SPY vs ZFEB
State Street SPDR S&P 500 ETF Trust vs Innovator Equity Defined Protection ETF - 1 Yr February
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | ZFEB | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.79% | |
| AUM | $789.1B | $152M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 5 | |
| YTD Return | +13.68% | +3.33% | |
| 1Y Return | +21.53% | +6.28% | |
| 3Y Return (annualized) | +21.44% | - | |
| 5Y Return (annualized) | +13.18% | - | |
| Volatility (annualized) | 15.3% | 2.3% | |
| Max Drawdown | -56.5% | -3.0% | |
| Fund Family | State Street Investment Management | Innovator ETFs Trust | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jan 31, 2025 |
SPY vs ZFEB Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) is a ETF from Innovator ETFs Trust. Over the past year SPY returned +21.53% while ZFEB returned +6.28%. Year to date, SPY is up 13.68% versus a gain of 3.33% for ZFEB.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.3% for ZFEB. 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 -56.5% for SPY and -3.0% for ZFEB. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.91. 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 ZFEB 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 1.01% against 0.00% for ZFEB.
Frequently Asked Questions
Which is cheaper, SPY or ZFEB?
SPY has an expense ratio of 0.09% while ZFEB charges 0.79%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, SPY or ZFEB?
Over the past year SPY returned +21.53% vs +6.28% for ZFEB, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.85% vs +6.28% for ZFEB. Past performance does not guarantee future results.
Which is riskier, SPY or ZFEB?
SPY has been the more volatile fund at 15.3% annualized versus 2.3% for ZFEB. Worst drawdown: SPY -56.5% vs ZFEB -3.0%.
Should I hold both SPY and ZFEB?
SPY and ZFEB have a monthly-return correlation of 0.91, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
Which pays a higher dividend, SPY or ZFEB?
SPY yields 1.01% while ZFEB yields 0.00%, so SPY currently pays the higher dividend yield.
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