SFLR vs SPY
Innovator Equity Managed Floor 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 505 holdings.
Side-by-Side Comparison
| Metric | SFLR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.89% | 0.09% | |
| AUM | $2.2B | $821.1B | |
| Dividend Yield | 0.28% | 1.01% | |
| Holdings | 197 | 505 | |
| YTD Return | +5.33% | +12.68% | |
| 1Y Return | +12.49% | +21.82% | |
| 3Y Return (annualized) | +15.01% | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 9.4% | 15.3% | |
| Max Drawdown | -12.1% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 8, 2022 | Jan 22, 1993 |
SFLR vs SPY Performance
Innovator Equity Managed Floor ETF (SFLR) is a ETF from Innovator ETFs Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SFLR returned +12.49% while SPY returned +21.82%. Year to date, SFLR is up 5.33% versus a gain of 12.68% for SPY.
Over three years, SFLR compounded at +15.01% per year against +21.98% for SPY. Across the full 4-year window we track, SFLR has the edge at +16.17% annualized vs +8.81%. 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 9.4% for SFLR. 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 -12.1% for SFLR 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 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SFLR charges 0.89% per year while SPY charges 0.09%. On a $10,000 position that is $89 vs $9 annually, a gap of $80 per year that compounds over a long holding period. On income, SFLR currently yields 0.28% against 1.01% for SPY.
Holdings Overlap
SFLR and SPY share 127 holdings out of 563 unique holdings combined, representing a 66.9% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, SFLR or SPY?
SFLR has an expense ratio of 0.89% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $80 per year of difference.
Which performed better, SFLR or SPY?
Over the past year SFLR returned +12.49% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), SFLR annualized +16.17% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, SFLR or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.4% for SFLR. Worst drawdown: SFLR -12.1% vs SPY -56.5%.
Should I hold both SFLR and SPY?
SFLR and SPY have a monthly-return correlation of 0.95, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SFLR and SPY?
SFLR and SPY share 127 common holdings with a 66.9% weight overlap. Combined, they hold 563 unique securities.
Which pays a higher dividend, SFLR or SPY?
SFLR yields 0.28% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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