ILCB vs SPY
iShares Morningstar US Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ILCB or SPY?
Nearly the same fund. ILCB costs less.
ILCB has a lower expense ratio. ILCB led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.99. ILCB is less concentrated, with 37.4% of the fund in its ten largest positions against 38.2%.
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 | ILCB | SPY |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.09% |
| AUM | $1.3B | $823.2B |
| Dividend Yield | 0.96% | 0.99% |
| Holdings | 530 | 1,515 |
| Volatility (annualized) | 14.6%Best | 14.7% |
| Max Drawdown | -52.8%Best | -56.5% |
| $10,000 over 22.3 years | $77,701Best | $73,995 |
| Top 10 Weight | 37.4%Best | 38.2% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 28, 2004 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 12 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. ILCB has data through Oct 2, 2026 and SPY through Oct 14, 2026.
Volatility and max drawdown, and the $10,000 over 22.3 years row, are measured over the window both funds cover: Jul 2, 2004 to Oct 2, 2026 (22.3 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.7% compared with 14.6% for ILCB. 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 -52.8% for ILCB and -56.5% 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
ILCB charges 0.03% per year while SPY charges 0.09%. On a $10,000 position that is $3 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, ILCB currently yields 0.96% against 0.99% for SPY.
Holdings Overlap
95.3% of ILCB's money is in holdings SPY also owns. 97.1% of SPY's money is in holdings ILCB also owns.
Most of SPY is already inside ILCB. Owning both mostly buys the same companies twice.
424 positions in common, counted across the 527 positions we hold weights for in ILCB and 504 in SPY, against full books of 530 and 1,515.
What only one of them owns
Our book lists 74 positions for SPY that do not appear in our book for ILCB (2.0% of the fund), and 90 for ILCB that do not appear in SPY (3.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in ILCB | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.66% | 7.78% | 0.12% |
| AAPLApple, Inc | 7.29% | 7.45% | 0.16% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.51% | 5.71% | 0.20% |
| AMZNAmazon.Com Inc | 3.77% | 3.78% | 0.01% |
| GOOGLAlphabet Inc Cap Stk Cl A | 2.96% | 3.12% | 0.16% |
| AVGOBroadcom Inc | 2.52% | 2.48% | 0.04% |
| GOOGAlphabet Inc Class C | 2.36% | 2.49% | 0.13% |
| METAMeta Platform Inc | 2.12% | 2.22% | 0.10% |
| MUMicron Technology, Inc. | 1.64% | 1.59% | 0.05% |
| TSLATesla Motors Inc | 1.54% | 1.54% | 0.00% |
97.1% of SPY is already inside ILCB.
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, ILCB or SPY?
ILCB has an expense ratio of 0.03% while SPY charges 0.09%. ILCB is the cheaper option, by $6 a year on a $10,000 investment.
Which is riskier, ILCB or SPY?
SPY has been the more volatile fund at 14.7% annualized versus 14.6% for ILCB. Worst drawdown: ILCB -52.8% vs SPY -56.5%.
Should I hold both ILCB and SPY?
ILCB and SPY have a monthly-return correlation of 0.99, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between ILCB and SPY?
97.1% of SPY's money is in holdings ILCB also owns. 97.1% of SPY's is in holdings ILCB also owns. They hold 424 positions in common, counted across the 527 positions we hold weights for in ILCB and 504 in SPY.
Which pays a higher dividend, ILCB or SPY?
ILCB yields 0.96% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than ILCB?
ILCB has a lower expense ratio. ILCB led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.99. ILCB is less concentrated, with 37.4% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.