JOYT vs SPY
JPMorgan Equity and Options Total Return ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JOYT or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.3%.
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 | JOYT | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $103M | $804.7B |
| Dividend Yield | 0.60% | 0.98% |
| Holdings | 118 | 505 |
| YTD Return | +8.91% | +12.09%Best |
| 1Y Return | +15.91% | +16.29%Best |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +13.37% |
| Volatility (annualized) | 7.3%Best | 12.9% |
| Max Drawdown | -7.0%Best | -8.9% |
| $10,000 over 1.1 years | $11,992 | $12,075Best |
| Top 10 Weight | 42.3% | 37.8%Best |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 18, 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 19, 2025 to Sep 18, 2026 (1.1 years).
JOYT 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.
JOYT vs SPY Performance
JPMorgan Equity and Options Total Return ETF (JOYT) 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 JOYT returned +15.91% while SPY returned +16.29%. Year to date, JOYT is up 8.91% versus a gain of 12.09% 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 12.9% compared with 7.3% for JOYT. 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 -7.0% for JOYT 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 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JOYT 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, JOYT currently yields 0.60% against 0.98% for SPY.
Holdings Overlap
94.6% of JOYT's money is in holdings SPY also owns. 61.8% of SPY's money is in holdings JOYT also owns.
Most of JOYT is already inside SPY. Owning both mostly buys the same companies twice.
103 positions in common, counted across the 113 positions we hold weights for in JOYT and 504 in SPY, against full books of 118 and 505.
What only one of them owns
Our book lists 394 positions for SPY that do not appear in our book for JOYT (37.6% of the fund), and 8 for JOYT that do not appear in SPY (5.0%).
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.
Top Shared Holdings
| Stock | Weight in JOYT | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.76% | 8.01% | 0.75% |
| AAPLApple, Inc | 6.98% | 7.26% | 0.28% |
| MSFTMicrosoft Corp | 6.42% | 5.66% | 0.76% |
| AMZNAmazon.Com Inc | 4.29% | 3.79% | 0.50% |
| GOOGLAlphabet Inc,class A | 4.80% | 2.99% | 1.81% |
| AVGOBroadcom Inc | 2.43% | 2.66% | 0.23% |
| METAMeta Platforms Inc | 2.34% | 1.93% | 0.41% |
| MUMicron Technology, Inc. | 2.36% | 1.60% | 0.76% |
| XOMExxon Mobil Corp. | 1.83% | 1.04% | 0.79% |
| TSLATesla Inc | 1.29% | 1.52% | 0.23% |
94.6% of JOYT 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.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, JOYT or SPY?
JOYT 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, JOYT or SPY?
Over the past year JOYT returned +15.91% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), JOYT annualized +17.96% vs +18.70% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JOYT or SPY?
SPY has been the more volatile fund at 12.9% annualized versus 7.3% for JOYT. Worst drawdown: JOYT -7.0% vs SPY -8.9%.
Should I hold both JOYT and SPY?
JOYT and SPY have a monthly-return correlation of 0.85, 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 JOYT and SPY?
94.6% of JOYT's money is in holdings SPY also owns. 61.8% of SPY's is in holdings JOYT also owns. They hold 103 positions in common, counted across the 113 positions we hold weights for in JOYT and 504 in SPY.
Which pays a higher dividend, JOYT or SPY?
JOYT yields 0.60% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than JOYT?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.