HEQQ vs SPY
HEQQ vs SPY
JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | HEQQ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $30M | $789.1B | |
| Dividend Yield | 0.10% | 1.01% | |
| Holdings | 106 | 505 | |
| YTD Return | +4.98% | +13.79% | |
| 1Y Return | +12.56% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 8.6% | 15.3% | |
| Max Drawdown | -7.6% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 26, 2025 | Jan 22, 1993 |
HEQQ vs SPY Performance
JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) is a ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HEQQ returned +12.56% while SPY returned +23.66%. Year to date, HEQQ is up 4.98% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 8.6% for HEQQ. 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 -7.6% for HEQQ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
HEQQ charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, HEQQ currently yields 0.10% against 1.01% for SPY.
Holdings Overlap
HEQQ and SPY share 83 holdings out of 518 unique holdings combined, representing a 51.0% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in HEQQ | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 8.39% | 7.31% | 1.08% |
| AAPL | 8.46% | 7.09% | 1.37% |
| MSFT | 5.36% | 4.43% | 0.93% |
| GOOG | Pro | Pro | Pro |
| AMZN | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| AMD | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| WMT | Pro | Pro | Pro |
See all 10 holdings HEQQ shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, HEQQ or SPY?
HEQQ has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, HEQQ or SPY?
Over the past year HEQQ returned +12.56% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), HEQQ annualized +16.51% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, HEQQ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 8.6% for HEQQ. Worst drawdown: HEQQ -7.6% vs SPY -56.5%.
Should I hold both HEQQ and SPY?
HEQQ and SPY have a monthly-return correlation of 0.91, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between HEQQ and SPY?
HEQQ and SPY share 83 common holdings with a 51.0% weight overlap. Combined, they hold 518 unique securities.
Which pays a higher dividend, HEQQ or SPY?
HEQQ yields 0.10% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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