JOF vs SPY
Japan Smaller Capitalization Fund Inc vs State Street SPDR S&P 500 ETF Trust
Which is better, JOF or SPY?
Small Cap Value against Large Cap Blend.
SPY has a lower expense ratio. JOF led over 1Y and 3Y, SPY over 5Y and the full window. JOF is less concentrated, with 33.8% of the fund in its ten largest positions against 38.9%.
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 | JOF | SPY |
|---|---|---|
| Expense Ratio | 1.47% | 0.09%Best |
| AUM | $321M | $777.9B |
| Dividend Yield | 8.22% | 1.00% |
| Holdings | 86 | 1,011 |
| YTD Return | +5.33% | +11.69%Best |
| 1Y Return | +13.58%Best | +11.99% |
| 3Y Return (annualized) | +23.88%Best | +21.29% |
| 5Y Return (annualized) | +10.69% | +11.62%Best |
| Volatility (annualized) | 26.5% | 15.2%Best |
| Max Drawdown | -70.0% | -56.5%Best |
| $10,000 over 5 years | $16,617 | $17,326Best |
| Top 10 Weight | 33.8%Best | 38.9% |
| Fund Family | Nomura Asset Management Co Ltd | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Value | Large Cap Blend |
| Inception | Mar 21, 1990 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Nov 12, 2026 (30.9 years).
JOF 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
JOF vs SPY Performance
Japan Smaller Capitalization Fund Inc (JOF) is an ETF from Nomura Asset Management Co Ltd and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JOF returned +13.58% while SPY returned +11.99%. Year to date, JOF is up 5.33% versus a gain of 11.69% for SPY.
Over three years, JOF compounded at +23.88% per year against +21.29% for SPY; over five years the annualized figures are +10.69% and +11.62% respectively. Across the full 31-year window we track, SPY has the edge at +8.71% annualized vs +1.45%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JOF has been the more volatile fund, with annualized monthly volatility of 26.5% compared with 15.2% 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 -70.0% for JOF and -56.5% 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 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
JOF charges 1.47% per year while SPY charges 0.09%. On a $10,000 position that is $147 vs $9 annually, a gap of $138 per year that compounds over a long holding period. On income, JOF currently yields 8.22% against 1.00% for SPY.
Holdings Overlap
We hold position weights for 86 holdings in JOF and 504 in SPY, totalling 97.2% and 100.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 46 days apart, JOF as of Aug 31, 2026 and SPY as of Oct 16, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 86 positions we hold weights for in JOF and 504 in SPY, against full books of 86 and 1,011.
What only one of them owns
Our book lists 499 positions for SPY that do not appear in our book for JOF (99.7% of the fund), and 0 for JOF that do not appear in SPY (0.0%).
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.
You are not choosing between two funds in isolation.
Whichever of JOF 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, JOF or SPY?
JOF has an expense ratio of 1.47% while SPY charges 0.09%. SPY is the cheaper option, by $138 a year on a $10,000 investment.
Which performed better, JOF or SPY?
Over the past year JOF returned +13.58% vs +11.99% for SPY, so JOF leads on 1-year performance. Over the longest common window we track (31 years), JOF annualized +1.45% vs +8.71% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JOF or SPY?
JOF has been the more volatile fund at 26.5% annualized versus 15.2% for SPY. Worst drawdown: JOF -70.0% vs SPY -56.5%.
Should I hold both JOF and SPY?
JOF and SPY have a monthly-return correlation of 0.48, 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, JOF or SPY?
JOF yields 8.22% while SPY yields 1.00%, so JOF currently pays the higher dividend yield.
Is SPY better than JOF?
SPY has a lower expense ratio. JOF led over 1Y and 3Y, SPY over 5Y and the full window. JOF is less concentrated, with 33.8% of the fund in its ten largest positions against 38.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.