SPY vs ZJAN
State Street SPDR S&P 500 ETF Trust vs Innovator Equity Defined Protection ETF - 1 Yr January
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | ZJAN | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.79% | |
| AUM | $821.1B | $119M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 5 | |
| YTD Return | +12.68% | +3.21% | |
| 1Y Return | +21.82% | +6.20% | |
| 3Y Return (annualized) | +21.98% | - | |
| 5Y Return (annualized) | +12.89% | - | |
| Volatility (annualized) | 15.3% | 2.5% | |
| Max Drawdown | -56.5% | -3.2% | |
| Fund Family | State Street Investment Management | Innovator ETFs Trust | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jan 2, 2025 |
SPY vs ZJAN 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 January (ZJAN) is a ETF from Innovator ETFs Trust. Over the past year SPY returned +21.82% while ZJAN returned +6.20%. Year to date, SPY is up 12.68% versus a gain of 3.21% for ZJAN.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.5% for ZJAN. 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 -3.2% for ZJAN. 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 0.93. 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 ZJAN 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 ZJAN.
Frequently Asked Questions
Which is cheaper, SPY or ZJAN?
SPY has an expense ratio of 0.09% while ZJAN 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 ZJAN?
Over the past year SPY returned +21.82% vs +6.20% for ZJAN, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.81% vs +6.22% for ZJAN. Past performance does not guarantee future results.
Which is riskier, SPY or ZJAN?
SPY has been the more volatile fund at 15.3% annualized versus 2.5% for ZJAN. Worst drawdown: SPY -56.5% vs ZJAN -3.2%.
Should I hold both SPY and ZJAN?
SPY and ZJAN have a monthly-return correlation of 0.93, 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 ZJAN?
SPY yields 1.01% while ZJAN yields 0.00%, so SPY currently pays the higher dividend yield.
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