Relative Intelligence · US Large-Cap Equity
How State Street SPDR S&P 500 ETF (SPY) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SPY alone. It places SPY (State Street SPDR S&P 500 ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where SPY stands in the market, and of the alternatives worth a closer look.
Period covered: SPY's full trading record, from January 1993 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page11 sections
Key findings
- Right nowBoth SPY and the total US stock market are within a few percent of a record high. At a glance ↓
- Fund or market?SPY rose 3.9% over the past 3 months, in line with the total US stock market, which rose 3.2%: a market move, not its own.
- Long termSPY turned $10,000 into $42,100 over the past decade, against $40,200 in the total US stock market. SPY's 10-year return of 321% puts it ahead of 92% of the ETFs with at least $100 million in assets with that much history. The total US stock market returned 302%. Growth of $10,000 ↓
- In a crashIn the Covid crash, SPY fell 33.7%, against 35.0% for the total US stock market. That was more than VUG (Vanguard Morningstar Growth ETF, 31.8%) but less than VTV (Vanguard Morningstar Value ETF, 36.4%). Crash tests ↓
- DiversificationAgainst the total US stock market, SPY has a correlation of 1.00 over 5 years, more closely than 99% of ETFs with at least $100 million in assets. Next to an index fund it is more of the same, not a cushion. SPY fell in 22 of the 25 months the total US stock market fell over the past 5 years: it usually fell with it. By year ↓
- Better options
- Same exposure, lower fee
- SPYM (State Street SPDR Portfolio S&P 500 ETF) tracks the same thing for 0.02% a year against SPY's 0.09%, and has kept pace over the past decade: about $70 less in fees on $10,000 over 10 years.
- Nearby categories and themes
- PVAL (Putnam Focused Large Cap Value ETF, US large-cap value) and RWL (Invesco S&P 500 Revenue ETF, US large-cap equity) earned more than SPY with less volatility over the past 5 years. PVAL returned 16.1% a year at 15.1% volatility, against 12.7% a year at 17.1%.
- Whole market
- Few investments have done better on both counts: only 11 of the 3,633 stocks and funds worth at least $500 million earned more than SPY with less volatility over the past 5 years, among them PVAL (Putnam Focused Large Cap Value ETF), RWL (Invesco S&P 500 Revenue ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund).
How much would $10,000 in SPY have grown?
This chart tracks a hypothetical $10,000 investment in SPY over the past 25 years, with dividends reinvested, alongside the same amount in investments that ended ahead of SPY over the same span and SPY's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 25 years rather than SPY's full 29 years, because most of its popular alternatives have not traded that long.
- Five of the eight other investments on the chart ended ahead of SPY, and RY finished highest, at $321,225.
Choose a period
From the end of September 2001 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 582 of the 1,326 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPY; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- RY$321,225+3,112% total · +14.9% a year
- QQQ$303,059+2,931% total · +14.6% a year
- IWF$147,031+1,370% total · +11.4% a year
- SPYG$142,125+1,321% total · +11.2% a year
- VTI$122,064+1,121% total · +10.5% a year
- SPY$114,557+1,046% total · +10.2% a year
- SPTM$113,215+1,032% total · +10.2% a year
- IWD$83,566+736% total · +8.9% a year
- SPYV$75,757+658% total · +8.4% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 904 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPY; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- CAH$49,682+397% total · +37.8% a year
- RY$23,646+136% total · +18.8% a year
- VLUE$22,395+124% total · +17.5% a year
- PVAL$21,761+118% total · +16.8% a year
- QQQ$21,295+113% total · +16.3% a year
- SPYG$20,007+100% total · +14.9% a year
- VUG$19,143+91.4% total · +13.9% a year
- SPY$19,000+90.0% total · +13.7% a year
- IWF$18,822+88.2% total · +13.5% a year
SPY at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- SPY's deepest decline since it began trading in 1993 was 55.2%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high.
- Over 29 full calendar years, SPY's best was 1997, when it returned 33.5%, and its worst was 2008, when it lost 36.8%. It lost money in six of those years.
- SPY is 1.3% below its all-time high.
The fund
- Issuer
- SPDR
- Began trading
- January 1993
- Expense ratio
- 0.09%per year
- Assets
- $823B
- Category
- Broad Market
Returns
- Past 1 year
- +15.8%total return
- Past 3 years
- +89.3%+23.7% a year
- Past 5 years
- +81.7%+12.7% a year
- Past 10 years
- +321%+15.5% a year
- Best calendar year
- +33.5%1997
- Worst calendar year
- −36.8%2008
- Losing years
- 6 of 29full calendar years
Risk
- Volatility
- 17.1%typical yearly swing, 5 years
- Sharpe ratio
- 0.79return per unit of risk, 5 years
- Worst decline ever
- −55.2%Oct 2007 to Mar 2009
- From its all-time high
- −1.3%below the peak
SPY against the whole market
Where SPY ranks among every stock and fund, and what across the market has done better.
