SPY vs UNOV
State Street SPDR S&P 500 ETF Trust vs Innovator US Equity Ultra Buffer ETF - November
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 | UNOV | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.79% | |
| AUM | $821.1B | $106M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 6 | |
| YTD Return | +12.71% | +7.57% | |
| 1Y Return | +20.53% | +10.85% | |
| 3Y Return (annualized) | +21.60% | +9.84% | |
| 5Y Return (annualized) | +12.79% | +6.99% | |
| Volatility (annualized) | 15.3% | 6.5% | |
| Max Drawdown | -56.5% | -13.8% | |
| Fund Family | State Street Investment Management | Innovator ETFs Trust | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Nov 1, 2019 |
SPY vs UNOV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Innovator US Equity Ultra Buffer ETF - November (UNOV) is a ETF from Innovator ETFs Trust. Over the past year SPY returned +20.53% while UNOV returned +10.85%. Year to date, SPY is up 12.71% versus a gain of 7.57% for UNOV.
Over three years, SPY compounded at +21.60% per year against +9.84% for UNOV; over five years the annualized figures are +12.79% and +6.99% respectively. Across the full 7-year window we track, SPY has the edge at +8.80% annualized vs +7.13%. 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 6.5% for UNOV. 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 -13.8% for UNOV. 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 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while UNOV 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 UNOV.
Frequently Asked Questions
Which is cheaper, SPY or UNOV?
SPY has an expense ratio of 0.09% while UNOV 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 UNOV?
Over the past year SPY returned +20.53% vs +10.85% for UNOV, so SPY leads on 1-year performance. Over the longest common window we track (7 years), SPY annualized +8.80% vs +7.13% for UNOV. Past performance does not guarantee future results.
Which is riskier, SPY or UNOV?
SPY has been the more volatile fund at 15.3% annualized versus 6.5% for UNOV. Worst drawdown: SPY -56.5% vs UNOV -13.8%.
Should I hold both SPY and UNOV?
SPY and UNOV have a monthly-return correlation of 0.87, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SPY or UNOV?
SPY yields 1.01% while UNOV yields 0.00%, so SPY currently pays the higher dividend yield.
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