NBFR vs SPY
Innovator Nasdaq-100 Managed 10 Buffer ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, NBFR or SPY?
Option Writing against Large Cap Blend.
SPY has a lower expense ratio. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 53.6%.
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 | NBFR | SPY |
|---|---|---|
| Expense Ratio | 0.79% | 0.09%Best |
| AUM | $17M | $804.7B |
| Dividend Yield | 0.02% | 0.98% |
| Holdings | 106 | 505 |
| YTD Return | +6.98% | +12.89%Best |
| 1Y Return | - | +17.01% |
| 3Y Return (annualized) | - | +22.46% |
| 5Y Return (annualized) | - | +13.01% |
| Top 10 Weight | 53.6% | 37.8%Best |
| Fund Family | Innovator ETFs Trust | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Option Writing | Large Cap Blend |
| Inception | Feb 24, 2026 | Jan 22, 1993 |
Not shown on this pair: Volatility (annualized), Max Drawdown, $10,000 over the window.
NBFR 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
NBFR vs SPY Performance
Innovator Nasdaq-100 Managed 10 Buffer ETF (NBFR) is an ETF from Innovator ETFs Trust and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Year to date, NBFR is up 6.98% versus a gain of 12.89% for SPY.
Past performance does not guarantee future results.
Fees and Cost Over Time
NBFR charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, NBFR currently yields 0.02% against 0.98% for SPY.
Holdings Overlap
94.0% of NBFR's money is in holdings SPY also owns. 44.4% of SPY's money is in holdings NBFR also owns.
Most of NBFR is already inside SPY. Owning both mostly buys the same companies twice.
33 positions in common, counted across the 40 positions we hold weights for in NBFR and 504 in SPY, against full books of 106 and 505.
What only one of them owns
Our book lists 464 positions for SPY that do not appear in our book for NBFR (55.0% of the fund), and 6 for NBFR that do not appear in SPY (2.5%).
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 NBFR | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 9.29% | 8.01% | 1.28% |
| AAPLApple, Inc | 8.50% | 7.26% | 1.24% |
| MSFTMicrosoft Corp | 7.79% | 5.66% | 2.13% |
| AMZNAmazon.Com Inc | 4.97% | 3.79% | 1.18% |
| MUMicron Technology, Inc. | 5.38% | 1.60% | 3.78% |
| GOOGLAlphabet Inc,class A | 3.36% | 2.99% | 0.37% |
| AVGOBroadcom Inc | 3.00% | 2.66% | 0.34% |
| GOOGAlphabet Inc | 3.18% | 2.39% | 0.79% |
| AMDAdvanced Micro Devices Inc | 4.02% | 1.14% | 2.88% |
| TSLATesla Inc | 3.21% | 1.52% | 1.69% |
94.0% of NBFR 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, NBFR or SPY?
NBFR has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option, by $70 a year on a $10,000 investment.
What is the holdings overlap between NBFR and SPY?
94.0% of NBFR's money is in holdings SPY also owns. 44.4% of SPY's is in holdings NBFR also owns. They hold 33 positions in common, counted across the 40 positions we hold weights for in NBFR and 504 in SPY.
Which pays a higher dividend, NBFR or SPY?
NBFR yields 0.02% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than NBFR?
SPY has a lower expense ratio. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 53.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.