How does SPY rank among all ETFs?
This section ranks SPY on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how SPY stacks up against its peers, these rankings show where it stands in the market as a whole.
- SPY's 10-year return ranks in the top 8% of the 958 ETFs with at least $100 million in assets with 10 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | SPY | Rank | Standing |
|---|---|---|---|
| 1-year return | +15.8% | 732 of 2,485 | top 29% |
| 3-year return | +89.3% | 362 of 1,949 | top 19% |
| 5-year return | +81.7% | 242 of 1,560 | top 16% |
| 10-year return | +321% | 80 of 958 | top 8% |
| Volatility, 5 years | 17.1% | 848 of 1,560 | bottom 47% |
| Sharpe ratio, 5 years | 0.79 | 363 of 1,560 | top 23% |
| Worst decline, past 10 years | −33.7% | 281 of 951 | top 30% |
What has beaten SPY on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). SPY sits where the dashed lines cross. Anything in the green box above and to the left earned more than SPY with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 11 ETFs worth at least $500 million sit in the green region: each earned more than SPY over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half SPY's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 35% less than SPY's 17.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.79 for SPY.
- None of SPY's popular alternatives made it, but PVAL (US large-cap value) did: 16.1% a year at 15.1% volatility, 12% less than SPY's 17.1%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to SPY; faint dots are 7 more of the 11 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than SPY?
Investments that beat SPY over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among SPY's popular alternatives, VTV matched SPY's return over the past 5 years (12.1% a year against 12.7%) with 20% less volatility.
- SPYM tracks the same thing for 0.02% a year against SPY's 0.09%, and has kept pace over the past decade: about $70 less in fees on $10,000 over 10 years.
- Looking beyond its popular alternatives, PVAL (US large-cap value) and RWL (US large-cap equity) earned more than SPY with less volatility over the past 5 years. PVAL returned 16.1% a year at 15.1% volatility, against 12.7% a year at 17.1%.
How this works
The table below lists investments that beat SPY over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks SPY's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than SPY follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than SPY's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× SPY's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than SPY's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with SPY?lower diversifies more | Expenseper year | |||
| SPYState Street SPDR S&P 500 ETF · this page | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 1.00 | 0.09% | ||
 VTIVanguard Morningstar Total Stock Market ETF · S&P 500 | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 1.00 | 0.03% | ||
| Popular alternativesbest 2 shownThe investments people most often weigh against SPY. 7 of 23 passed at least one test. | |||||||||
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Same exposure, lower expense ratio | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 1.00 | 0.03% | |
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Similar return, lower volatility | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.84 | 0.03% | |
| Same and neighboring categories, and shared themesbest 4 shownEverything else in US Large-Cap Equity and the categories next to it (US Total Market, US Large-Cap Value, US Large-Cap Growth, US Quality Equity), plus SPY's specific themes. 9 of 45 passed at least one test. | |||||||||
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher return in most periods | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.88 | 0.56% | |
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Higher return, similar volatilityHigher return in most periods | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.83 | 0.15% | |
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Higher return, lower volatility | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.91 | 0.39% | |
 QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Higher return in most periods | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.92 | 0.18% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 84 of 3,565 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, similar volatilityHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.59 | — | |
DIVBiShares Core Dividend ETF · Dividend & Income | Higher return, lower volatilityHigher return in most periods | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.86 | 0.05% | |
 CAHCardinal Health, Inc. · Health Care Distribution | On the frontierHigher return in most periods | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.29 | — | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatility | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.55 | 0.40% | |
IOOiShares Global 100 ETF · Global Equity | Higher return, similar volatilityHigher return in most periods | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.96 | 0.40% | |
GLDMSPDR Gold MiniShares Trust · Gold | Higher return, similar volatilityHigher Sharpe, smaller worst decline | +18.1% | 18.9% | 0.98 | −26.3% | — | 0.16 | 0.10% | |
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.83 | 0.31% | |
 WMWaste Management, Inc. · Environmental Services | Smaller losses in recent crashes | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.35 | — | |
What these numbers mean for SPY
- Annual return
- SPY returned 12.7% a year over the past 5 years with dividends reinvested, against 11.5% a year for the S&P 500. At that pace, $10,000 became about $18,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- SPY's volatility over the past 5 years was 17.1%, 1.0 times the S&P 500's 17.5%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPY's return lands within 17.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- SPY's Sharpe ratio over the past 5 years was 0.79, against 0.71 for the S&P 500, so SPY earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- SPY's worst fall from a peak to a low over the past 10 years was 33.7%, against 35.0% for the S&P 500. Losses and gains are not symmetric: climbing back from a 33.7% fall takes a 50.9% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, SPY's monthly returns had a correlation of 1.00 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against SPY instead: the lower it is, the more that option would diversify a SPY holding. Guide: Correlation and diversification →
Show all 11 stocks and funds worth at least $500 million that earned more than SPY with less volatility
Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with SPY | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.88 | 0.56% |
| 2 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.86 | 0.05% |
| 3 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.55 | 0.40% |
| 4 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.58 | 0.43% |
| 5 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.61 | 0.95% |
| 6 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.53 | 0.60% |
| 7 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Same or nearby category | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.91 | 0.39% |
| 8 | IUSInvesco RAFI Strategic US ETF · Broad Market | Whole market | +14.7% | 14.9% | 1.00 | −34.7% | — | 0.94 | 0.19% |
| 9 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.85 | 0.50% |
| 10 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.60 | 0.50% |
| 11 | VSLUApplied Finance Valuation Large Cap ETF · Broad Market | Whole market | +13.7% | 16.2% | 0.88 | −23.8% | — | 0.98 | 0.49% |
See everything that outperformed SPY →
SPY against its popular alternatives
The investments people most often weigh against SPY, compared period by period and year by year.
