INTF vs. SPY

Last updated Aug 4, 2026

INTF (iShares International Equity Factor ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - INTF is a Foreign Large Cap Equities fund tracking the STOXX International Equity Factor Index (USD) (Net), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, INTF returned 9.68%/yr vs 15.09%/yr for SPY. Their 0.74 correlation means they have sometimes moved together and sometimes differently. INTF charges 0.16%/yr vs 0.09%/yr for SPY.

Performance

INTF vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Equity Factor ETF (INTF) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INTF achieves a 13.53% return, which is significantly higher than SPY's 11.70% return. Over the past 10 years, INTF has underperformed SPY with an annualized return of 9.68%, while SPY has yielded a comparatively higher 15.09% annualized return.

INTF

• 1D: 0.41%
• 1M: 2.13%
• 6M: 7.09%
• YTD: 13.53%
• 1Y: 28.76%
• 3Y*: 19.98%
• 5Y*: 10.56%
• 10Y*: 9.68%
• ALL TIME*: 7.98%

SPY

• 1D: 1.42%
• 1M: 1.73%
• 6M: 9.53%
• YTD: 11.70%
• 1Y: 23.22%
• 3Y*: 20.74%
• 5Y*: 13.05%
• 10Y*: 15.09%
• ALL TIME*: 10.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
INTF iShares International Equity Factor ETF	$7.17M	$9.22M	$11.65M
SPY State Street SPDR S&P 500 ETF	$38.19B	$36.17B	$39.59B

INTF vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INTF iShares International Equity Factor ETF	13.53%	35.50%	5.99%	18.25%	-12.31%	11.70%	2.83%	18.46%	-15.87%	28.46%
SPY State Street SPDR S&P 500 ETF	11.70%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between INTF and SPY is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.74

The correlation between INTF and SPY has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

INTF vs. SPY - Sectors Allocation Comparison

Sectors	INTF	SPY
Financial Services	28.3%	12.5%
Industrials	18.5%	7.6%
Technology	9.6%	36.9%
Healthcare	8.6%	9.4%
Consumer Cyclical	8.3%	8.9%
Basic Materials	6.1%	1.9%
Energy	5.7%	3.4%
Consumer Defensive	5.6%	4.8%
Utilities	3.8%	2.6%
Communication Services	2.9%	9.7%
Real Estate	2.2%	2.0%

Return for Risk

INTF vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INTF

INTF Risk / Return Rank: 80
INTF Sharpe Ratio Rank: 81
INTF Sortino Ratio Rank: 80
INTF Omega Ratio Rank: 78
INTF Calmar Ratio Rank: 77
INTF Martin Ratio Rank: 82

SPY

SPY Risk / Return Rank: 78
SPY Sharpe Ratio Rank: 78
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 77
SPY Calmar Ratio Rank: 74
SPY Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INTF vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Equity Factor ETF (INTF) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	INTF	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.82	+0.11
Sortino ratio: Return per unit of downside risk	2.68	2.50	+0.18
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	2.83	2.62	+0.21
Martin ratio: Return relative to average drawdown	11.36	11.20	+0.17

INTF vs. SPY - Sharpe Ratio Comparison

The current INTF Sharpe Ratio is 1.92, which is comparable to the SPY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of INTF and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INTF vs. SPY - Drawdown Comparison

The maximum INTF drawdown since its inception was -40.39%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for INTF and SPY.

Drawdown Indicators

	INTF	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-40.39%	-55.19%	+14.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-8.88%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-13.64%	-18.76%	+5.12%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-24.50%	-4.76%
Max Drawdown (10Y) Largest decline over 10 years	-40.39%	-33.72%	-6.67%
Current Drawdown Current decline from peak	-0.33%	0.00%	-0.33%
Average Drawdown Average peak-to-trough decline	-7.60%	-9.01%	+1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	2.08%	+0.46%

Volatility

INTF vs. SPY - Volatility Comparison

iShares International Equity Factor ETF (INTF) has a higher volatility of 4.20% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. This indicates that INTF's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INTF	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	3.84%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	10.23%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	12.87%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	17.19%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	17.96%	-0.94%

INTF vs. SPY - Expense Ratio Comparison

INTF has a 0.16% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

INTF vs. SPY - Dividend Comparison

INTF's dividend yield for the trailing twelve months is around 2.95%, more than SPY's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INTF iShares International Equity Factor ETF	2.95%	2.87%	3.53%	3.59%	2.81%	5.38%	2.06%	3.65%	2.62%	3.26%	1.66%	0.85%
SPY State Street SPDR S&P 500 ETF	0.99%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both INTF and SPY in my portfolio?

INTF and SPY have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INTF or SPY?

INTF has higher volatility (4.20%) compared to SPY (3.84%). In terms of maximum drawdown, INTF dropped -40.39% vs SPY's -55.19%.

Which ETF is better, INTF or SPY?

On 10-year performance, SPY leads with 15.09% vs 9.68% for INTF. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INTF or SPY?

Over the 10-year period, SPY has performed better with a 15.09% return vs 9.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INTF or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.16% for INTF.

Which ETF pays a higher dividend yield, INTF or SPY?

INTF has the higher dividend yield at 2.95%, compared with 0.99% for SPY.

What is the main difference between INTF and SPY?

INTF is categorized as Foreign Large Cap Equities, while SPY is S&P 500. INTF tracks STOXX International Equity Factor Index (USD) (Net), while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.16% for INTF and 0.09% for SPY.

Which has better risk-adjusted returns?

INTF currently has the higher Sharpe Ratio (1.92 vs 1.82), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.