ICAP vs SPY
Comparison between INFRASTRUCTURE CAPITAL EQUITY INCOME ETF (ICAP, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed ICAP, delivering a return of +12.4% compared to +7.6%
ICAP vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
ICAP
$114M
Winner
SPY
$781B
Expense Ratio
ICAP
2.47%
Winner
SPY
0.09%
Max Drawdown
Winner
ICAP
34.14%
SPY
56.47%
Sharpe Ratio
ICAP
0.88
Winner
SPY
1.22
5Y Beta
Winner
ICAP
0.79
SPY
1.00
P/E Ratio
ICAP
28.85
Winner
SPY
28.78
Forward P/E
Winner
ICAP
11.75
SPY
21.25
5Y Dividends CAGR
ICAP
N/A
SPY
6.00%
5Y EPS CAGR
ICAP
6.19%
Winner
SPY
25.62%
Debt to Equity
ICAP
52.53%
Winner
SPY
31.92%
P/S Ratio
Winner
ICAP
1.84
SPY
3.76
P/B Ratio
Winner
ICAP
1.95
SPY
5.64
ICAP vs SPY - Holdings Comparison
ICAP and SPY have 48 common holdings. Overlap is -6.18%
ICAP's top 25 holdings weight is 83.62%. SPY's top 25 holdings weight is 51.74%.
| Rank | ICAP | SPY |
|---|---|---|
| #1 | AMAZON.COM INC (AMZN) - 5.79% | NVIDIA CORP (NVDA) - 7.89% |
| #2 | TOLL BROTHERS INC (TOL) - 5.63% | APPLE INC (AAPL) - 7.37% |
| #3 | BROADCOM INC (AVGO) - 5.57% | MICROSOFT CORP (MSFT) - 4.50% |
| #4 | BANK OF AMERICA CORP (BAC) - 5.17% | AMAZON.COM INC (AMZN) - 3.82% |
| #5 | LOCKHEED MARTIN CORP (LMT) - 4.88% | ALPHABET INC CLASS A (GOOGL) - 3.33% |
| #6 | CITIZENS FINANCIAL GROUP INC (CFG) - 4.86% | BROADCOM INC (AVGO) - 2.86% |
| #7 | D.R. HORTON INC (DHI) - 4.59% | ALPHABET INC CLASS C (GOOG) - 2.68% |
| #8 | LENNAR CORP CLASS A (LEN) - 4.01% | META PLATFORMS INC CLASS A (META) - 2.29% |
| #9 | CELSIUS HOLDINGS INC (CELH) - 3.98% | TESLA INC (TSLA) - 1.70% |
| #10 | KKR & CO INC ORDINARY SHARES (KKR) - 3.07% | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | MERCK & CO INC (MRK) - 2.94% | JPMORGAN CHASE & CO (JPM) - 1.42% |
| #12 | ENERGY TRANSFER LP (ET) - 2.92% | ELI LILLY AND CO (LLY) - 1.40% |
| #13 | NEXTERA ENERGY INC (NEE) - 2.87% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #14 | APOLLO GLOBAL MANAGEMENT INC (APO) - 2.56% | ADVANCED MICRO DEVICES INC (AMD) - 1.32% |
| #15 | ZIONS BANCORP NA (ZION) - 2.50% | EXXONMOBIL HOLDINGS CORP (XOM) - 0.92% |
| #16 | EXXON MOBIL CORP (XOM) - 2.48% | JOHNSON & JOHNSON (JNJ) - 0.91% |
| #17 | THE GOLDMAN SACHS GROUP INC (GS) - 2.43% | VISA INC CLASS A (V) - 0.90% |
| #18 | GE VERNOVA INC (GEV) - 2.42% | WALMART INC (WMT) - 0.76% |
| #19 | MICROSOFT CORP (MSFT) - 2.41% | INTEL CORP (INTC) - 0.75% |
| #20 | MORGAN STANLEY (MS) - 2.29% | APPLIED MATERIALS INC (AMAT) - 0.70% |
| #21 | XCEL ENERGY INC (XEL) - 2.13% | CISCO SYSTEMS INC (CSCO) - 0.68% |
| #22 | VISTRA CORP (VST) - 2.12% | MASTERCARD INC CLASS A (MA) - 0.66% |
| #23 | CHEVRON CORP (CVX) - 2.03% | ABBVIE INC (ABBV) - 0.66% |
| #24 | RTX CORP (RTX) - 1.99% | CATERPILLAR INC (CAT) - 0.65% |
| #25 | n/a (ADAMN) - 1.98% | LAM RESEARCH CORP (LRCX) - 0.64% |
| Total Holdings | 184 | 505 |
ICAP vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
ICAP
+0.21%
Winner
SPY
+0.63%
3M
ICAP
+0.60%
Winner
SPY
+4.46%
6M
ICAP
+3.50%
Winner
