JPY vs SPY
Lazard Japanese Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. JPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | JPY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.60% | 0.09% | |
| AUM | - | $821.1B | |
| Dividend Yield | 1.38% | 1.01% | |
| Holdings | 64 | 505 | |
| YTD Return | +18.98% | +12.93% | |
| 1Y Return | +25.08% | +20.62% | |
| 3Y Return (annualized) | - | +22.00% | |
| 5Y Return (annualized) | - | +13.33% | |
| Volatility (annualized) | 14.2% | 15.3% | |
| Max Drawdown | -15.1% | -56.5% | |
| Fund Family | Lazard Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 4, 2025 | Jan 22, 1993 |
JPY vs SPY Performance
Lazard Japanese Equity ETF (JPY) is a ETF from Lazard Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JPY returned +25.08% while SPY returned +20.62%. Year to date, JPY is up 18.98% versus a gain of 12.93% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.2% for JPY. 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 -15.1% for JPY 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 0.64. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JPY charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, JPY currently yields 1.38% against 1.01% for SPY.
Holdings Overlap
JPY and SPY share 0 holdings out of 565 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, JPY or SPY?
JPY has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, JPY or SPY?
Over the past year JPY returned +25.08% vs +20.62% for SPY, so JPY leads on 1-year performance. Over the longest common window we track (1 years), JPY annualized +48.36% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, JPY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.2% for JPY. Worst drawdown: JPY -15.1% vs SPY -56.5%.
Should I hold both JPY and SPY?
JPY and SPY have a monthly-return correlation of 0.64, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JPY and SPY?
JPY and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 565 unique securities.
Which pays a higher dividend, JPY or SPY?
JPY yields 1.38% while SPY yields 1.01%, so JPY currently pays the higher dividend yield.
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