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INFL vs SPY

Comparison between HORIZON KINETICS INFLATION BENEFICIARIES ETF (INFL, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed INFL, delivering a return of +13.0% compared to +13.0%

INFL vs SPY - Performance Comparison

Key Characteristics

Financial metrics and valuation ratios

Net Assets
INFL
$1.50B
Winner
SPY
$781B
Expense Ratio
INFL
0.85%
Winner
SPY
0.09%
Max Drawdown
Winner
INFL
21.77%
SPY
56.47%
Sharpe Ratio
INFL
1.07
Winner
SPY
1.34
5Y Beta
Winner
INFL
0.68
SPY
1.00
P/E Ratio
INFL
39.74
Winner
SPY
28.84
Forward P/E
INFL
N/A
SPY
21.59
5Y Dividends CAGR
Winner
INFL
74.69%
SPY
6.00%
5Y EPS CAGR
INFL
N/A
SPY
25.26%
Debt to Equity
INFL
91.05%
Winner
SPY
31.47%
P/S Ratio
Winner
INFL
2.95
SPY
3.85
P/B Ratio
Winner
INFL
3.23
SPY
5.70

INFL vs SPY - Holdings Comparison

INFL and SPY have 5 common holdings. Overlap is 0.30%

INFL's top 25 holdings weight is 85.38%. SPY's top 25 holdings weight is 51.08%.

RankINFLSPY
#1
LANDBRIDGE CO LLC CLASS A SHARES (LB) - 6.95%
NVIDIA CORP (NVDA) - 7.50%
#2
WATERBRIDGE INFRASTRUCTURE LLC ORDINARY SHARES CLASS A (WBI) - 5.89%
APPLE INC (AAPL) - 6.58%
#3
WHEATON PRECIOUS METALS CORP (n/a) - 5.38%
MICROSOFT CORP (MSFT) - 4.29%
#4
PRAIRIESKY ROYALTY LTD (PREKF) - 5.07%
AMAZON.COM INC (AMZN) - 3.61%
#5
FRANCO-NEVADA CORP (n/a) - 4.71%
ALPHABET INC CLASS A (GOOGL) - 3.24%
#6
TEXAS PACIFIC LAND CORP (TPL) - 4.66%
BROADCOM INC (AVGO) - 2.77%
#7
VIPER ENERGY INC ORDINARY SHARES CLASS A (VNOM) - 4.42%
ALPHABET INC CLASS C (GOOG) - 2.58%
#8
INTERCONTINENTAL EXCHANGE INC (ICE) - 4.21%
MICRON TECHNOLOGY INC (MU) - 2.01%
#9
CAMECO CORP (n/a) - 3.98%
META PLATFORMS INC CLASS A (META) - 1.91%
#10
SINGAPORE EXCHANGE LTD (n/a) - 3.82%
TESLA INC (TSLA) - 1.83%
#11
OR ROYALTIES INC (OR) - 3.33%
ADVANCED MICRO DEVICES INC (AMD) - 1.47%
#12
PERMIAN BASIN ROYALTY TRUST (PBT) - 3.22%
ELI LILLY AND CO (LLY) - 1.47%
#13
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) - 3.15%
BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.42%
#14
DEUTSCHE BOERSE AG (n/a) - 2.86%
JPMORGAN CHASE & CO (JPM) - 1.36%
#15
CHENIERE ENERGY INC (LNG) - 2.85%
INTEL CORP (INTC) - 1.02%
#16
MIAMI INTERNATIONAL HOLDINGS INC (MIAX) - 2.75%
JOHNSON & JOHNSON (JNJ) - 0.95%
#17
CME GROUP INC CLASS A (CME) - 2.54%
APPLIED MATERIALS INC (AMAT) - 0.89%
#18
TOPAZ ENERGY CORP ORDINARY SHARES (n/a) - 2.34%
VISA INC CLASS A (V) - 0.88%
#19
TMX GROUP LTD (n/a) - 2.19%
EXXON MOBIL CORP (XOM) - 0.88%
#20
WHITEHAWK MINERALS CORP CLASS A (WHK) - 2.14%
LAM RESEARCH CORP (LRCX) - 0.84%
#21
EAGLEROCK LAND LLC CLASS A (EROK) - 1.94%
WALMART INC (WMT) - 0.77%
#22
BUNGE GLOBAL SA (BG) - 1.91%
CATERPILLAR INC (CAT) - 0.76%
#23
GLENCORE PLC (n/a) - 1.91%
CISCO SYSTEMS INC (CSCO) - 0.72%
#24
MARSH (MRSH) - 1.64%
ABBVIE INC (ABBV) - 0.69%
#25
JAPAN EXCHANGE GROUP INC (n/a) - 1.52%
COSTCO WHOLESALE CORP (COST) - 0.64%
Total Holdings48502

INFL vs SPY - Historical Returns

Returns include dividend reinvestment.

