JRE vs SPY
Janus Henderson US Real Estate ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JRE or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. JRE led over 1Y, SPY over the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 66.1%.
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 | JRE | SPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.09%Best |
| AUM | $4M | $823.2B |
| Dividend Yield | 4.65% | 0.99% |
| Holdings | 25 | 1,515 |
| Volatility (annualized) | 18.5% | 15.6%Best |
| Max Drawdown | -31.7% | -24.5%Best |
| $10,000 over 5.1 years | $12,894 | $19,412Best |
| Top 10 Weight | 66.1% | 38.2%Best |
| Fund Family | Janus Henderson Investors | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | Jun 22, 2021 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 69 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. JRE has data through Aug 6, 2026 and SPY through Oct 14, 2026.
Volatility and max drawdown, and the $10,000 over 5.1 years row, are measured over the window both funds cover: Jun 23, 2021 to Aug 6, 2026 (5.1 years).
Risk: Volatility and Drawdowns
JRE has been the more volatile fund, with annualized monthly volatility of 18.5% compared with 15.6% for SPY. 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 -31.7% for JRE and -24.5% 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 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JRE charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, JRE currently yields 4.65% against 0.99% for SPY.
Holdings Overlap
69.1% of JRE's money is in holdings SPY also owns. 1.2% of SPY's money is in holdings JRE also owns.
The two portfolios partly overlap.
The two holdings books were reported 137 days apart, JRE as of Apr 30, 2026 and SPY as of Sep 14, 2026, so some of the difference between them is the time between the two reports rather than the funds.
12 positions in common, counted across the 24 positions we hold weights for in JRE and 504 in SPY, against full books of 25 and 1,515.
What only one of them owns
Our book lists 484 positions for SPY that do not appear in our book for JRE (97.9% of the fund), and 12 for JRE that do not appear in SPY (30.1%).
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 JRE | Weight in SPY | Difference |
|---|---|---|---|
| WELLWelltower, Inc. | 12.60% | 0.25% | 12.35% |
| PLDPrologis Inc | 12.18% | 0.19% | 11.99% |
| EQIXEquinix Inc. Real Estate Investment Trust | 9.50% | 0.15% | 9.35% |
| DLRDigital Realty Trust Inc. | 6.95% | 0.09% | 6.86% |
| VTRVentas Inc . | 5.80% | 0.07% | 5.73% |
| PSAPublic Storage | 4.74% | 0.07% | 4.67% |
| SPGSimon Property Group Inc | 4.39% | 0.10% | 4.29% |
| CBRECbre Services Inc | 3.37% | 0.06% | 3.31% |
| MAAMid-america Apartment Communities Inc | 3.28% | 0.02% | 3.26% |
| HLTHilton Worldwide Holdings Inc. | 2.55% | 0.11% | 2.44% |
69.1% of JRE is already inside SPY.
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, JRE or SPY?
JRE has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which is riskier, JRE or SPY?
JRE has been the more volatile fund at 18.5% annualized versus 15.6% for SPY. Worst drawdown: JRE -31.7% vs SPY -24.5%.
Should I hold both JRE and SPY?
JRE and SPY have a monthly-return correlation of 0.76, 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 JRE and SPY?
69.1% of JRE's money is in holdings SPY also owns. 1.2% of SPY's is in holdings JRE also owns. They hold 12 positions in common, counted across the 24 positions we hold weights for in JRE and 504 in SPY.
Which pays a higher dividend, JRE or SPY?
JRE yields 4.65% while SPY yields 0.99%, so JRE currently pays the higher dividend yield.
Is SPY better than JRE?
SPY has a lower expense ratio. JRE led over 1Y, SPY over the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 66.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.