How do SPY's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at SPY, which divides the map into what did better or worse on each measure.
- Only SPYM was both more rewarding and calmer than SPY over the past 5 years, earning a higher annual return with lower volatility.
Green points earned more than SPY with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPYG State Street SPDR Portfolio S&P 500 Growth ETF | +13.3% | 21.5% |
| SPYM State Street SPDR Portfolio S&P 500 ETF | +12.8% | 16.9% |
| SPY This pageState Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| VV Vanguard Morningstar Large-Cap ETF | +12.3% | 17.3% |
| VUG Vanguard Morningstar Growth ETF | +12.3% | 22.5% |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | +12.3% | 16.9% |
| VTV Vanguard Morningstar Value ETF | +12.0% | 13.7% |
| SCHX Schwab U.S. Large-Cap ETF | +12.0% | 17.2% |
| IWF iShares Russell 1000 Growth ETF | +11.7% | 21.8% |
| EQWL Invesco S&P 100 Equal Weight ETF | +11.6% | 15.0% |
| SCHB Schwab U.S. Broad Market ETF | +11.6% | 17.3% |
| VTI Vanguard Morningstar Total Stock Market ETF | +11.5% | 17.5% |
| IWD iShares Russell 1000 Value ETF | +11.4% | 14.7% |
| SPYV State Street SPDR Portfolio S&P 500 Value ETF | +11.4% | 14.2% |
| VXUS Vanguard Total International Stock ETF | +8.3% | 16.4% |
| RSP Invesco S&P 500 Equal Weight ETF | +8.2% | 16.1% |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | +6.9% | 19.6% |
| IWM iShares Russell 2000 ETF | +5.2% | 22.4% |
| BND Vanguard Total Bond Market ETF | −0.4% | 6.1% |
Has SPY consistently beaten its popular alternatives?
This section compares SPY with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than SPY helps separate lasting outperformance from a single strong stretch.
- None of the 23 popular alternatives outperformed SPY in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was SPYG.
- SPYG outperformed SPY over all three long-term periods but in only one of the five short-term ones, so SPY has had the better of it lately.
A green cell means the alternative earned more than SPY over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| SPY State Street SPDR S&P 500 ETF (this page) | — | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | +321% | 17.1% | 0.79 | −33.7% | 0.09% | $823B | — |
| SPYG Broad MarketState Street SPDR Portfolio S&P 500 Growth ETF | 1/5 short3/3 long | −2.4% | +4.0% | +9.9% | +13.9% | +15.8% | +110% | +86.5% | +418% | 21.5% | 0.69 | −32.7% | 0.04% | $57B | 78% |
| VUG Broad MarketVanguard Morningstar Growth ETF | 0/5 short2/3 long | −2.5% | +4.0% | +8.2% | +9.8% | +10.2% | +100% | +78.6% | +419% | 22.5% | 0.63 | −35.6% | 0.03% | $392B | 73% |
| IWF Broad MarketiShares Russell 1000 Growth ETF | 0/5 short1/3 long | −3.0% | +2.6% | +3.3% | +4.1% | +4.0% | +87.7% | +74.1% | +416% | 21.8% | 0.62 | −32.7% | 0.18% | $125B | 77% |
| IWD Broad MarketiShares Russell 1000 Value ETF | 5/5 short0/3 long | +1.7% | +4.7% | +14.2% | +22.7% | +27.7% | +84.4% | +71.7% | +205% | 14.7% | 0.81 | −38.5% | 0.18% | $84B | 75% |
| VTV Broad MarketVanguard Morningstar Value ETF | 4/5 short0/3 long | +1.6% | +4.0% | +11.0% | +18.2% | +22.5% | +77.9% | +76.6% | +235% | 13.7% | 0.90 | −36.8% | 0.03% | $252B | 64% |
| EQWL Broad MarketInvesco S&P 100 Equal Weight ETF | 1/5 short0/3 long | +0.1% | +2.9% | +9.4% | +12.7% | +15.7% | +81.0% | +73.3% | +291% | 15.0% | 0.81 | −34.3% | 0.30% | $2.8B | 83% |
