MISL vs SPY
First Trust Indxx Aerospace & Defense ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MISL or SPY?
Each has led over a different period.
SPY has a lower expense ratio. MISL led over 3Y and the full window, SPY over 1Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 61.2%.
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 | MISL | SPY |
|---|---|---|
| Expense Ratio | 0.60% | 0.09%Best |
| AUM | $741M | $814.4B |
| Dividend Yield | 0.32% | 1.01% |
| Holdings | 80 | 505 |
| YTD Return | -1.85% | +13.34%Best |
| 1Y Return | +12.97% | +19.97%Best |
| 3Y Return (annualized) | +24.24%Best | +21.20% |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 17.3% | 12.9%Best |
| Max Drawdown | -17.9%Best | -18.8% |
| $10,000 over 3.9 years | $21,696Best | $21,358 |
| Top 10 Weight | 61.2% | 38.0%Best |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Oct 25, 2022 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.9 years row, are measured over the window both funds cover: Oct 26, 2022 to Sep 4, 2026 (3.9 years).
MISL 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 3.9 years both funds cover.
MISL vs SPY Performance
First Trust Indxx Aerospace & Defense ETF (MISL) is an ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MISL returned +12.97% while SPY returned +19.97%. Year to date, MISL is down 1.85% versus a gain of 13.34% for SPY.
Over three years, MISL compounded at +24.24% per year against +21.20% for SPY. Across the full 4-year window we track, MISL has the edge at +21.97% annualized vs +21.48%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MISL has been the more volatile fund, with annualized monthly volatility of 17.3% compared with 12.9% 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 -17.9% for MISL and -18.8% 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 0.52. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MISL 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, MISL currently yields 0.32% against 1.01% for SPY.
Holdings Overlap
63.5% of MISL's money is in holdings SPY also owns. 2.7% of SPY's money is in holdings MISL also owns.
The two portfolios partly overlap.
13 positions in common, counted across the 39 positions we hold weights for in MISL and 504 in SPY, against full books of 80 and 505.
What only one of them owns
Our book lists 483 positions for SPY that do not appear in our book for MISL (96.7% of the fund), and 26 for MISL that do not appear in SPY (36.3%).
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.
Top Shared Holdings
| Stock | Weight in MISL | Weight in SPY | Difference |
|---|---|---|---|
| PLTRPalantir Technologies Inc | 9.67% | 0.56% | 9.11% |
| RTXRaytheon Co. | 8.78% | 0.44% | 8.34% |
| GEGeneral Electric Co. | 8.21% | 0.59% | 7.62% |
| BABoeing Co | 8.36% | 0.28% | 8.08% |
| LMTLockheed Martin Corp | 4.27% | 0.18% | 4.09% |
| HWMHowmet Aerospace Inc. | 4.16% | 0.17% | 3.99% |
| NOCNorthrop Grumman Corp. | 4.00% | 0.11% | 3.89% |
| GDGeneral Dynamics Corp. | 3.96% | 0.15% | 3.81% |
| LHXL3Harris Technologies Inc. | 3.81% | 0.08% | 3.73% |
| TDGTransdigm Group Inc. | 3.76% | 0.11% | 3.65% |
63.5% of MISL is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MISL or SPY?
MISL 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, MISL or SPY?
Over the past year MISL returned +12.97% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), MISL annualized +21.97% vs +21.48% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MISL or SPY?
MISL has been the more volatile fund at 17.3% annualized versus 12.9% for SPY. Worst drawdown: MISL -17.9% vs SPY -18.8%.
Should I hold both MISL and SPY?
MISL and SPY have a monthly-return correlation of 0.52, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between MISL and SPY?
63.5% of MISL's money is in holdings SPY also owns. 2.7% of SPY's is in holdings MISL also owns. They hold 13 positions in common, counted across the 39 positions we hold weights for in MISL and 504 in SPY.
Which pays a higher dividend, MISL or SPY?
MISL yields 0.32% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than MISL?
SPY has a lower expense ratio. MISL led over 3Y and the full window, SPY over 1Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 61.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.