IQSZ vs SPY
Invesco Global Equity Net Zero ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IQSZ or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. IQSZ led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.95. IQSZ is less concentrated, with 26.2% 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 | IQSZ | SPY |
|---|---|---|
| Expense Ratio | 0.19% | 0.09%Best |
| AUM | $175M | $823.2B |
| Dividend Yield | 1.56% | 0.99% |
| Holdings | 981 | 1,515 |
| YTD Return | +14.71%Best | +13.53% |
| 1Y Return | +21.85%Best | +17.47% |
| 3Y Return (annualized) | - | +22.36% |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 11.1%Best | 11.9% |
| Max Drawdown | -9.1% | -8.9%Best |
| $10,000 over 1.2 years | $12,914Best | $12,395 |
| Top 10 Weight | 26.2%Best | 38.2% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 16, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jul 16, 2025 to Oct 14, 2026 (1.2 years).
IQSZ 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 1.2 years both funds cover.
IQSZ vs SPY Performance
Invesco Global Equity Net Zero ETF (IQSZ) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year IQSZ returned +21.85% while SPY returned +17.47%. Year to date, IQSZ is up 14.71% 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 11.9% compared with 11.1% for IQSZ. 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 -9.1% for IQSZ 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 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IQSZ charges 0.19% per year while SPY charges 0.09%. On a $10,000 position that is $19 vs $9 annually, a gap of $10 per year that compounds over a long holding period. On income, IQSZ currently yields 1.56% against 0.99% for SPY.
Holdings Overlap
60.6% of IQSZ's money is in holdings SPY also owns. 74.1% of SPY's money is in holdings IQSZ also owns.
Most of SPY is already inside IQSZ. Owning both mostly buys the same companies twice.
173 positions in common, counted across the 455 positions we hold weights for in IQSZ and 504 in SPY, against full books of 981 and 1,515.
What only one of them owns
Our book lists 324 positions for SPY that do not appear in our book for IQSZ (25.0% of the fund), and 30 for IQSZ that do not appear in SPY (4.9%).
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 IQSZ | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 5.32% | 7.78% | 2.46% |
| AAPLApple, Inc | 4.86% | 7.45% | 2.59% |
| MSFTMicrosoft Corp | 3.51% | 5.71% | 2.20% |
| AMZNAmazon.Com Inc | 2.42% | 3.78% | 1.36% |
| GOOGLAlphabet Inc | 2.01% | 3.12% | 1.11% |
| AVGOBroadcom Inc | 1.55% | 2.48% | 0.93% |
| GOOGAlphabet Inc. C | 1.54% | 2.49% | 0.95% |
| METAMeta Platforms Inc | 1.52% | 2.22% | 0.70% |
| MUMicron Technology, Inc. | 1.32% | 1.59% | 0.27% |
| TSLATesla Inc | 0.97% | 1.54% | 0.57% |
74.1% of SPY is already inside IQSZ.
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, IQSZ or SPY?
IQSZ has an expense ratio of 0.19% while SPY charges 0.09%. SPY is the cheaper option, by $10 a year on a $10,000 investment.
Which performed better, IQSZ or SPY?
Over the past year IQSZ returned +21.85% vs +17.47% for SPY, so IQSZ leads on 1-year performance. Over the longest common window we track (1 years), IQSZ annualized +23.75% vs +19.59% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IQSZ or SPY?
SPY has been the more volatile fund at 11.9% annualized versus 11.1% for IQSZ. Worst drawdown: IQSZ -9.1% vs SPY -8.9%.
Should I hold both IQSZ and SPY?
IQSZ and SPY have a monthly-return correlation of 0.95, 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 IQSZ and SPY?
74.1% of SPY's money is in holdings IQSZ also owns. 74.1% of SPY's is in holdings IQSZ also owns. They hold 173 positions in common, counted across the 455 positions we hold weights for in IQSZ and 504 in SPY.
Which pays a higher dividend, IQSZ or SPY?
IQSZ yields 1.56% while SPY yields 0.99%, so IQSZ currently pays the higher dividend yield.
Is SPY better than IQSZ?
SPY has a lower expense ratio. IQSZ led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.95. IQSZ is less concentrated, with 26.2% 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.