| SPYV Broad MarketState Street SPDR Portfolio S&P 500 Value ETF | 1/5 short0/3 long | +1.7% | +3.8% | +8.2% | +13.0% | +15.9% | +67.0% | +71.4% | +216% | 14.2% | 0.83 | −36.9% | 0.04% | $38B | 75% |
| RSP Broad MarketInvesco S&P 500 Equal Weight ETF | 1/5 short0/3 long | +1.5% | +2.0% | +6.7% | +13.3% | +15.5% | +65.4% | +48.6% | +211% | 16.1% | 0.57 | −39.0% | 0.20% | $98B | 74% |
| SPYM Broad MarketState Street SPDR Portfolio S&P 500 ETF | 0/5 short0/3 long | −0.5% | +3.9% | +9.1% | +13.5% | +15.9% | +89.8% | +82.5% | +324% | 16.9% | 0.80 | −33.9% | 0.02% | $184B | 100% |
| VV Broad MarketVanguard Morningstar Large-Cap ETF | 0/5 short0/3 long | −0.7% | +3.9% | +9.4% | +13.4% | +15.4% | +90.6% | +78.8% | +324% | 17.3% | 0.76 | −34.3% | 0.03% | $76B | 98% |
| VOO Broad MarketVanguard S&P 500 ETF | 0/5 short0/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 16.9% | 0.80 | −34.0% | 0.03% | $1.7T | 99% |
| IVV Broad MarketiShares Core S&P 500 ETF | 0/5 short0/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 17.0% | 0.80 | −33.9% | 0.03% | $880B | 100% |
| SCHX Broad MarketSchwab U.S. Large-Cap ETF | 0/5 short0/3 long | −0.8% | +3.6% | +8.7% | +13.0% | +15.1% | +89.1% | +76.6% | +317% | 17.2% | 0.75 | −34.3% | 0.03% | $74B | 99% |
| VONE Broad MarketVanguard Russell 1000 ETF | 0/5 short0/3 long | −0.6% | +3.7% | +8.6% | +13.0% | +15.2% | +88.5% | +75.9% | +312% | 17.2% | 0.75 | −34.7% | 0.06% | $12B | 98% |
| SPTM Broad MarketState Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 0/5 short0/3 long | −0.6% | +3.4% | +8.4% | +13.3% | +15.7% | +87.2% | +78.6% | +310% | 16.9% | 0.77 | −34.7% | 0.03% | $14B | 98% |
| IWB Broad MarketiShares Russell 1000 ETF | 0/5 short0/3 long | −0.6% | +3.7% | +8.6% | +12.9% | +15.1% | +87.7% | +75.1% | +309% | 17.2% | 0.74 | −34.6% | 0.15% | $49B | 98% |
| VTI Broad MarketVanguard Morningstar Total Stock Market ETF | 0/5 short0/3 long | −0.8% | +3.2% | +8.3% | +13.1% | +15.2% | +87.9% | +72.6% | +302% | 17.5% | 0.71 | −35.0% | 0.03% | $2.3T | 98% |
| ITOT Broad MarketiShares Core S&P Total U.S. Stock Market ETF | 0/5 short0/3 long | −0.8% | +3.2% | +8.2% | +13.1% | +15.2% | +88.0% | +72.7% | +301% | 17.4% | 0.72 | −35.0% | 0.03% | $96B | 98% |
| SCHB Broad MarketSchwab U.S. Broad Market ETF | 0/5 short0/3 long | −0.9% | +3.2% | +8.3% | +13.1% | +15.2% | +88.0% | +72.9% | +286% | 17.3% | 0.72 | −35.3% | 0.03% | $44B | 98% |
| MDY Broad MarketState Street SPDR S&P MIDCAP 400 ETF Trust | 0/5 short0/3 long | −0.2% | −2.2% | +0.1% | +9.9% | +13.1% | +58.0% | +39.8% | +172% | 19.6% | 0.44 | −42.2% | 0.23% | $26B | 66% |
| IWM Broad MarketiShares Russell 2000 ETF | 0/5 short0/3 long | −3.4% | −5.4% | −0.1% | +11.6% | +12.3% | +71.3% | +29.0% | +158% | 22.4% | 0.34 | −41.1% | 0.19% | $75B | 65% |
| VXUS InternationalVanguard Total International Stock ETF | 0/5 short0/3 long | −3.9% | +1.0% | +0.9% | +10.2% | +14.6% | +77.2% | +48.6% | +140% | 16.4% | 0.57 | −36.0% | 0.05% | $666B | 72% |
| BND BondsVanguard Total Bond Market ETF | 0/5 short0/3 long | −0.6% | −2.0% | −2.8% | −1.8% | −2.1% | +15.7% | −1.8% | +13.2% | 6.1% | -0.03 | −18.6% | 0.03% | $389B | — |
How did SPY do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where SPY ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SPY and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- Among its popular alternatives, VUG came out ahead of SPY most often, in 12 of the 21 years both traded.
