SPYvsUMARETF Comparison
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State Street SPDR S&P 500 ETF Trust (SPY) belongs to the US Large Cap segment. Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) is part of the Options Strategies segment. Both ETFs have the same top 3 sector exposures: Technology, Finance and Consumer Non-Cyclicals. SPY is less expensive with a Total Expense Ratio (TER) of 0.0945%, versus 0.79% for UMAR. SPY is up 10.09% year-to-date (YTD) with +$16.26B in YTD flows. UMAR performs worse with 6.12% YTD performance, and +$64M in YTD flows. Run a side-by-side ETF comparison of SPY and UMAR below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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SPY vs UMAR performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/31/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SPY UMAR | +0.14%+0.21% | +3.86%+2.20% | +10.09%+6.12% | +19.44%+11.15% | +69.34%+39.43% | +82.61%+45.16% |
| Flows | SPY UMAR | +$14.61B-$11M | +$30.95B-$22M | +$16.26B+$64M | +$22.55B-$24M | +$69.43B+$82M | +$100.34B+$107M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SPY UMAR | +13.50%+5.22% | +12.87%+5.12% | +15.06%+6.77% | +17.00%+6.97% |
| Max drawdown | SPY UMAR | -4.46%-1.58% | -8.89%-3.74% | -18.74%-7.40% | -24.50%-8.87% |
| Max drawdown duration | SPY UMAR | 59d27d | 76d40d | 126d73d | 708d483d |
Trading data
SPY | UMAR | |
Last sale 8/3/2026 at 1:30 PM | $757.67 | $42.66 |
| Previous close 07/31/2026 | $747.03 | $42.46 |
| Consolidated volume 07/31/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of July 31, 2026
1-year trailing difference
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UMAR
is actively managed and doesn’t replicate an indexSPY | UMAR | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 8/3/2026 at 1:30 PM
Live
Closed
SPY | UMAR | |
|---|---|---|
| Last price | $757.67 | $42.66 |
| 1D performance | +1.42% | +0.46% |
| AuM | $795.31 B | $192.91 M |
| E/R | 0.0945% | 0.79% |
Characteristics
SPY | UMAR | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | State Street Investment Management | Innovator |
| Benchmark | S&P 500 Index | - |
| N° of holdings | 496 | 496 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 22, 1993 | March 2, 2020 |
| ESG | No | No |
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Exposure
Countries
SPY
USA
97.3%
Other
2.7%
UMAR
USA
98.39%
Other
1.61%
Sectors
SPY
Technology
45.7%
Finance
13.13%
Consumer Non-Cycl.
8.76%
Healthcare
8.66%
Industrials
7.93%
Other
15.81%
UMAR
Technology
46.3%
Finance
13.13%
Consumer Non-Cycl.
8.87%
Healthcare
8.77%
Industrials
8.04%
Other
14.89%
Diversification
SPY
Total weight of top 15 holdings out of 15
43.05%
UMAR
Total weight of top 15 holdings out of 15
43.5%
Top 15 holdings
Data as of June 30, 2026
SPY
NVIDIA Corp.
7.50%
Apple, Inc.
6.57%
Microsoft Corp.
4.29%
Amazon.com, Inc.
3.61%
Alphabet, Inc.
3.24%
Broadcom Inc.
2.77%
Alphabet, Inc.
2.58%
Micron Technology, Inc.
2.01%
Meta Platforms, Inc.
1.91%
Tesla, Inc.
1.83%
Eli Lilly & Co.
1.47%
Advanced Micro Devices, Inc.
1.47%
Berkshire Hathaway, Inc.
1.42%
JPMorgan Chase & Co.
1.36%
Intel Corp.
1.02%
UMAR
NVIDIA Corp.
7.59%
Apple, Inc.
6.66%
Microsoft Corp.
4.34%
Amazon.com, Inc.
3.66%
Alphabet, Inc.
3.28%
Broadcom Inc.
2.80%
Alphabet, Inc.
2.62%
Micron Technology, Inc.
2.04%
Meta Platforms, Inc.
1.94%
Tesla, Inc.
1.86%
Eli Lilly & Co.
1.49%
Advanced Micro Devices, Inc.
1.48%
Berkshire Hathaway, Inc.
1.44%
JPMorgan Chase & Co.
1.27%
Intel Corp.
1.03%
Frequently asked questions about SPY and UMAR
How have the SPY and UMAR ETFs performed in 2026?
As of July 31, 2026, SPY is up 10.09% year-to-date (YTD), while UMAR has returned 6.12%. That puts SPY better performer ahead so far this year.
Which ETF is attracting more investor money: SPY or UMAR?
Year-to-date, the SPY ETF saw +$16.26B in flows, compared to +$64M for UMAR.
Which ETF is more volatile: SPY or UMAR?
Over the past year, SPY had a volatility of 12.87%, while UMAR experienced 5.12%.
Which ETF is bigger: SPY or UMAR?
As of July 31, 2026, SPY holds $795.31 B in assets under management (AUM), while UMAR manages $192.91 M.
What sectors do the SPY and UMAR ETFs invest in?
SPY leans toward sectors like Technology, Finance and Consumer Non-Cyclicals. Meanwhile, UMAR focuses on Technology, Finance and Consumer Non-Cyclicals.
What are the top holdings of the SPY ETF and UMAR ETF?
SPY top holdings include NVIDIA Corp., Apple, Inc. and Microsoft Corp.. UMAR holds in its top three: NVIDIA Corp., Apple, Inc. and Microsoft Corp..
Which ETF is more diversified: SPY or UMAR?
SPY holds 501 securities with 43.05% of its assets in the top 15. UMAR has 503 securities and a top 15 weight of 43.5%.
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