for SPY. Worst drawdown: JFR -69.0% vs SPY -56.5%.
Should I hold both JFR and SPY?
JFR and SPY have a monthly-return correlation of 0.60, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JFR and SPY?
JFR and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 773 unique securities.
Which pays a higher dividend, JFR or SPY?
JFR yields 11.89% while SPY yields 1.01%, so JFR currently pays the higher dividend yield.
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