SPY vs TFJL
State Street SPDR S&P 500 ETF Trust vs Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
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 | TFJL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.79% | |
| AUM | $821.1B | $4M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 5 | |
| YTD Return | +12.68% | -5.11% | |
| 1Y Return | +21.82% | -4.83% | |
| 3Y Return (annualized) | +21.98% | -1.16% | |
| 5Y Return (annualized) | +12.89% | -4.63% | |
| Volatility (annualized) | 15.3% | 8.4% | |
| Max Drawdown | -56.5% | -25.4% | |
| Fund Family | State Street Investment Management | Innovator ETFs Trust | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Aug 17, 2020 |
SPY vs TFJL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) is a ETF from Innovator ETFs Trust. Over the past year SPY returned +21.82% while TFJL returned -4.83%. Year to date, SPY is up 12.68% versus a loss of 5.11% for TFJL.
Over three years, SPY compounded at +21.98% per year against -1.16% for TFJL; over five years the annualized figures are +12.89% and -4.63% respectively. Across the full 6-year window we track, SPY has the edge at +8.81% annualized vs -4.67%. 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 8.4% for TFJL. 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 -25.4% for TFJL. 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 0.38. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TFJL 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 TFJL.
Frequently Asked Questions
Which is cheaper, SPY or TFJL?
SPY has an expense ratio of 0.09% while TFJL 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 TFJL?
Over the past year SPY returned +21.82% vs -4.83% for TFJL, so SPY leads on 1-year performance. Over the longest common window we track (6 years), SPY annualized +8.81% vs -4.67% for TFJL. Past performance does not guarantee future results.
Which is riskier, SPY or TFJL?
SPY has been the more volatile fund at 15.3% annualized versus 8.4% for TFJL. Worst drawdown: SPY -56.5% vs TFJL -25.4%.
Should I hold both SPY and TFJL?
SPY and TFJL have a monthly-return correlation of 0.38, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SPY or TFJL?
SPY yields 1.01% while TFJL yields 0.00%, so SPY currently pays the higher dividend yield.
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