JPY vs SPY
Lazard Japanese Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JPY or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. JPY led over 1Y and the full window. JPY is less concentrated, with 37.0% of the fund in its ten largest positions against 37.8%.
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 | JPY | SPY |
|---|---|---|
| Expense Ratio | 0.60% | 0.09%Best |
| AUM | - | $804.7B |
| Dividend Yield | 1.34% | 0.98% |
| Holdings | 64 | 505 |
| YTD Return | +20.16%Best | +12.89% |
| 1Y Return | +24.08%Best | +17.01% |
| 3Y Return (annualized) | - | +22.46% |
| 5Y Return (annualized) | - | +13.01% |
| Volatility (annualized) | 14.0% | 12.1%Best |
| Max Drawdown | -15.1% | -8.9%Best |
| $10,000 over 1.5 years | $17,522Best | $15,586 |
| Top 10 Weight | 37.0%Best | 37.8% |
| Fund Family | Lazard Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Apr 4, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 7, 2025 to Sep 24, 2026 (1.5 years).
JPY 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 1.5 years both funds cover.
JPY vs SPY Performance
Lazard Japanese Equity ETF (JPY) is an ETF from Lazard Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JPY returned +24.08% while SPY returned +17.01%. Year to date, JPY is up 20.16% versus a gain of 12.89% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JPY has been the more volatile fund, with annualized monthly volatility of 14.0% compared with 12.1% 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 -15.1% for JPY 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 0.65. They move together some of the time, and apart the rest.
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 1.34% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 63 holdings in JPY and 504 in SPY, totalling 99.2% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 63 positions we hold weights for in JPY and 504 in SPY, against full books of 64 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for JPY (99.3% of the fund), and 0 for JPY 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 JPY 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, JPY or SPY?
JPY has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option, by $51 a year on a $10,000 investment.
Which performed better, JPY or SPY?
Over the past year JPY returned +24.08% vs +17.01% for SPY, so JPY leads on 1-year performance. Over the longest common window we track (2 years), JPY annualized +45.34% vs +34.43% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JPY or SPY?
JPY has been the more volatile fund at 14.0% annualized versus 12.1% for SPY. Worst drawdown: JPY -15.1% vs SPY -8.9%.
Should I hold both JPY and SPY?
JPY and SPY have a monthly-return correlation of 0.65, 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, JPY or SPY?
JPY yields 1.34% while SPY yields 0.98%, so JPY currently pays the higher dividend yield.
Is SPY better than JPY?
SPY has a lower expense ratio. JPY led over 1Y and the full window. JPY is less concentrated, with 37.0% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.