SPY vs ZALT
State Street SPDR S&P 500 ETF Trust vs Innovator US Equity 10 Buffer ETF - Quarterly
Which is better, SPY or ZALT?
Large Cap Blend against Multi Alternative.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.92. ZALT is less concentrated, with 38.8% of the fund in its ten largest positions against 38.9%.
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 | ZALT |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.69% |
| AUM | $777.9B | $835M |
| Dividend Yield | 1.00% | 0.00% |
| Holdings | 1,011 | 1,015 |
| YTD Return | +12.09%Best | +6.38% |
| 1Y Return | +12.45%Best | +7.43% |
| 3Y Return (annualized) | +21.45%Best | +10.02% |
| 5Y Return (annualized) | +11.87% | - |
| Volatility (annualized) | 12.2% | 3.8%Best |
| Max Drawdown | -18.8% | -8.2%Best |
| $10,000 over 3.1 years | $18,401Best | $13,544 |
| Top 10 Weight | 38.9% | 38.8%Best |
| Fund Family | State Street Investment Management | Innovator ETFs Trust |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Multi Alternative |
| Inception | Jan 22, 1993 | Oct 2, 2023 |
Volatility and max drawdown, and the $10,000 over 3.1 years row, are measured over the window both funds cover: Oct 2, 2023 to Nov 11, 2026 (3.1 years).
SPY vs ZALT 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 3.1 years both funds cover.
SPY vs ZALT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Innovator US Equity 10 Buffer ETF - Quarterly (ZALT) is an ETF from Innovator ETFs Trust. Over the past year SPY returned +12.45% while ZALT returned +7.43%. Year to date, SPY is up 12.09% versus a gain of 6.38% for ZALT.
Over three years, SPY compounded at +21.45% per year against +10.02% for ZALT.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.2% compared with 3.8% for ZALT. 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 -18.8% for SPY and -8.2% for ZALT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. 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 ZALT charges 0.69%. On a $10,000 position that is $9 vs $69 annually, a gap of $60 per year that compounds over a long holding period. On income, SPY currently yields 1.00% against 0.00% for ZALT.
Holdings Overlap
98.6% of SPY's money is in holdings ZALT also owns. 98.8% of ZALT's money is in holdings SPY also owns.
Most of ZALT is already inside SPY. Owning both mostly buys the same companies twice.
489 positions in common, counted across the 504 positions we hold weights for in SPY and 493 in ZALT, against full books of 1,011 and 1,015.
What only one of them owns
Our book lists 4 positions for ZALT that do not appear in our book for SPY (0.9% of the fund), and 10 for SPY that do not appear in ZALT (1.1%).
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 ZALT | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.05% | 8.05% | 0.00% |
| AAPLApple Inc | 7.53% | 7.52% | 0.01% |
| MSFTMicrosoft Corp | 5.96% | 5.95% | 0.01% |
| AMZNAmazon.Com Inc | 3.75% | 3.75% | 0.00% |
| GOOGLAlphabet Inc | 3.07% | 3.06% | 0.01% |
| AVGOBroadcom Inc | 2.48% | 2.47% | 0.01% |
| GOOGAlphabet Inc. C | 2.46% | 2.45% | 0.01% |
| METAMeta Platforms Inc | 2.45% | 2.44% | 0.01% |
| TSLATesla Inc | 1.56% | 1.55% | 0.01% |
| MUMicron Technology, Inc. | 1.55% | 1.55% | 0.00% |
98.8% of ZALT 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 ZALT?
SPY has an expense ratio of 0.09% while ZALT charges 0.69%. SPY is the cheaper option, by $60 a year on a $10,000 investment.
Which performed better, SPY or ZALT?
Over the past year SPY returned +12.45% vs +7.43% for ZALT, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or ZALT?
SPY has been the more volatile fund at 12.2% annualized versus 3.8% for ZALT. Worst drawdown: SPY -18.8% vs ZALT -8.2%.
Should I hold both SPY and ZALT?
SPY and ZALT have a monthly-return correlation of 0.92, 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 ZALT?
98.8% of ZALT's money is in holdings SPY also owns. 98.8% of ZALT's is in holdings SPY also owns. They hold 489 positions in common, counted across the 504 positions we hold weights for in SPY and 493 in ZALT.
Which pays a higher dividend, SPY or ZALT?
SPY yields 1.00% while ZALT yields 0.00%, so SPY currently pays the higher dividend yield.
Is ZALT better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.92. ZALT is less concentrated, with 38.8% of the fund in its ten largest positions against 38.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.