SFLR vs SPY
Innovator Equity Managed Floor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SFLR or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.95. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 38.8%.
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 | SFLR | SPY |
|---|---|---|
| Expense Ratio | 0.89% | 0.09%Best |
| AUM | $2.2B | $811.2B |
| Dividend Yield | 0.28% | 0.98% |
| Holdings | 576 | 1,515 |
| YTD Return | +7.58% | +14.77%Best |
| 1Y Return | +10.57% | +18.61%Best |
| 3Y Return (annualized) | +15.63% | +22.83%Best |
| 5Y Return (annualized) | - | +13.84% |
| Volatility (annualized) | 9.2%Best | 12.8% |
| Max Drawdown | -12.1%Best | -18.8% |
| $10,000 over 3.9 years | $17,930 | $21,787Best |
| Top 10 Weight | 38.8% | 38.2%Best |
| Fund Family | Innovator ETFs Trust | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 8, 2022 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.9 years row, are measured over the window both funds cover: Nov 9, 2022 to Oct 13, 2026 (3.9 years).
SFLR 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 3.9 years both funds cover.
SFLR vs SPY Performance
Innovator Equity Managed Floor ETF (SFLR) 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 SFLR returned +10.57% while SPY returned +18.61%. Year to date, SFLR is up 7.58% versus a gain of 14.77% for SPY.
Over three years, SFLR compounded at +15.63% per year against +22.83% for SPY. Across the full 4-year window we track, SPY has the edge at +22.10% annualized vs +16.15%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.8% compared with 9.2% for SFLR. 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 -12.1% for SFLR and -18.8% 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
SFLR 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, SFLR currently yields 0.28% against 0.98% for SPY.
Holdings Overlap
91.2% of SFLR's money is in holdings SPY also owns. 68.1% of SPY's money is in holdings SFLR also owns.
Most of SFLR is already inside SPY. Owning both mostly buys the same companies twice.
128 positions in common, counted across the 183 positions we hold weights for in SFLR and 504 in SPY, against full books of 576 and 1,515.
What only one of them owns
Our book lists 369 positions for SPY that do not appear in our book for SFLR (31.2% of the fund), and 50 for SFLR that do not appear in SPY (5.7%).
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 SFLR | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.89% | 7.78% | 0.11% |
| AAPLApple, Inc | 7.47% | 7.45% | 0.02% |
| MSFTMicrosoft Corp | 5.42% | 5.71% | 0.29% |
| AMZNAmazon.Com Inc | 3.91% | 3.78% | 0.13% |
| GOOGLAlphabet Inc,class A | 3.06% | 3.12% | 0.06% |
| AVGOBroadcom Inc | 2.72% | 2.48% | 0.24% |
| GOOGAlphabet Inc. C | 2.63% | 2.49% | 0.14% |
| METAMeta Platforms Inc | 2.04% | 2.22% | 0.18% |
| MUMicron Technology, Inc. | 1.99% | 1.59% | 0.40% |
| TSLATesla Inc | 1.61% | 1.54% | 0.07% |
91.2% of SFLR 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, SFLR or SPY?
SFLR 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, SFLR or SPY?
Over the past year SFLR returned +10.57% vs +18.61% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), SFLR annualized +16.15% vs +22.10% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SFLR or SPY?
SPY has been the more volatile fund at 12.8% annualized versus 9.2% for SFLR. Worst drawdown: SFLR -12.1% vs SPY -18.8%.
Should I hold both SFLR and SPY?
SFLR 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 SFLR and SPY?
91.2% of SFLR's money is in holdings SPY also owns. 68.1% of SPY's is in holdings SFLR also owns. They hold 128 positions in common, counted across the 183 positions we hold weights for in SFLR and 504 in SPY.
Which pays a higher dividend, SFLR or SPY?
SFLR yields 0.28% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than SFLR?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.95. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 38.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.