BFRZ vs SPY
Innovator Equity Managed 100 Buffer ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, BFRZ or SPY?
Option Writing against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
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 | BFRZ | SPY |
|---|---|---|
| Expense Ratio | 0.89% | 0.09%Best |
| AUM | $147M | $823.2B |
| Dividend Yield | 0.25% | 0.99% |
| Holdings | 567 | 1,515 |
| YTD Return | +1.76% | +13.53%Best |
| 1Y Return | +3.04% | +17.47%Best |
| 3Y Return (annualized) | - | +22.36% |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 4.0%Best | 11.6% |
| Max Drawdown | -3.1%Best | -8.9% |
| $10,000 over 1.4 years | $10,916 | $13,275Best |
| Fund Family | Innovator ETFs Trust | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Option Writing | Large Cap Blend |
| Inception | May 13, 2025 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.4 years row, are measured over the window both funds cover: May 13, 2025 to Oct 14, 2026 (1.4 years).
BFRZ vs SPY 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 1.4 years both funds cover.
BFRZ vs SPY Performance
Innovator Equity Managed 100 Buffer ETF (BFRZ) is an ETF from Innovator ETFs Trust and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BFRZ returned +3.04% while SPY returned +17.47%. Year to date, BFRZ is up 1.76% versus a gain of 13.53% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 11.6% compared with 4.0% for BFRZ. 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 -3.1% for BFRZ and -8.9% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.59. They move together some of the time, and apart the rest.
Fees and Cost Over Time
BFRZ charges 0.89% per year while SPY charges 0.09%. On a $10,000 position that is $89 vs $9 annually, a gap of $80 per year that compounds over a long holding period. On income, BFRZ currently yields 0.25% against 0.99% for SPY.
Holdings Overlap
At least 66.5% of SPY's money is in holdings BFRZ also owns.
Stated as a floor: for BFRZ, our book for it covers 94.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
113 positions in common, counted across the 177 positions we hold weights for in BFRZ and 504 in SPY, against full books of 567 and 1,515.
Top Shared Holdings
| Stock | Weight in BFRZ | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.86% | 7.78% | 0.08% |
| AAPLApple, Inc | 7.13% | 7.45% | 0.32% |
| MSFTMicrosoft Corp | 5.70% | 5.71% | 0.01% |
| AMZNAmazon.Com Inc | 3.82% | 3.78% | 0.04% |
| GOOGLAlphabet Inc | 3.05% | 3.12% | 0.07% |
| GOOGAlphabet Inc. C | 2.59% | 2.49% | 0.10% |
| AVGOBroadcom Inc | 2.56% | 2.48% | 0.08% |
| METAMeta Platforms Inc | 2.46% | 2.22% | 0.24% |
| MUMicron Technology, Inc. | 1.94% | 1.59% | 0.35% |
| TSLATesla Inc | 1.78% | 1.54% | 0.24% |
66.5% of SPY is already inside BFRZ.
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, BFRZ or SPY?
BFRZ has an expense ratio of 0.89% while SPY charges 0.09%. SPY is the cheaper option, by $80 a year on a $10,000 investment.
Which performed better, BFRZ or SPY?
Over the past year BFRZ returned +3.04% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), BFRZ annualized +6.46% vs +22.43% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BFRZ or SPY?
SPY has been the more volatile fund at 11.6% annualized versus 4.0% for BFRZ. Worst drawdown: BFRZ -3.1% vs SPY -8.9%.
Should I hold both BFRZ and SPY?
BFRZ and SPY have a monthly-return correlation of 0.59, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between BFRZ and SPY?
At least 66.5% of SPY's money is in holdings BFRZ also owns. Our book for BFRZ is partial, so the real figure is this or higher. They hold 113 positions in common, counted across the 177 positions we hold weights for in BFRZ and 504 in SPY.
Which pays a higher dividend, BFRZ or SPY?
BFRZ yields 0.25% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than BFRZ?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.