Are SPY and XBJA in the same category?

SPY is a stock ETF and XBJA is a buffer ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

Which returned more over the last year, SPY or XBJA?

In the year to Nov 4, 2026, with distributions reinvested, SPY returned +14.8% and XBJA +11.1%.

Which is cheaper, SPY or XBJA?

SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Across categories

SPY vs XBJA: Differences, Returns & Fees

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Over the year to Nov 4, 2026, SPY returned +14.8% to XBJA's +11.1%, and SPY charges 0.09% to XBJA's 0.79%.

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Net assets: $804.8bn on Nov 3, 2026 for SPDR S&P 500 ETF Trust, and $95m on Nov 4, 2026 for Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan.

SPY on its own →XBJA on its own →

At a glance

+14.8%

SPY total return, 1 year

+11.1%

XBJA total return, 1 year

0.09%

SPY expense ratio

0.79%

XBJA expense ratio

Pair scorecard

SPY costs 0.70 points a year less; their one-year returns differ by 3.7 points; SPY is far larger, $804.8bn against $94m.

SPY vs XBJA: Differences, Returns & Fees
Measure	SPY	XBJA
Return
Measure	SPY	XBJA
Total return, 1 year	+14.8%	+11.1%
Drawdown
Measure	SPY	XBJA
Index fall to the buffer		11.0%
Fund price fall to the buffer		9.3%
Benchmark
Measure	SPY	XBJA
What it tracks	S&P 500 Index	SPY
The outcome period
Measure	SPY	XBJA
Buffer left, in index points		9.0% of 9.0%
Days left in the period		57
Period ends		Dec 31, 2026
Cost and size
Measure	SPY	XBJA
Expense ratio	0.09%	0.79%
Net assets, as of Nov 3, 2026	$804.8bn	$94m
Holdings
Measure	SPY	XBJA
Holdings in common	not published
In the S&P 500, by weight	100%
Top ten holdings, share of the fund	37.3%

Method

Side by side

SPY SPDR S&P 500 ETF Trust XBJA Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan

Where it sits Stock ETF Buffer ETF

Issuer State Street Innovator

What it is Tracks the S&P 500 Defined outcome, 9% on SPY

Total return, 1 year +14.8% +11.1%

Its benchmark over the same days +14.8% (VOO) +13.6% (SPY)

Gap to its benchmark 0.0 pts vs VOO −2.5 pts vs SPY

Expense ratio 0.09% 0.79%

Holdings 504 not read by ETFIQ

Net assets, SPY as of Nov 3, 2026 and XBJA as of Nov 4, 2026 $804.8bn $95m

SPY and XBJA on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

Alert

About each fund

SPY

SPY tracks the S&P 500. Over the year to Nov 4, 2026 it returned +14.8% with distributions reinvested, against +14.8% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Nov 3, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 37.3%.

XBJA

SPY had already risen past this fund's cap of +11.9% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.6% as the period runs out.

The fund's price can fall 9.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.0% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Are SPY and XBJA in the same category?: SPY is a stock ETF and XBJA is a buffer ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, SPY or XBJA?: In the year to Nov 4, 2026, with distributions reinvested, SPY returned +14.8% and XBJA +11.1%.
Which is cheaper, SPY or XBJA?: SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

DDFD vs SPY DDFG vs SPY SPY vs XSEP AJUL vs SPY IVV vs XBJA VOO vs XBJA SPYM vs XBJA DDTL vs SPY

Where to next

SPY on its own →XBJA on its own →Hold both: look the portfolio through →Rankings →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

SPY filings on SEC EDGAR ↗

State Street website ↗

XBJA filings on SEC EDGAR ↗

Innovator page for XBJA ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, SPY against XBJA, data as of Nov 4, 2026. https://etfiq.com/compare/any/spy-vs-xbja

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