JOYT vs SPY
JPMorgan Equity and Options Total Return ETF 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 | JOYT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $95M | $789.1B | |
| Dividend Yield | 0.03% | 1.01% | |
| Holdings | 117 | 505 | |
| YTD Return | +9.02% | +13.68% | |
| 1Y Return | +19.68% | +21.53% | |
| 3Y Return (annualized) | - | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 7.4% | 15.3% | |
| Max Drawdown | -7.0% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Aug 18, 2025 | Jan 22, 1993 |
JOYT vs SPY Performance
JPMorgan Equity and Options Total Return ETF (JOYT) is a ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JOYT returned +19.68% while SPY returned +21.53%. Year to date, JOYT is up 9.02% versus a gain of 13.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.4% 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 -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 0.84. 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 0.03% against 1.01% for SPY.
Holdings Overlap
JOYT and SPY share 105 holdings out of 511 unique holdings combined, representing a 56.4% weight overlap.
High overlap means holding both may not provide much additional diversification.
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. On a $10,000 investment, that is $26 per year of difference.
Which performed better, JOYT or SPY?
Over the past year JOYT returned +19.68% vs +21.53% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results.
Which is riskier, JOYT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.4% for JOYT. Worst drawdown: JOYT -7.0% vs SPY -56.5%.
Should I hold both JOYT and SPY?
JOYT and SPY have a monthly-return correlation of 0.84, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JOYT and SPY?
JOYT and SPY share 105 common holdings with a 56.4% weight overlap. Combined, they hold 511 unique securities.
Which pays a higher dividend, JOYT or SPY?
JOYT yields 0.03% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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