ETF comparison

IUES vs SPY5

iShares S&P 500 EUR Hedged UCITS ETF (Acc)
IE00B3ZW0K18iShares
State Street® SPDR® S&P® 500 UCITS ETF (Dist)
IE00B6YX5C33State Street
Figures as of October 1, 2026 (IUES) · October 2, 2026 (SPY5)

The comparison in short

IUES (iShares S&P 500 EUR Hedged UCITS ETF (Acc), IE00B3ZW0K18) and SPY5 (State Street® SPDR® S&P® 500 UCITS ETF (Dist), IE00B6YX5C33) both track the S&P 500 index. SPY5 has the lower total expense ratio (TER): 0.03% a year against 0.20% for IUES, 0.17 percentage points less, or about 17 a year on 10,000 invested. SPY5 is the larger fund, with USD 44.4bn in assets against EUR 9.0bn for IUES. IUES reports 505 holdings and SPY5 505. 9 of the holdings published by IUES (top 10) and SPY5 (top 10) appear in both lists; measured on those published positions only, the overlap is at least 38.9%. Shared holdings include NVIDIA, APPLE, MICROSOFT, ALPHABET CLASS A and AMAZON.COM INC. In 2025, IUES returned +15.2% and SPY5 +17.6%, a gap of 2.4 percentage points. Over 10 years, IUES returned +12.3% a year and SPY5 +15.0% a year. Returns are in each share class's currency (EUR and USD), so part of the gap reflects exchange rates. IUES reinvests its income (accumulating), while SPY5 pays it out (distributing). IUES and SPY5 both hold the index securities directly (physical replication). Both are domiciled in Ireland. IUES and SPY5 both carry a risk indicator (SRRI) of 4 on the 1–7 scale. This is a factual comparison from the fund houses' documents, not investment advice.

Side by side

FigureIUESSPY5
ISINIE00B3ZW0K18IE00B6YX5C33
Exchange tickersIUES, IUSE, IBCFSPY5, SPX5
Fund houseiSharesState Street
Total expense ratio (TER)0.20%0.03%
Ongoing charges (KID)0.20%0.03%
Fund sizeEUR 9.0bnUSD 44.4bn
Launch dateSeptember 30, 2010March 19, 2012
ReplicationPhysicalPhysical
DomicileIrelandIreland
Distribution policyAccumulatingDistributing
Share class currencyEURUSD
Number of holdings505505
Risk indicator (SRRI)4 / 74 / 7
BenchmarkS&P 500 Index, 100% EURHedged Net ReturnS&P 500® Index

Performance

Calendar-year returns

YearIUESSPY5Difference
2025+15.2%+17.6%−2.4
2024+22.5%+24.7%−2.2
2023+22.4%+25.9%−3.5
2022−20.9%−18.4%−2.5
2021+27.0%+28.3%−1.3

Annualised returns

PeriodIUESSPY5Difference
1 year+12.8%+20.1%−7.3
3 years+20.1%+20.7%−0.6
5 years+10.6%+12.5%−1.9
10 years+12.3%+15.0%−2.7
Returns as published by each fund house, in each share class's currency and net of the fund's charges. The difference is in percentage points. Past performance does not predict future returns.

Holdings

9 of the holdings published by IUES (top 10) and SPY5 (top 10) appear in both lists; measured on those published positions only, the overlap is at least 38.9%. Shared holdings include NVIDIA, APPLE, MICROSOFT, ALPHABET CLASS A and AMAZON.COM INC.

Top 10 holdings of IUES

#HoldingWeight
1
NVIDIAIn both
8.47%
2
APPLEIn both
7.31%
3
MICROSOFTIn both
5.78%
4
AMAZON.COM INCIn both
3.70%
5
ALPHABET CLASS AIn both
3.01%
6
BROADCOM INCIn both
2.48%
7
META PLATFORMS CLASS AIn both
2.43%
8
ALPHABET CLASS CIn both
2.41%
9
MICRON TECHNOLOGYIn both
1.88%
10
ADVANCED MICRO DEVICESIn both
1.52%

Top 10 holdings of SPY5

#HoldingWeight
1
NVIDIA CorporationIn both
8.46%
2
Apple Inc.In both
7.30%
3
Microsoft CorporationIn both
5.76%
4
Amazon.com Inc.In both
3.69%
5
Alphabet Inc. Class AIn both
3.00%
6
Broadcom Inc.In both
2.47%
7
Meta Platforms Inc Class AIn both
2.42%
8
Alphabet Inc. Class CIn both
2.41%
9
Micron Technology Inc.In both
1.88%
10
Advanced Micro Devices Inc.In both
1.52%
Compare every published holding of IUES and SPY5 in the overlap checker

Sectors and countries

Largest sectors of IUES

  1. Information Technology40.4%
  2. Financials11.4%
  3. Communication9.9%
  4. Health Care9.1%
  5. Consumer Discretionary8.7%
  6. Industrials8.2%
+ 4 more

Largest sectors of SPY5

  1. Information Technology39.9%
  2. Financials11.4%
  3. Communication Services9.8%
  4. Health Care9.1%
  5. Consumer Discretionary8.6%
  6. Industrials8.1%
+ 5 more

Largest countries of IUES

  1. United States100.3%

Largest countries of SPY5

  1. United States100.0%

Frequently asked questions

What is the difference between IUES and SPY5?

IUES (iShares S&P 500 EUR Hedged UCITS ETF (Acc), IE00B3ZW0K18) and SPY5 (State Street® SPDR® S&P® 500 UCITS ETF (Dist), IE00B6YX5C33) both track the S&P 500 index. SPY5 has the lower total expense ratio (TER): 0.03% a year against 0.20% for IUES, 0.17 percentage points less, or about 17 a year on 10,000 invested. IUES reinvests its income (accumulating), while SPY5 pays it out (distributing). IUES and SPY5 both hold the index securities directly (physical replication). Both are domiciled in Ireland. The share class of IUES is in EUR, that of SPY5 in USD. This is a factual comparison from the fund houses' documents, not investment advice.

Which is cheaper, IUES or SPY5?

SPY5 has the lower total expense ratio (TER): 0.03% a year against 0.20% for IUES, 0.17 percentage points less, or about 17 a year on 10,000 invested. Their key information documents state ongoing charges of 0.20% for IUES and 0.03% for SPY5.

Which is bigger, IUES or SPY5?

SPY5 is the larger fund, with USD 44.4bn in assets against EUR 9.0bn for IUES.

Do IUES and SPY5 hold the same companies?

9 of the holdings published by IUES (top 10) and SPY5 (top 10) appear in both lists; measured on those published positions only, the overlap is at least 38.9%. Shared holdings include NVIDIA, APPLE, MICROSOFT, ALPHABET CLASS A and AMAZON.COM INC.

How did IUES and SPY5 perform in 2025?

In 2025, IUES returned +15.2% and SPY5 +17.6%, a gap of 2.4 percentage points. Over 10 years, IUES returned +12.3% a year and SPY5 +15.0% a year. Over the past year, IUES returned +12.8% and SPY5 +20.1%. Returns are in each share class's currency (EUR and USD), so part of the gap reflects exchange rates. Past performance does not predict future returns.

Are IUES and SPY5 accumulating or distributing?

IUES is accumulating: it reinvests its income in the fund. SPY5 is distributing: it pays its income out to investors.

Go further

Other comparisons

Figures are read from the documents each fund house publishes (product page, factsheet, key information document, holdings file) and refreshed weekly. Names and tickers identify the products; FundFacts API is independent of every fund house and index provider. This comparison is factual information, not investment advice or a recommendation to buy or sell either fund.