Data as of Nov 4, 2026.
SPYM vs XBAP: Differences, Returns & Fees
Over the year to Nov 4, 2026, SPYM returned +14.8% to XBAP's +13.9%, and SPYM charges 0.02% to XBAP's 0.79%.
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Net assets: $181.7bn on Nov 3, 2026 for State Street SPDR Portfolio S&P 500 ETF, and $129m on Nov 4, 2026 for Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr.
Pair scorecard
SPYM costs 0.77 points a year less; their one-year returns differ by 0.9 points; SPYM is far larger, $181.7bn against $128m.
| Measure | SPYM | XBAP |
|---|---|---|
| Return | ||
| Total return, 1 year | +14.8% | +13.9% |
| Drawdown | ||
| Index fall to the buffer | 15.2% | |
| Fund price fall to the buffer | 10.0% | |
| Benchmark | ||
| What it tracks | S&P 500 Index | SPY |
| The outcome period | ||
| Buffer left, in index points | 9.0% of 9.0% | |
| Days left in the period | 147 | |
| Period ends | Mar 31, 2027 | |
| Cost and size | ||
| Expense ratio | 0.02% | 0.79% |
| Net assets, as of Nov 3, 2026 | $181.7bn | $128m |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 37.3% | |
Side by side
SPYM and XBAP on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
SPYM
SPYM 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 0.02% 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 506 positions, with the top ten at 37.3%.
SPY had already risen past this fund's cap of +15.0% 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 3.6% as the period runs out.
The fund's price can fall 10.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
Questions people ask
- Are SPYM and XBAP in the same category?
- SPYM is a stock ETF and XBAP 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, SPYM or XBAP?
- In the year to Nov 4, 2026, with distributions reinvested, SPYM returned +14.8% and XBAP +13.9%.
- Which is cheaper, SPYM or XBAP?
- SPYM is cheaper, by 0.77 percentage points a year. That is about $77 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
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ETFIQ, SPYM against XBAP, data as of Nov 4, 2026. https://etfiq.com/compare/any/spym-vs-xbap
ETFIQ. (Nov 4, 2026). SPYM against XBAP. Retrieved from https://etfiq.com/compare/any/spym-vs-xbap
[SPYM against XBAP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/spym-vs-xbap)
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