- Ranked against its popular alternatives each year, SPY finished in the top quarter in three of 25 years and in the bottom quarter in one. In 2025, it ranked 7 of 19.
Newest year first. Green marks a year in which the fund came out ahead of SPY; gray means the two finished within a fraction of a point. The rank row places SPY among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of SPY | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SPY This pageState Street SPDR S&P 500 ETF | — | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% | +33.5% |
| Rank among alternatives | Top quarter in 3 of 25 | 7 of 19 | 7 of 19 | 7 of 19 | 11 of 19 | 4 of 19 | 10 of 19 | 7 of 19 | 7 of 19 | 7 of 19 | 12 of 19 | 4 of 19 | 6 of 19 | 14 of 19 | 11 of 19 | 5 of 18 | 15 of 18 | 11 of 16 | 10 of 16 | 10 of 15 | 5 of 14 | 9 of 13 | 7 of 10 | 7 of 9 | 6 of 9 | 6 of 8 | — | — | — | — |
| SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 13 of 25 | +22.1% | +36.0% | +30.0% | −29.4% | +32.0% | +33.4% | +30.8% | −0.1% | +27.3% | +6.9% | +5.1% | +14.8% | +32.5% | +14.3% | +4.6% | +16.3% | +37.0% | −37.4% | +10.9% | +9.0% | +2.8% | +5.4% | +28.4% | −32.1% | −25.9% | — | — | — | — |
| VUG Vanguard Morningstar Growth ETF | 12 of 21 | +19.4% | +32.7% | +46.8% | −33.1% | +27.4% | +40.2% | +37.0% | −3.3% | +27.8% | +6.2% | +3.3% | +13.6% | +32.6% | +17.1% | +1.8% | +17.1% | +36.3% | −38.0% | +12.8% | +9.0% | +4.8% | — | — | — | — | — | — | — | — |
| IWF iShares Russell 1000 Growth ETF | 12 of 25 | +18.3% | +33.1% | +42.6% | −29.3% | +27.4% | +38.3% | +35.9% | −1.7% | +29.9% | +7.0% | +5.5% | +12.7% | +33.2% | +15.2% | +2.3% | +16.6% | +36.5% | −38.1% | +11.5% | +8.8% | +4.7% | +6.1% | +30.3% | −28.1% | −20.9% | — | — | — | — |
| IWD iShares Russell 1000 Value ETF | 9 of 25 | +15.7% | +14.2% | +11.3% | −7.7% | +24.9% | +2.7% | +26.1% | −8.4% | +13.4% | +17.3% | −4.0% | +13.2% | +32.1% | +17.4% | +0.1% | +15.5% | +19.1% | −36.5% | −0.7% | +22.5% | +6.7% | +16.1% | +30.1% | −15.6% | −6.2% | — | — | — | — |
| VTV Vanguard Morningstar Value ETF | 4 of 21 | +15.3% | +16.0% | +9.3% | −2.1% | +26.5% | +2.3% | +25.7% | −5.5% | +17.1% | +17.1% | −1.0% | +13.2% | +33.1% | +15.2% | +1.1% | +14.5% | +19.9% | −35.9% | −0.1% | +22.4% | +7.2% | — | — | — | — | — | — | — | — |
| EQWL Invesco S&P 100 Equal Weight ETF | 8 of 19 | +17.6% | +19.1% | +19.5% | −11.5% | +28.3% | +13.9% | +29.5% | −6.3% | +24.4% | +13.3% | −2.3% | +15.1% | +37.3% | +11.8% | +3.0% | +13.8% | +20.1% | −33.3% | +9.2% | — | — | — | — | — | — | — | — | — | — |
| SPYV State Street SPDR Portfolio S&P 500 Value ETF | 8 of 25 | +13.2% | +12.3% | +22.2% | −5.3% | +24.9% | +1.4% | +31.6% | −9.0% | +15.4% | +17.2% | −3.2% | +12.2% | +31.8% | +17.3% | −0.8% | +15.4% | +17.3% | −36.3% | +1.5% | +21.8% | +5.3% | +13.3% | +25.3% | −18.0% | −5.6% | — | — | — | — |
| RSP Invesco S&P 500 Equal Weight ETF | 9 of 22 | +11.2% | +12.8% | +13.7% | −11.6% | +29.4% | +12.7% | +28.9% | −7.8% | +18.5% | +14.5% | −1.7% | +15.1% | +36.7% | +18.6% | +0.2% | +21.5% | +44.7% | −40.0% | +0.9% | +15.5% | +7.4% | +16.5% | — | — | — | — | — | — | — |
| SPYM State Street SPDR Portfolio S&P 500 ETF | 3 of 20 | +17.8% | +25.0% | +26.2% | −18.1% | +28.8% | +18.5% | +31.9% | −4.8% | +21.4% | +11.8% | +1.2% | +13.7% | +33.2% | +15.1% | +1.7% | +15.8% | +27.4% | −37.0% | +5.7% | +14.5% | — | — | — | — | — | — | — | — | — |
