SPY vs YNOT
State Street SPDR S&P 500 ETF Trust vs Horizon Digital Frontier ETF
Which is better, SPY or YNOT?
Each has led over a different period.
SPY has a lower expense ratio. SPY led over 1Y, YNOT over the full window. The two have moved almost in lockstep, correlation 0.93. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 39.2%.
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 | YNOT |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.75% |
| AUM | $804.7B | $192M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 105 |
| YTD Return | +11.97% | +12.51%Best |
| 1Y Return | +16.40%Best | +14.34% |
| 3Y Return (annualized) | +21.10% | - |
| 5Y Return (annualized) | +12.88% | - |
| Volatility (annualized) | 12.4%Best | 23.9% |
| Max Drawdown | -8.9%Best | -17.3% |
| $10,000 over 1.2 years | $12,336 | $12,811Best |
| Top 10 Weight | 37.8%Best | 39.2% |
| Fund Family | State Street Investment Management | Horizon Funds |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jul 9, 2025 |
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jul 10, 2025 to Sep 14, 2026 (1.2 years).
SPY vs YNOT 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 1.2 years both funds cover.
SPY vs YNOT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Horizon Digital Frontier ETF (YNOT) is an ETF from Horizon Funds. Over the past year SPY returned +16.40% while YNOT returned +14.34%. Year to date, SPY is up 11.97% versus a gain of 12.51% for YNOT.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
YNOT has been the more volatile fund, with annualized monthly volatility of 23.9% compared with 12.4% for SPY. 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 -8.9% for SPY and -17.3% for YNOT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. 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 YNOT charges 0.75%. On a $10,000 position that is $9 vs $75 annually, a gap of $66 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.00% for YNOT.
Holdings Overlap
32.8% of SPY's money is in holdings YNOT also owns. 66.1% of YNOT's money is in holdings SPY also owns.
The two portfolios partly overlap.
59 positions in common, counted across the 504 positions we hold weights for in SPY and 106 in YNOT, against full books of 505 and 105.
What only one of them owns
Our book lists 30 positions for YNOT that do not appear in our book for SPY (25.3% of the fund), and 438 for SPY that do not appear in YNOT (66.5%).
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 YNOT | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 6.53% | 1.48% |
| AMZNAmazon.Com Inc | 3.79% | 2.73% | 1.06% |
| GOOGAlphabet Inc | 2.39% | 3.64% | 1.25% |
| TSLATesla Inc | 1.52% | 4.03% | 2.51% |
| AMDAdvanced Micro Devices Inc | 1.14% | 3.42% | 2.28% |
| AVGOBroadcom Inc | 2.66% | 1.82% | 0.84% |
| SNDKSandisk Corp/De | 0.35% | 2.71% | 2.36% |
| MUMicron Technology, Inc. | 1.60% | 1.08% | 0.52% |
| CATCaterpillar, Inc. | 0.55% | 1.70% | 1.15% |
| GENGen Digital Inc | 0.03% | 2.16% | 2.13% |
66.1% of YNOT 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.
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Frequently Asked Questions
Which is cheaper, SPY or YNOT?
SPY has an expense ratio of 0.09% while YNOT charges 0.75%. SPY is the cheaper option, by $66 a year on a $10,000 investment.
Which performed better, SPY or YNOT?
Over the past year SPY returned +16.40% vs +14.34% for YNOT, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +19.12% vs +22.93% for YNOT. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or YNOT?
YNOT has been the more volatile fund at 23.9% annualized versus 12.4% for SPY. Worst drawdown: SPY -8.9% vs YNOT -17.3%.
Should I hold both SPY and YNOT?
SPY and YNOT have a monthly-return correlation of 0.93, 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.
What is the holdings overlap between SPY and YNOT?
66.1% of YNOT's money is in holdings SPY also owns. 66.1% of YNOT's is in holdings SPY also owns. They hold 59 positions in common, counted across the 504 positions we hold weights for in SPY and 106 in YNOT.
Which pays a higher dividend, SPY or YNOT?
SPY yields 0.98% while YNOT yields 0.00%, so SPY currently pays the higher dividend yield.
Is YNOT better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, YNOT over the full window. The two have moved almost in lockstep, correlation 0.93. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 39.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.