NYF vs SPY
iShares New York Municipal Bond 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 | NYF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.09% | |
| AUM | $1.4B | $789.1B | |
| Dividend Yield | 3.08% | 1.01% | |
| Holdings | 894 | 505 | |
| YTD Return | +0.51% | +13.39% | |
| 1Y Return | +4.78% | +22.52% | |
| 3Y Return (annualized) | +3.05% | +21.36% | |
| 5Y Return (annualized) | +0.58% | +13.19% | |
| Volatility (annualized) | 5.7% | 15.3% | |
| Max Drawdown | -13.2% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Oct 4, 2007 | Jan 22, 1993 |
NYF vs SPY Performance
iShares New York Municipal Bond ETF (NYF) 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 NYF returned +4.78% while SPY returned +22.52%. Year to date, NYF is up 0.51% versus a gain of 13.39% for SPY.
Over three years, NYF compounded at +3.05% per year against +21.36% for SPY; over five years the annualized figures are +0.58% and +13.19% respectively. Across the full 19-year window we track, SPY has the edge at +8.84% annualized vs +0.96%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 5.7% for NYF. 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 -13.2% for NYF 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 0.26. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
NYF charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, NYF currently yields 3.08% against 1.01% for SPY.
Holdings Overlap
NYF and SPY share 0 holdings out of 705 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, NYF or SPY?
NYF has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, NYF or SPY?
Over the past year NYF returned +4.78% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), NYF annualized +0.96% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, NYF or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.7% for NYF. Worst drawdown: NYF -13.2% vs SPY -56.5%.
Should I hold both NYF and SPY?
NYF and SPY have a monthly-return correlation of 0.26, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NYF and SPY?
NYF and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 705 unique securities.
Which pays a higher dividend, NYF or SPY?
NYF yields 3.08% while SPY yields 1.01%, so NYF currently pays the higher dividend yield.
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