1M
INFL
-1.06%
Winner
SPY
-0.14%
3M
INFL
-3.80%
Winner
SPY
+8.54%
6M
INFL
+6.37%
Winner
SPY
+9.48%
1Y
Winner
INFL
+21.87%
SPY
+21.66%
5Y(CAGR)
INFL
+12.98%
Winner
SPY
+13.03%
10Y(CAGR)
INFL
N/A
SPY
+15.12%
Max(CAGR)
Winner
INFL
+15.15%
SPY
+8.52%

INFL vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

YearINFLSPY
2026+13.64%+10.64%
2025+16.90%+18.00%
2024+24.36%+25.59%
2023+3.96%+26.72%
2022+2.97%-18.64%
2021+24.78%+30.52%
2020N/A+17.28%
2019N/A+31.09%
2018N/A-5.24%
2017N/A+20.78%
2016N/A+13.59%
2015N/A+1.31%
2014N/A+14.56%
2013N/A+29.00%
2012N/A+14.17%
2011N/A+0.85%
2010N/A+13.14%
2009N/A+22.67%
2008N/A-36.25%
2007N/A+5.32%
2006N/A+13.85%
2005N/A+5.32%
2004N/A+10.75%
2003N/A+24.18%
2002N/A-22.42%
2001N/A-10.13%
2000N/A-8.84%
1999N/A+8.61%

INFL vs SPY Drawdown Comparison

The maximum drawdown for INFL was -21.30%, occurring on Sep 26, 2022. Recovery took 552 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current INFL drawdown is -7.79%. The current SPY drawdown is -0.77%.

RankINFLSPY
#1-21.30%
Apr 20, 2022 - Jul 2, 2024		-55.20%
Oct 9, 2007 - Aug 16, 2012
#2-15.56%
Nov 22, 2024 - May 20, 2025		-47.50%
Mar 24, 2000 - Oct 26, 2006
#3-12.19%
Mar 2, 2026 - Jun 24, 2026		-33.70%
Feb 19, 2020 - Aug 10, 2020
#4-8.15%
Nov 9, 2021 - Mar 2, 2022		-24.50%
Jan 3, 2022 - Dec 13, 2023
#5-7.17%
Nov 12, 2025 - Jan 9, 2026		-19.34%
Sep 20, 2018 - Apr 12, 2019
#6-6.49%
Jul 31, 2024 - Aug 19, 2024		-18.76%
Feb 19, 2025 - Jun 26, 2025
#7-5.94%
Jun 15, 2021 - Sep 2, 2021		-13.02%
Jul 20, 2015 - Apr 18, 2016
#8-5.49%
Jan 29, 2026 - Feb 11, 2026		-10.10%
Jan 26, 2018 - Aug 6, 2018
#9-4.78%
Oct 6, 2025 - Nov 11, 2025		-9.44%
Sep 2, 2020 - Nov 11, 2020
#10-4.70%
Feb 24, 2021 - Mar 10, 2021		-9.30%
Jan 19, 2000 - Mar 17, 2000
#11-4.56%
Mar 17, 2021 - Apr 6, 2021		-9.05%
Jul 19, 2007 - Oct 5, 2007
#12-4.52%
Jan 20, 2021 - Feb 5, 2021		-8.88%
Jan 27, 2026 - Apr 14, 2026
#13-4.26%
Aug 23, 2024 - Sep 19, 2024		-8.41%
Jul 16, 2024 - Sep 19, 2024
#14-4.17%
Sep 3, 2021 - Oct 13, 2021		-7.35%
Sep 14, 2012 - Jan 2, 2013
#15-3.59%
Jun 13, 2025 - Aug 22, 2025		-7.27%
Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between INFL and SPY is 0.95 which considered as a very strong positive correlation - the stocks move almost identically together.

0.95
-101

Dividend Comparison (1999 - 2026)

INFL vs SPY dividend yield comparison.

YearINFLSPY
20260.41%0.49%
20251.26%1.07%
20241.78%1.21%
20231.60%1.40%
20221.65%1.65%
20210.91%1.20%
20200.00%1.52%
20190.00%1.75%
20180.00%2.04%
20170.00%1.80%
20160.00%2.03%
20150.00%2.06%
20140.00%1.87%
20130.00%1.81%
20120.00%2.18%
20110.00%2.05%
20100.00%1.80%
20090.00%1.95%
20080.00%3.02%
20070.00%1.85%
20060.00%1.73%
20050.00%1.73%
20040.00%1.82%
20030.00%1.47%
20020.00%1.70%
20010.00%1.25%
20000.00%1.15%
19990.00%0.24%

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