| VV Vanguard Morningstar Large-Cap ETF | 6 of 21 | +18.1% | +25.3% | +27.2% | −19.9% | +27.4% | +21.0% | +31.3% | −4.5% | +22.0% | +11.8% | +1.0% | +13.4% | +32.7% | +16.2% | +1.4% | +15.9% | +27.3% | −36.7% | +6.2% | +15.5% | +6.0% | — | — | — | — | — | — | — | — |
| SCHX Schwab U.S. Large-Cap ETF | 2 of 16 | +17.5% | +24.9% | +26.8% | −19.4% | +26.8% | +21.0% | +31.2% | −4.5% | +21.6% | +12.1% | +1.0% | +13.3% | +32.6% | +16.4% | +1.6% | +15.9% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 5 of 25 | +16.9% | +23.9% | +25.6% | −17.8% | +28.5% | +18.0% | +31.4% | −5.3% | +21.1% | +12.3% | +0.2% | +13.4% | +33.6% | +15.8% | +0.8% | +17.3% | +28.1% | −36.6% | +5.2% | +14.8% | +6.7% | +10.5% | +27.0% | −21.6% | −10.1% | — | — | — | — |
| VTI Vanguard Morningstar Total Stock Market ETF | 9 of 24 | +17.1% | +23.8% | +26.0% | −19.5% | +25.7% | +21.1% | +30.7% | −5.2% | +21.2% | +12.8% | +0.4% | +12.5% | +33.4% | +16.4% | +1.0% | +17.4% | +28.9% | −37.0% | +5.3% | +15.7% | +6.3% | +12.8% | +30.7% | −20.5% | — | — | — | — | — |
| SCHB Schwab U.S. Broad Market ETF | 3 of 16 | +16.9% | +23.9% | +26.1% | −19.4% | +25.8% | +19.6% | +29.5% | −6.1% | +20.0% | +14.7% | −0.7% | +11.5% | +31.8% | +14.8% | +1.0% | +16.3% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | 12 of 29 | +7.2% | +13.6% | +16.1% | −13.3% | +24.5% | +13.5% | +25.8% | −11.3% | +15.9% | +20.5% | −2.5% | +9.4% | +33.1% | +17.8% | −2.1% | +26.3% | +37.6% | −36.4% | +7.2% | +10.0% | +12.5% | +15.9% | +35.3% | −14.5% | −0.9% | +17.3% | +15.3% | +16.9% | +31.9% |
| IWM iShares Russell 2000 ETF | 12 of 25 | +12.7% | +11.4% | +16.8% | −20.5% | +14.5% | +20.0% | +25.4% | −11.1% | +14.6% | +21.6% | −4.5% | +5.0% | +38.7% | +16.7% | −4.4% | +26.9% | +28.5% | −34.2% | −1.8% | +18.3% | +4.5% | +18.0% | +47.4% | −20.3% | +1.8% | — | — | — | — |
| VXUS Vanguard Total International Stock ETF | 4 of 14 | +32.3% | +5.1% | +15.9% | −16.1% | +9.0% | +10.7% | +21.7% | −14.4% | +27.5% | +4.8% | −4.2% | −4.7% | +14.6% | +18.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| BND Vanguard Total Bond Market ETF | 4 of 18 | +7.1% | +1.4% | +5.7% | −13.1% | −1.9% | +7.7% | +8.8% | −0.1% | +3.6% | +2.5% | +0.6% | +5.8% | −2.1% | +3.9% | +7.9% | +6.2% | +3.6% | +6.9% | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How SPY has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were SPY's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents SPY's five deepest drawdowns since it began trading in 1993, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- The slowest recovery came after SPY fell 47.5% from March 2000 to October 2002; it did not regain that peak until October 2006, four years later.
Based on daily closing prices with dividends reinvested.
| During | SPY fell | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|
| 2008 financial crisis | −55.2% | Oct 2007 | Mar 2009 | 17 months | Aug 2012 | 3.4 years |
| Dot-com bust | −47.5% | Mar 2000 | Oct 2002 | 2.6 years | Oct 2006 | 4 years |
| Covid crash | −33.7% | Feb 2020 | Mar 2020 | 1 month | Aug 2020 | 5 months |
| 2022 bear market | −24.5% | Jan 2022 | Oct 2022 | 9 months | Dec 2023 | 14 months |
| Late-2018 sell-off | −19.4% | Sep 2018 | Dec 2018 | 3 months | Apr 2019 | 4 months |
How did SPY do in stock market crashes?
