JHAI vs SPY
Janus Henderson Global Artificial Intelligence ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JHAI or SPY?
JHAI has been ahead.
SPY has a lower expense ratio. JHAI led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 62.7%.
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 | JHAI | SPY |
|---|---|---|
| Expense Ratio | 0.59% | 0.09%Best |
| AUM | - | $804.7B |
| Dividend Yield | 0.35% | 0.98% |
| Holdings | 49 | 505 |
| YTD Return | +18.52%Best | +11.45% |
| 1Y Return | +22.72%Best | +15.87% |
| 3Y Return (annualized) | - | +20.93% |
| 5Y Return (annualized) | - | +12.59% |
| Volatility (annualized) | 28.8% | 13.0%Best |
| Max Drawdown | -19.4% | -8.9%Best |
| $10,000 over 1.1 years | $13,306Best | $12,062 |
| Top 10 Weight | 62.7% | 37.8%Best |
| Fund Family | Janus Henderson Investors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 19, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Aug 20, 2025 to Sep 15, 2026 (1.1 years).
JHAI 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 1.1 years both funds cover.
JHAI vs SPY Performance
Janus Henderson Global Artificial Intelligence ETF (JHAI) is an ETF from Janus Henderson Investors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JHAI returned +22.72% while SPY returned +15.87%. Year to date, JHAI is up 18.52% versus a gain of 11.45% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JHAI has been the more volatile fund, with annualized monthly volatility of 28.8% compared with 13.0% 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 -19.4% for JHAI and -8.9% 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JHAI charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, JHAI currently yields 0.35% against 0.98% for SPY.
Holdings Overlap
66.2% of JHAI's money is in holdings SPY also owns. 32.7% of SPY's money is in holdings JHAI also owns.
The two portfolios partly overlap.
27 positions in common, counted across the 46 positions we hold weights for in JHAI and 504 in SPY, against full books of 49 and 505.
What only one of them owns
Our book lists 470 positions for SPY that do not appear in our book for JHAI (66.6% of the fund), and 11 for JHAI that do not appear in SPY (9.7%).
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 JHAI | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 14.26% | 8.01% | 6.25% |
| MSFTMicrosoft Corp | 5.76% | 5.66% | 0.10% |
| AVGOBroadcom Inc | 4.82% | 2.66% | 2.16% |
| AMZNAmazon.Com Inc | 3.66% | 3.79% | 0.13% |
| MUMicron Technology, Inc. | 5.26% | 1.60% | 3.66% |
| GOOGAlphabet Inc | 2.38% | 2.39% | 0.01% |
| LRCXLrcx Uw Equity | 3.97% | 0.55% | 3.42% |
| AMDAdvanced Micro Devices Inc | 2.96% | 1.14% | 1.82% |
| KLACKla Corp | 2.60% | 0.34% | 2.26% |
| DEDeere & Co Sedol 2261203 | 2.46% | 0.26% | 2.20% |
66.2% of JHAI is already inside SPY.
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, JHAI or SPY?
JHAI has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option, by $50 a year on a $10,000 investment.
Which performed better, JHAI or SPY?
Over the past year JHAI returned +22.72% vs +15.87% for SPY, so JHAI leads on 1-year performance. Over the longest common window we track (1 years), JHAI annualized +29.65% vs +18.58% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JHAI or SPY?
JHAI has been the more volatile fund at 28.8% annualized versus 13.0% for SPY. Worst drawdown: JHAI -19.4% vs SPY -8.9%.
Should I hold both JHAI and SPY?
JHAI and SPY have a monthly-return correlation of 0.81, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between JHAI and SPY?
66.2% of JHAI's money is in holdings SPY also owns. 32.7% of SPY's is in holdings JHAI also owns. They hold 27 positions in common, counted across the 46 positions we hold weights for in JHAI and 504 in SPY.
Which pays a higher dividend, JHAI or SPY?
JHAI yields 0.35% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than JHAI?
SPY has a lower expense ratio. JHAI led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 62.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.