JSI vs SPY
JSI vs SPY
Janus Henderson Securitized Income 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 | JSI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $1.5B | $789.1B | |
| Dividend Yield | 6.26% | 1.01% | |
| Holdings | 547 | 505 | |
| YTD Return | +1.13% | +9.93% | |
| 1Y Return | +3.53% | +19.50% | |
| 3Y Return (annualized) | - | +19.33% | |
| 5Y Return (annualized) | - | +12.82% | |
| Volatility (annualized) | 2.6% | 15.3% | |
| Max Drawdown | -2.3% | -56.5% | |
| Fund Family | Janus Henderson Investors | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Nov 8, 2023 | Jan 22, 1993 |
JSI vs SPY Performance
Janus Henderson Securitized Income ETF (JSI) is a ETF from Janus Henderson Investors and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JSI returned +3.53% while SPY returned +19.50%. Year to date, JSI is up 1.13% versus a gain of 9.93% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.6% for JSI. 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 -2.3% for JSI 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 0.38. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JSI 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, JSI currently yields 6.26% against 1.01% for SPY.
Holdings Overlap
JSI and SPY share 0 holdings out of 661 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, JSI or SPY?
JSI 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, JSI or SPY?
Over the past year JSI returned +3.53% vs +19.50% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), JSI annualized +6.84% vs +8.74% for SPY. Past performance does not guarantee future results.
Which is riskier, JSI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.6% for JSI. Worst drawdown: JSI -2.3% vs SPY -56.5%.
Should I hold both JSI and SPY?
JSI and SPY have a monthly-return correlation of 0.38, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JSI and SPY?
JSI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 661 unique securities.
Which pays a higher dividend, JSI or SPY?
JSI yields 6.26% while SPY yields 1.01%, so JSI currently pays the higher dividend yield.
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