SPY vs XBAP
State Street SPDR S&P 500 ETF Trust vs Innovator US Equity Accelerated 9 Buffer ETF - April
Which is better, SPY or XBAP?
Large Cap Blend against Option Writing.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90.
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 | XBAP |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.79% |
| AUM | $804.7B | $127M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 18 |
| YTD Return | +12.22%Best | +10.82% |
| 1Y Return | +16.97%Best | +13.54% |
| 3Y Return (annualized) | +21.16%Best | +13.41% |
| 5Y Return (annualized) | +13.00%Best | +9.95% |
| Volatility (annualized) | 15.3% | 8.6%Best |
| Max Drawdown | -24.5% | -14.6%Best |
| $10,000 over 5 years | $18,424Best | $16,069 |
| Fund Family | State Street Investment Management | Innovator ETFs Trust |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Option Writing |
| Inception | Jan 22, 1993 | Mar 31, 2021 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 1, 2021 to Sep 17, 2026 (5.5 years).
SPY vs XBAP 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 5.5 years both funds cover.
SPY vs XBAP Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Innovator US Equity Accelerated 9 Buffer ETF - April (XBAP) is an ETF from Innovator ETFs Trust. Over the past year SPY returned +16.97% while XBAP returned +13.54%. Year to date, SPY is up 12.22% versus a gain of 10.82% for XBAP.
Over three years, SPY compounded at +21.16% per year against +13.41% for XBAP; over five years the annualized figures are +13.00% and +9.95% respectively. Across the full 6-year window we track, SPY has the edge at +13.98% annualized vs +9.94%.
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 8.6% for XBAP. 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 -24.5% for SPY and -14.6% for XBAP. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while XBAP 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 XBAP.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in XBAP, totalling 99.9% and 106.7% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 1 in XBAP, against full books of 505 and 18.
You are not choosing between two funds in isolation.
Whichever of SPY and XBAP 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 XBAP?
SPY has an expense ratio of 0.09% while XBAP charges 0.79%. SPY is the cheaper option, by $70 a year on a $10,000 investment.
Which performed better, SPY or XBAP?
Over the past year SPY returned +16.97% vs +13.54% for XBAP, so SPY leads on 1-year performance. Over the longest common window we track (6 years), SPY annualized +13.98% vs +9.94% for XBAP. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or XBAP?
SPY has been the more volatile fund at 15.3% annualized versus 8.6% for XBAP. Worst drawdown: SPY -24.5% vs XBAP -14.6%.
Should I hold both SPY and XBAP?
SPY and XBAP have a monthly-return correlation of 0.90, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, SPY or XBAP?
SPY yields 0.98% while XBAP yields 0.00%, so SPY currently pays the higher dividend yield.
Is XBAP better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. Which one suits a particular account depends on what it is for. This is information, not a recommendation.