This section measures how far SPY and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
- Among its popular alternatives, BND held up best, falling less than SPY in all nine crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SPY.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPY This pageState Street SPDR S&P 500 ETF | — | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 3 of 9 | −3.0% | −31.3% | −31.3% | −20.6% | −6.4% | −13.4% | −16.3% | −2.6% | −51.3% | — |
| VUG Vanguard Morningstar Growth ETF | 2 of 9 | −3.5% | −33.7% | −31.8% | −22.3% | −6.2% | −15.2% | −18.3% | −2.0% | −50.7% | — |
| IWF iShares Russell 1000 Growth ETF | 2 of 9 | −3.4% | −31.2% | −31.5% | −21.9% | −6.4% | −13.4% | −18.2% | −2.0% | −51.2% | — |
| IWD iShares Russell 1000 Value ETF | 2 of 9 | −4.6% | −19.0% | −38.4% | −18.0% | −6.4% | −14.3% | −19.5% | −1.6% | −59.9% | — |
| VTV Vanguard Morningstar Value ETF | 3 of 9 | −4.0% | −17.0% | −36.4% | −17.3% | −6.5% | −11.6% | −18.8% | −1.1% | −59.2% | — |
| EQWL Invesco S&P 100 Equal Weight ETF | 5 of 9 | −4.0% | −23.0% | −34.2% | −18.1% | −5.9% | −15.0% | −15.2% | −2.3% | −49.3% | — |
| SPYV State Street SPDR Portfolio S&P 500 Value ETF | 2 of 9 | −4.3% | −17.9% | −36.6% | −18.5% | −6.4% | −12.6% | −19.4% | −1.7% | −58.4% | — |
| RSP Invesco S&P 500 Equal Weight ETF | 1 of 9 | −5.4% | −21.4% | −39.0% | −19.8% | −6.1% | −14.8% | −21.3% | −1.6% | −59.1% | — |
| SPYM State Street SPDR Portfolio S&P 500 ETF | 1 of 9 | −3.4% | −24.4% | −33.9% | −19.7% | −6.4% | −13.6% | −18.1% | −1.9% | −54.6% | — |
| VV Vanguard Morningstar Large-Cap ETF | 0 of 9 | −3.5% | −25.5% | −34.3% | −19.3% | −6.4% | −13.3% | −18.6% | −1.7% | −54.8% | — |
| SCHX Schwab U.S. Large-Cap ETF | 0 of 8 | −3.7% | −25.2% | −34.3% | −19.4% | −6.4% | −13.4% | −18.5% | −1.2% | — | — |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 0 of 9 | −3.8% | −24.1% | −34.7% | −20.2% | −6.3% | −13.5% | −18.8% | −2.0% | −54.7% | — |
| VTI Vanguard Morningstar Total Stock Market ETF | 0 of 9 | −4.0% | −25.2% | −35.0% | −20.0% | −6.3% | −14.1% | −19.5% | −1.9% | −55.5% | — |
| SCHB Schwab U.S. Broad Market ETF | 0 of 8 | −4.0% | −25.3% | −35.3% | −20.5% | −6.2% | −14.5% | −19.0% | −1.6% | — | — |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | 2 of 10 | −6.9% | −22.7% | −42.2% | −22.9% | −6.0% | −17.6% | −24.6% | −2.5% | −55.1% | −32.0% |
| IWM iShares Russell 2000 ETF | 1 of 9 | −7.1% | −26.8% | −40.8% | −25.7% | −5.5% | −21.5% | −27.2% | −2.9% | −58.4% | — |
| VXUS Vanguard Total International Stock ETF | 2 of 7 | −2.5% | −28.4% | −33.4% | −15.1% | −6.1% | −20.2% | −24.2% | — | — | — |
| BND Vanguard Total Bond Market ETF | 9 of 9 | 0.0% | −14.6% | −8.7% | −1.1% | −0.9% | −1.5% | −1.1% | −0.2% | −9.3% | — |
What diversifies SPY?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with SPY's. Because such investments tend not to fall at the same time, pairing SPY with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in SPY into DBMF would have cut the portfolio's volatility by 23% over the past 5 years for a small cut in its annual return (+13.7% for SPY alone, +13.4% for the mix).
