JIII vs SPY
Janus Henderson Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JIII or SPY?
Investment Grade Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
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 | JIII | SPY |
|---|---|---|
| Expense Ratio | 0.54% | 0.09%Best |
| AUM | $171M | $804.7B |
| Dividend Yield | 7.87% | 0.98% |
| Holdings | 596 | 505 |
| YTD Return | -0.11% | +11.97%Best |
| 1Y Return | +1.55% | +16.40%Best |
| 3Y Return (annualized) | - | +21.10% |
| 5Y Return (annualized) | - | +12.88% |
| Volatility (annualized) | 2.9%Best | 12.7% |
| Max Drawdown | -3.5%Best | -18.8% |
| $10,000 over 1.8 years | $10,860 | $12,939Best |
| Fund Family | Janus Henderson Investors | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Investment Grade Bond | Large Cap Blend |
| Inception | Nov 12, 2024 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.8 years row, are measured over the window both funds cover: Nov 13, 2024 to Sep 14, 2026 (1.8 years).
JIII 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 1.8 years both funds cover.
JIII vs SPY Performance
Janus Henderson Income ETF (JIII) 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 JIII returned +1.55% while SPY returned +16.40%. Year to date, JIII is down 0.11% versus a gain of 11.97% 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 12.7% compared with 2.9% for JIII. 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 -3.5% for JIII 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 0.57. They move together some of the time, and apart the rest.
Fees and Cost Over Time
JIII charges 0.54% per year while SPY charges 0.09%. On a $10,000 position that is $54 vs $9 annually, a gap of $45 per year that compounds over a long holding period. On income, JIII currently yields 7.87% against 0.98% for SPY.
Holdings Overlap
At least 0.5% of SPY's money is in holdings JIII also owns.
Stated as a floor: for JIII, our book for it covers 53.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 63 days apart, JIII as of Jun 30, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
3 positions in common, counted across the 132 positions we hold weights for in JIII and 504 in SPY, against full books of 596 and 505.
You are not choosing between two funds in isolation.
Whichever of JIII and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, JIII or SPY?
JIII has an expense ratio of 0.54% while SPY charges 0.09%. SPY is the cheaper option, by $45 a year on a $10,000 investment.
Which performed better, JIII or SPY?
Over the past year JIII returned +1.55% vs +16.40% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), JIII annualized +4.69% vs +15.39% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JIII or SPY?
SPY has been the more volatile fund at 12.7% annualized versus 2.9% for JIII. Worst drawdown: JIII -3.5% vs SPY -18.8%.
Should I hold both JIII and SPY?
JIII and SPY have a monthly-return correlation of 0.57, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, JIII or SPY?
JIII yields 7.87% while SPY yields 0.98%, so JIII currently pays the higher dividend yield.
Is SPY better than JIII?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.