JPO vs SPY
YieldMax JP Option Income Strategy 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 505 holdings.
Side-by-Side Comparison
| Metric | JPO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.19% | 0.09% | |
| AUM | $52M | $821.1B | |
| Dividend Yield | 31.09% | 1.01% | |
| Holdings | 19 | 505 | |
| YTD Return | +8.97% | +14.24% | |
| 1Y Return | +19.25% | +21.71% | |
| 3Y Return (annualized) | +17.80% | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 15.6% | 15.3% | |
| Max Drawdown | -24.8% | -56.5% | |
| Fund Family | YieldMax ETF | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Sep 11, 2023 | Jan 22, 1993 |
JPO vs SPY Performance
YieldMax JP Option Income Strategy ETF (JPO) is a ETF from YieldMax ETF and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JPO returned +19.25% while SPY returned +21.71%. Year to date, JPO is up 8.97% versus a gain of 14.24% for SPY.
Over three years, JPO compounded at +17.80% per year against +22.10% for SPY. Across the full 3-year window we track, JPO has the edge at +17.80% annualized vs +8.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JPO has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 15.3% 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 -24.8% for JPO 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 0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JPO charges 1.19% per year while SPY charges 0.09%. On a $10,000 position that is $119 vs $9 annually, a gap of $110 per year that compounds over a long holding period. On income, JPO currently yields 31.09% against 1.01% for SPY.
Holdings Overlap
JPO and SPY share 0 holdings out of 507 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, JPO or SPY?
JPO has an expense ratio of 1.19% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $110 per year of difference.
Which performed better, JPO or SPY?
Over the past year JPO returned +19.25% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), JPO annualized +17.80% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, JPO or SPY?
JPO has been the more volatile fund at 15.6% annualized versus 15.3% for SPY. Worst drawdown: JPO -24.8% vs SPY -56.5%.
Should I hold both JPO and SPY?
JPO and SPY have a monthly-return correlation of 0.60, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JPO and SPY?
JPO and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, JPO or SPY?
JPO yields 31.09% while SPY yields 1.01%, so JPO currently pays the higher dividend yield.
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