SPY vs ZMAY
State Street SPDR S&P 500 ETF Trust vs Innovator Equity Defined Protection ETF - 1 Yr May
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 | ZMAY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.79% | |
| AUM | $821.1B | $83M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 7 | |
| YTD Return | +12.68% | +3.05% | |
| 1Y Return | +21.82% | +5.30% | |
| 3Y Return (annualized) | +21.98% | - | |
| 5Y Return (annualized) | +12.89% | - | |
| Volatility (annualized) | 15.3% | 0.9% | |
| Max Drawdown | -56.5% | -0.7% | |
| Fund Family | State Street Investment Management | Innovator ETFs Trust | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | May 1, 2025 |
SPY vs ZMAY 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 May (ZMAY) is a ETF from Innovator ETFs Trust. Over the past year SPY returned +21.82% while ZMAY returned +5.30%. Year to date, SPY is up 12.68% versus a gain of 3.05% for ZMAY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 0.9% for ZMAY. 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 -0.7% for ZMAY. 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while ZMAY 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 ZMAY.
Holdings Overlap
SPY and ZMAY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or ZMAY?
SPY has an expense ratio of 0.09% while ZMAY 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 ZMAY?
Over the past year SPY returned +21.82% vs +5.30% for ZMAY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +8.81% vs +5.98% for ZMAY. Past performance does not guarantee future results.
Which is riskier, SPY or ZMAY?
SPY has been the more volatile fund at 15.3% annualized versus 0.9% for ZMAY. Worst drawdown: SPY -56.5% vs ZMAY -0.7%.
Should I hold both SPY and ZMAY?
SPY and ZMAY have a monthly-return correlation of 0.72, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and ZMAY?
SPY and ZMAY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPY or ZMAY?
SPY yields 1.01% while ZMAY yields 0.00%, so SPY currently pays the higher dividend yield.
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