SPY
+7.67%
1Y
ICAP
+13.70%
Winner
SPY
+17.68%
5Y(CAGR)
ICAP
+7.63%
Winner
SPY
+12.42%
10Y(CAGR)
ICAP
N/A
SPY
+14.84%
Max(CAGR)
ICAP
+7.63%
Winner
SPY
+8.44%
ICAP vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | ICAP | SPY |
|---|---|---|
| 2026 | +5.56% | +8.63% |
| 2025 | +15.62% | +18.00% |
| 2024 | +13.42% | +25.59% |
| 2023 | +8.25% | +26.72% |
| 2022 | -11.04% | -18.64% |
| 2021 | +0.57% | +30.52% |
| 2020 | N/A | +17.28% |
| 2019 | N/A | +31.09% |
| 2018 | N/A | -5.24% |
| 2017 | N/A | +20.78% |
| 2016 | N/A | +13.59% |
| 2015 | N/A | +1.31% |
| 2014 | N/A | +14.56% |
| 2013 | N/A | +29.00% |
| 2012 | N/A | +14.17% |
| 2011 | N/A | +0.85% |
| 2010 | N/A | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
ICAP vs SPY Drawdown Comparison
The maximum drawdown for ICAP was -24.20%, occurring on Oct 30, 2023. Recovery took 560 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current ICAP drawdown is -1.93%. The current SPY drawdown is -2.57%.
| Rank | ICAP | SPY |
|---|---|---|
| #1 | -24.20% Apr 20, 2022 - Jul 15, 2024 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -20.30% Nov 29, 2024 - Jul 17, 2025 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -10.65% Feb 10, 2026 - Apr 17, 2026 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -5.92% Jan 14, 2022 - Mar 29, 2022 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -5.88% Jul 31, 2024 - Aug 23, 2024 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -5.36% Sep 18, 2025 - Nov 12, 2025 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -4.84% Oct 18, 2024 - Nov 11, 2024 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -4.10% Nov 12, 2025 - Nov 26, 2025 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -3.45% Jun 2, 2026 - Jun 10, 2026 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -3.18% Apr 22, 2026 - May 26, 2026 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -2.96% Aug 30, 2024 - Sep 13, 2024 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -2.73% Jul 24, 2025 - Aug 22, 2025 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -2.64% Jan 4, 2022 - Jan 14, 2022 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -2.26% Jul 17, 2024 - Jul 30, 2024 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -1.93% Apr 1, 2022 - Apr 19, 2022 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between ICAP and SPY is 0.94 which considered as a very strong positive correlation - the stocks move almost identically together.
0.94
-101
Dividend Comparison (1999 - 2026)
ICAP vs SPY dividend yield comparison.
| Year | ICAP | SPY |
|---|---|---|
| 2026 | 5.20% | 0.50% |
| 2025 | 8.89% | 1.07% |
| 2024 | 8.30% | 1.21% |
| 2023 | 8.65% | 1.40% |
| 2022 | 8.95% | 1.65% |
| 2021 | 0.00% | 1.20% |
| 2020 | 0.00% | 1.52% |
| 2019 | 0.00% | 1.75% |
| 2018 | 0.00% | 2.04% |
| 2017 | 0.00% | 1.80% |
| 2016 | 0.00% | 2.03% |
| 2015 | 0.00% | 2.06% |
| 2014 | 0.00% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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