Of course, simply measuring the volume of shares that trade hands for a particular ETF doesn't tell the whole story. All else equal, cheaper-priced funds tend to have more shares traded because investors can simply buy more for a given amount of money.
Dollar volume—which measures the number of shares traded multiplied by the share price—gives a more complete view of how much money is exchanging hands in a security.
At the top of the list, the picture doesn’t change with this new measure. SPY is still top dog, with $20.8 billion worth of shares trading hands each day. QQQ, IWM, EEM are also close to the top, with more than $3 billion worth of shares traded daily.
Impressively, FXI also makes the cut for this list, with almost $1.3 billion worth of shares trading each day despite only having $6.3 billion in assets.
The iShares MSCI Brazil ETF (EWZ) and the VanEck Vectors Gold Miners ETF (GDX), with dollar volumes of more than $1 billion each, are also punching far above their weight, thanks to strong popularity with traders.
Top 15 Dollar-Volume Leaders
|Ticker||Fund||30-Day Avg Dollar Volume|
|SPY||SPDR S&P 500 ETF Trust||20,706,721,382|
|QQQ||Invesco QQQ Trust||5,188,346,343|
|EEM||iShares MSCI Emerging Markets ETF||3,049,347,252|
|IWM||iShares Russell 2000 ETF||3,029,539,409|
|HYG||iShares iBoxx $ High Yield Corporate Bond ETF||1,641,843,996|
|EFA||iShares MSCI EAFE ETF||1,523,756,644|
|FXI||iShares China Large-Cap ETF||1,266,633,389|
|XLF||Financial Select Sector SPDR Fund||1,236,069,357|
|EWZ||iShares MSCI Brazil ETF||1,190,254,156|
|IVV||iShares Core S&P 500 ETF||1,120,904,372|
|GDX||VanEck Vectors Gold Miners ETF||1,034,360,072|
|LQD||iShares iBoxx $ Investment Grade Corporate Bond ETF||975,545,502|
|GLD||SPDR Gold Trust||964,040,193|
|XLI||Industrial Select Sector SPDR Fund||929,890,771|
|DIA||SPDR Dow Jones Industrial Average ETF Trust||928,141,695|