- Among large ETFs, GLD, XLE and AMLP have moved largely independently of SPY over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, MCK and MPC have moved largely independently of SPY over the past 5 years, with correlations of 0.29 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which SPY lost money. The last two columns show a portfolio that is 80% SPY and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2008 | 2002 | 2001 | 2000 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPY State Street SPDR S&P 500 ETF (this page) | 1.00 | +81.7% | 0.79 | −18.2% | −4.6% | −36.8% | −21.6% | −11.7% | −9.8% | 15.7% | +13.7% |
| GLD CommoditiesSPDR Gold Shares | 0.16 | +126% | 0.96 | −0.8% | −1.9% | +4.9% | — | — | — | 13.5% | +15.0% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.29 | +177% | 0.93 | +64.4% | −18.2% | −39.0% | −14.8% | −18.2% | +24.4% | 14.9% | +16.1% |
| AMLP EnergyAlerian MLP ETF | 0.46 | +111% | 0.89 | +25.5% | −12.6% | — | — | — | — | 14.6% | +14.9% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.27 | +59.7% | 0.82 | +21.6% | — | — | — | — | — | 12.1% | +13.4% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.17 | +66.4% | 0.81 | +2.5% | −8.7% | −19.1% | — | — | — | 13.1% | +13.4% |
| IHE Broad MarketiShares U.S. Pharmaceuticals ETF | 0.49 | +81.2% | 0.80 | −4.9% | −7.8% | −14.8% | — | — | — | 14.3% | +13.6% |
| GDX MaterialsVanEck Gold Miners ETF | 0.28 | +181% | 0.73 | −9.0% | −8.8% | −26.1% | — | — | — | 16.4% | +17.3% |
| USO CommoditiesUnited States Oil Fund, LP | 0.01 | +176% | 0.73 | +29.0% | −19.6% | −56.3% | — | — | — | 14.7% | +16.8% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2008 | 2002 | 2001 | 2000 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPY State Street SPDR S&P 500 ETF (this page) | 1.00 | +81.7% | 0.79 | −18.2% | −4.6% | −36.8% | −21.6% | −11.7% | −9.8% | 15.7% | +13.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.29 | +479% | 1.55 | +54.1% | −24.5% | −39.6% | −8.3% | −2.5% | +108% | 14.9% | +18.8% |
| MCK Medical - DistributionMcKesson Corporation | 0.18 | +413% | 1.44 | +51.8% | −28.4% | −40.4% | −27.2% | +4.9% | +61.2% | 14.3% | +18.3% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.26 | +690% | 1.41 | +86.6% | −8.2% | — | — | — | — | 15.6% | +20.9% |
| ATI Manufacturing - Metal FabricationATI Inc. | 0.33 | +1,008% | 1.34 | +87.5% | −9.8% | −70.0% | −60.8% | +10.3% | −26.5% | 18.0% | +24.0% |
| CRS SteelCarpenter Technology Corporation | 0.41 | +1,082% | 1.30 | +29.5% | −29.2% | −72.1% | −50.7% | −18.9% | +34.3% | 18.9% | +24.6% |
Common questions
What was SPY's worst drawdown?
SPY's deepest decline since it began trading in 1993 was 55.2%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high.
What were SPY's best and worst years?
Over 29 full calendar years, SPY's best year was 1997, when it returned 33.5%. Its worst was 2008, with a return of -36.8%.
Is there a better investment than SPY?
Among SPY's popular alternatives, VTV matched SPY's return over the past 5 years (12.1% a year against 12.7%) with 20% less volatility. SPYM tracks the same thing for 0.02% a year against SPY's 0.09%, and has kept pace over the past decade: about $70 less in fees on $10,000 over 10 years.
Is SPY more volatile than the S&P 500?
No. SPY's volatility over the past 5 years was 17.1%, 1.0 times the S&P 500's 17.5%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPY's return lands within 17.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is SPY's Sharpe ratio?
SPY's Sharpe ratio over the past 5 years was 0.79, against 0.71 for the S&P 500, so SPY earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is SPY with the S&P 500?
Over the past 5 years, SPY's monthly returns had a correlation of 1.00 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against SPY instead: the lower it is, the more that option would diversify a SPY holding.
What are the best alternatives to SPY?
None of the 23 popular alternatives we compared outperformed SPY in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about SPY's strength than about its alternatives.
What diversifies SPY?
These had a low correlation with SPY over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.16), XLE (correlation 0.29) and AMLP (correlation 0.46); among large stocks, CAH (correlation 0.29), MCK (correlation 0.18) and MPC (correlation 0.26). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than SPY's. Returns within 0.5 points or 3% of SPY's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to SPY
SPYGState Street SPDR Portfolio S&P 500 Growth ETF
VUGVanguard Morningstar Growth ETF
IWFiShares Russell 1000 Growth ETF
IWDiShares Russell 1000 Value ETF- VTVVanguard Morningstar Value ETF
SPYVState Street SPDR Portfolio S&P 500 Value ETF
RSPInvesco S&P 500 Equal Weight ETF
SPYMState Street SPDR Portfolio S&P 500 ETF
VVVanguard Morningstar Large-Cap ETF- VOOVanguard S&P 500 ETF
IVViShares Core S&P 500 ETF
SCHXSchwab U.S. Large-Cap ETF