SPY vs UNOV
State Street SPDR S&P 500 ETF Trust vs Innovator US Equity Ultra Buffer ETF - November
Which is better, SPY or UNOV?
Large Cap Blend against Multi Alternative.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | UNOV |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.79% |
| AUM | $811.2B | $107M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 1,515 | 18 |
| YTD Return | +14.17%Best | +9.22% |
| 1Y Return | +16.22%Best | +10.69% |
| 3Y Return (annualized) | +22.92%Best | +10.76% |
| 5Y Return (annualized) | +13.58%Best | +7.33% |
| Volatility (annualized) | 16.7% | 6.4%Best |
| Max Drawdown | -34.1% | -13.8%Best |
| $10,000 over 5 years | $18,902Best | $14,243 |
| Fund Family | State Street Investment Management | Innovator ETFs Trust |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Multi Alternative |
| Inception | Jan 22, 1993 | Nov 1, 2019 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 1, 2019 to Oct 8, 2026 (6.9 years).
SPY vs UNOV growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 6.9 years both funds cover.
SPY vs UNOV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Innovator US Equity Ultra Buffer ETF - November (UNOV) is an ETF from Innovator ETFs Trust. Over the past year SPY returned +16.22% while UNOV returned +10.69%. Year to date, SPY is up 14.17% versus a gain of 9.22% for UNOV.
Over three years, SPY compounded at +22.92% per year against +10.76% for UNOV; over five years the annualized figures are +13.58% and +7.33% respectively. Across the full 7-year window we track, SPY has the edge at +15.58% annualized vs +7.24%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 6.4% 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 -34.1% for SPY and -13.8% for UNOV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 0.98% against 0.00% for UNOV.
You are not choosing between two funds in isolation.
Whichever of SPY and UNOV you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $70 a year on a $10,000 investment.
Which performed better, SPY or UNOV?
Over the past year SPY returned +16.22% vs +10.69% for UNOV, so SPY leads on 1-year performance. Over the longest common window we track (7 years), SPY annualized +15.58% vs +7.24% for UNOV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UNOV?
SPY has been the more volatile fund at 16.7% annualized versus 6.4% for UNOV. Worst drawdown: SPY -34.1% vs UNOV -13.8%.
Should I hold both SPY and UNOV?
SPY and UNOV have a monthly-return correlation of 0.87, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or UNOV?
SPY yields 0.98% while UNOV yields 0.00%, so SPY currently pays the higher dividend yield.
Is UNOV better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.