SPY vs TBJL
State Street SPDR S&P 500 ETF Trust vs Innovator 20+ Year Treasury Bond 9 Buffer ETF - July
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 | SPY | TBJL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.79% | |
| AUM | $821.1B | $11M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 6 | |
| YTD Return | +12.68% | -4.82% | |
| 1Y Return | +21.82% | -3.22% | |
| 3Y Return (annualized) | +21.98% | -0.43% | |
| 5Y Return (annualized) | +12.89% | -4.87% | |
| Volatility (annualized) | 15.3% | 9.7% | |
| Max Drawdown | -56.5% | -29.4% | |
| Fund Family | State Street Investment Management | Innovator ETFs Trust | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Aug 18, 2020 |
SPY vs TBJL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (TBJL) is a ETF from Innovator ETFs Trust. Over the past year SPY returned +21.82% while TBJL returned -3.22%. Year to date, SPY is up 12.68% versus a loss of 4.82% for TBJL.
Over three years, SPY compounded at +21.98% per year against -0.43% for TBJL; over five years the annualized figures are +12.89% and -4.87% respectively. Across the full 6-year window we track, SPY has the edge at +8.81% annualized vs -4.55%. 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 9.7% for TBJL. 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 -56.5% for SPY and -29.4% for TBJL. 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 0.52. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TBJL charges 0.79%. On a $10,000 position that is $9 vs $79 annually, a gap of $70 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.00% for TBJL.
Frequently Asked Questions
Which is cheaper, SPY or TBJL?
SPY has an expense ratio of 0.09% while TBJL charges 0.79%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, SPY or TBJL?
Over the past year SPY returned +21.82% vs -3.22% for TBJL, so SPY leads on 1-year performance. Over the longest common window we track (6 years), SPY annualized +8.81% vs -4.55% for TBJL. Past performance does not guarantee future results.
Which is riskier, SPY or TBJL?
SPY has been the more volatile fund at 15.3% annualized versus 9.7% for TBJL. Worst drawdown: SPY -56.5% vs TBJL -29.4%.
Should I hold both SPY and TBJL?
SPY and TBJL have a monthly-return correlation of 0.52, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SPY or TBJL?
SPY yields 1.01% while TBJL yields 0.00%, so SPY currently pays the higher dividend yield.
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