SPY vs XBFR
State Street SPDR S&P 500 ETF Trust vs Innovator Equity Managed 10 Buffer ETF
Which is better, SPY or XBFR?
Large Cap Blend against Option Writing.
SPY has a lower expense ratio. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.1%.
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 | XBFR |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.79% |
| AUM | $804.7B | $47M |
| Dividend Yield | 0.98% | 0.10% |
| Holdings | 505 | 400 |
| YTD Return | +12.09%Best | +6.59% |
| 1Y Return | +16.29% | - |
| 3Y Return (annualized) | +21.20% | - |
| 5Y Return (annualized) | +13.37% | - |
| Top 10 Weight | 37.8%Best | 38.1% |
| Fund Family | State Street Investment Management | Innovator ETFs Trust |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Option Writing |
| Inception | Jan 22, 1993 | Feb 24, 2026 |
Not shown on this pair: Volatility (annualized), Max Drawdown, $10,000 over the window.
SPY vs XBFR 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs XBFR Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Innovator Equity Managed 10 Buffer ETF (XBFR) is an ETF from Innovator ETFs Trust. Year to date, SPY is up 12.09% versus a gain of 6.59% for XBFR.
Past performance does not guarantee future results.
Fees and Cost Over Time
SPY charges 0.09% per year while XBFR 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 0.10% for XBFR.
Holdings Overlap
67.9% of SPY's money is in holdings XBFR also owns. 89.6% of XBFR's money is in holdings SPY also owns.
Most of XBFR is already inside SPY. Owning both mostly buys the same companies twice.
115 positions in common, counted across the 504 positions we hold weights for in SPY and 182 in XBFR, against full books of 505 and 400.
What only one of them owns
Our book lists 59 positions for XBFR that do not appear in our book for SPY (6.9% of the fund), and 382 for SPY that do not appear in XBFR (31.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in XBFR | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 7.88% | 0.13% |
| AAPLApple, Inc | 7.26% | 7.15% | 0.11% |
| MSFTMicrosoft Corp | 5.66% | 5.68% | 0.02% |
| AMZNAmazon.Com Inc | 3.79% | 3.81% | 0.02% |
| GOOGLAlphabet Inc,class A | 2.99% | 3.03% | 0.04% |
| AVGOBroadcom Inc | 2.66% | 2.46% | 0.20% |
| GOOGAlphabet Inc | 2.39% | 2.57% | 0.18% |
| METAMeta Platforms Inc | 1.93% | 1.90% | 0.03% |
| TSLATesla Inc | 1.52% | 1.88% | 0.36% |
| MUMicron Technology, Inc. | 1.60% | 1.71% | 0.11% |
89.6% of XBFR is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or XBFR?
SPY has an expense ratio of 0.09% while XBFR charges 0.79%. SPY is the cheaper option, by $70 a year on a $10,000 investment.
What is the holdings overlap between SPY and XBFR?
89.6% of XBFR's money is in holdings SPY also owns. 89.6% of XBFR's is in holdings SPY also owns. They hold 115 positions in common, counted across the 504 positions we hold weights for in SPY and 182 in XBFR.
Which pays a higher dividend, SPY or XBFR?
SPY yields 0.98% while XBFR yields 0.10%, so SPY currently pays the higher dividend yield.
Is XBFR better than SPY?
SPY has a lower expense ratio. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 38.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.