MAXJ vs SPY
iShares Large Cap Max Buffer Jun 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 | MAXJ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $154M | $789.1B | |
| Dividend Yield | 0.74% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | +4.38% | +13.39% | |
| 1Y Return | +6.21% | +22.52% | |
| 3Y Return (annualized) | - | +21.36% | |
| 5Y Return (annualized) | - | +13.19% | |
| Volatility (annualized) | 4.3% | 15.3% | |
| Max Drawdown | -6.3% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 28, 2024 | Jan 22, 1993 |
MAXJ vs SPY Performance
iShares Large Cap Max Buffer Jun ETF (MAXJ) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MAXJ returned +6.21% while SPY returned +22.52%. Year to date, MAXJ is up 4.38% versus a gain of 13.39% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 4.3% for MAXJ. 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 -6.3% for MAXJ 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 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
MAXJ charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, MAXJ currently yields 0.74% against 1.01% for SPY.
Holdings Overlap
MAXJ and SPY share 0 holdings out of 505 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, MAXJ or SPY?
MAXJ has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, MAXJ or SPY?
Over the past year MAXJ returned +6.21% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), MAXJ annualized +8.04% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, MAXJ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.3% for MAXJ. Worst drawdown: MAXJ -6.3% vs SPY -56.5%.
Should I hold both MAXJ and SPY?
MAXJ and SPY have a monthly-return correlation of 0.83, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MAXJ and SPY?
MAXJ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, MAXJ or SPY?
MAXJ yields 0.74% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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