SPY vs ZNOV
State Street SPDR S&P 500 ETF Trust vs Innovator Equity Defined Protection ETF - 1 Yr November
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 | ZNOV | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.79% | |
| AUM | $821.1B | $105M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 5 | |
| YTD Return | +12.71% | +4.20% | |
| 1Y Return | +20.53% | +6.14% | |
| 3Y Return (annualized) | +21.60% | - | |
| 5Y Return (annualized) | +12.79% | - | |
| Volatility (annualized) | 15.3% | 2.8% | |
| Max Drawdown | -56.5% | -3.3% | |
| Fund Family | State Street Investment Management | Innovator ETFs Trust | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Nov 1, 2024 |
SPY vs ZNOV 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 November (ZNOV) is a ETF from Innovator ETFs Trust. Over the past year SPY returned +20.53% while ZNOV returned +6.14%. Year to date, SPY is up 12.71% versus a gain of 4.20% for ZNOV.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.8% for ZNOV. 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 -3.3% for ZNOV. 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 0.94. 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 ZNOV 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 ZNOV.
Frequently Asked Questions
Which is cheaper, SPY or ZNOV?
SPY has an expense ratio of 0.09% while ZNOV 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 ZNOV?
Over the past year SPY returned +20.53% vs +6.14% for ZNOV, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.80% vs +6.22% for ZNOV. Past performance does not guarantee future results.
Which is riskier, SPY or ZNOV?
SPY has been the more volatile fund at 15.3% annualized versus 2.8% for ZNOV. Worst drawdown: SPY -56.5% vs ZNOV -3.3%.
Should I hold both SPY and ZNOV?
SPY and ZNOV have a monthly-return correlation of 0.94, 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 ZNOV?
SPY yields 1.01% while ZNOV yields 0.00%, so SPY currently pays the higher dividend yield.
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