# How State Street SPDR S&P 500 ETF (SPY) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/spy
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Both SPY and the total US stock market are within a few percent of a record high.
- **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 term:** SPY 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%.
- **In a crash:** In 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%).
- **Diversification:** Against 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.
- **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.

- Five of the eight other investments on the chart ended ahead of SPY, and RY finished highest, at $321,225.

## 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.

- 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.

- Type: ETF, Broad Market (Asset Management)
- Trading since: January 29, 1993
- Assets: $823B
- Expense ratio: 0.09%
- Volatility (5 years): 17.1%; Sharpe ratio: 0.79
- Worst decline ever: −55.2%, from October 9, 2007 to March 9, 2009; back at its high by August 16, 2012

| Period | SPY total return |
| --- | --- |
| 1 month | −0.6% |
| 3 months | +3.9% |
| 6 months | +9.1% |
| year to date | +13.5% |
| 1 year | +15.8% |
| 3 years | +89.3% |
| 5 years | +81.7% |
| 10 years | +321% |

## 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.

- 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.

| Measure | SPY | Rank |
| --- | --- | --- |
| 1-year return | +15.8% | 732 of 2,485 (top 30%) |
| 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 9%) |
| Volatility, 5 years | 17.1% | 848 of 1,560 (top 55%) |
| Sharpe ratio, 5 years | 0.79 | 363 of 1,560 (top 24%) |
| 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).

- 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%.

### Is there a better investment than SPY?

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.

- 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%.

The 11 strongest of 11 investments that beat SPY over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with SPY | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SPY: State Street SPDR S&P 500 ETF (this page) |  | +12.7% | 17.1% | 0.79 | −33.7% | +321% |  |  |
| PVAL: Putnam Focused Large Cap Value ETF | US Large-Cap Value | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.88 | Higher return, lower volatility; Higher return in most periods |
| DIVB: iShares Core Dividend ETF | Dividend & Income | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.86 | Higher return, lower volatility; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.55 | Higher return, lower volatility |
| FDL: First Trust Morningstar Dividend Leaders Index Fund | US Dividend Equity | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.58 | Higher return, lower volatility |
| EMLP: First Trust North American Energy Infrastructure Fund | Energy Infrastructure | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.61 | Higher return, lower volatility |
| GCOW: Pacer Global Cash Cows Dividend ETF | International | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.53 | Higher return, lower volatility |
| RWL: Invesco S&P 500 Revenue ETF | US Large-Cap Equity | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.91 | Higher return, lower volatility |
| IUS: Invesco RAFI Strategic US ETF | Broad Market | +14.7% | 14.9% | 1.00 | −34.7% | — | 0.94 | Higher return, lower volatility |
| DGT: State Street SPDR Global Dow ETF | International | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.85 | Higher return, lower volatility |
| IDOG: ALPS International Sector Dividend Dogs ETF | International | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.60 | Higher return, lower volatility |
| VSLU: Applied Finance Valuation Large Cap ETF | Broad Market | +13.7% | 16.2% | 0.88 | −23.8% | — | 0.98 | Higher return, lower volatility |

## 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.

- Only SPYM was both more rewarding and calmer than SPY over the past 5 years, earning a higher annual return with lower volatility.

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of SPY | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| SPY: State Street SPDR S&P 500 ETF (this page) | +15.8% | +89.3% | +81.7% | +321% |  |  | 0.79 |
| [SPYG](https://easycompare.io/research/spyg): State Street SPDR Portfolio S&P 500 Growth ETF | +15.8% | +110% | +86.5% | +418% | 1/5 short-term, 3/3 long-term |  | 0.69 |
| [VUG](https://easycompare.io/research/vug): Vanguard Morningstar Growth ETF | +10.2% | +100% | +78.6% | +419% | 0/5 short-term, 2/3 long-term |  | 0.63 |
| [IWF](https://easycompare.io/research/iwf): iShares Russell 1000 Growth ETF | +4.0% | +87.7% | +74.1% | +416% | 0/5 short-term, 1/3 long-term |  | 0.62 |
| [IWD](https://easycompare.io/research/iwd): iShares Russell 1000 Value ETF | +27.7% | +84.4% | +71.7% | +205% | 5/5 short-term, 0/3 long-term |  | 0.81 |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | +22.5% | +77.9% | +76.6% | +235% | 4/5 short-term, 0/3 long-term |  | 0.90 |
| EQWL: Invesco S&P 100 Equal Weight ETF | +15.7% | +81.0% | +73.3% | +291% | 1/5 short-term, 0/3 long-term |  | 0.81 |
| [SPYV](https://easycompare.io/research/spyv): State Street SPDR Portfolio S&P 500 Value ETF | +15.9% | +67.0% | +71.4% | +216% | 1/5 short-term, 0/3 long-term |  | 0.83 |
| [RSP](https://easycompare.io/research/rsp): Invesco S&P 500 Equal Weight ETF | +15.5% | +65.4% | +48.6% | +211% | 1/5 short-term, 0/3 long-term |  | 0.57 |
| [SPYM](https://easycompare.io/research/spym): State Street SPDR Portfolio S&P 500 ETF | +15.9% | +89.8% | +82.5% | +324% | 0/5 short-term, 0/3 long-term |  | 0.80 |
| [VV](https://easycompare.io/research/vv): Vanguard Morningstar Large-Cap ETF | +15.4% | +90.6% | +78.8% | +324% | 0/5 short-term, 0/3 long-term |  | 0.76 |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | +15.8% | +89.7% | +82.3% | +324% | 0/5 short-term, 0/3 long-term |  | 0.80 |
| [IVV](https://easycompare.io/research/ivv): iShares Core S&P 500 ETF | +15.8% | +89.7% | +82.3% | +324% | 0/5 short-term, 0/3 long-term |  | 0.80 |
| [SCHX](https://easycompare.io/research/schx): Schwab U.S. Large-Cap ETF | +15.1% | +89.1% | +76.6% | +317% | 0/5 short-term, 0/3 long-term |  | 0.75 |
| VONE: Vanguard Russell 1000 ETF | +15.2% | +88.5% | +75.9% | +312% | 0/5 short-term, 0/3 long-term |  | 0.75 |
| SPTM: State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | +15.7% | +87.2% | +78.6% | +310% | 0/5 short-term, 0/3 long-term |  | 0.77 |
| [IWB](https://easycompare.io/research/iwb): iShares Russell 1000 ETF | +15.1% | +87.7% | +75.1% | +309% | 0/5 short-term, 0/3 long-term |  | 0.74 |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | +15.2% | +87.9% | +72.6% | +302% | 0/5 short-term, 0/3 long-term |  | 0.71 |
| [ITOT](https://easycompare.io/research/itot): iShares Core S&P Total U.S. Stock Market ETF | +15.2% | +88.0% | +72.7% | +301% | 0/5 short-term, 0/3 long-term |  | 0.72 |
| [SCHB](https://easycompare.io/research/schb): Schwab U.S. Broad Market ETF | +15.2% | +88.0% | +72.9% | +286% | 0/5 short-term, 0/3 long-term |  | 0.72 |
| MDY: State Street SPDR S&P MIDCAP 400 ETF Trust | +13.1% | +58.0% | +39.8% | +172% | 0/5 short-term, 0/3 long-term |  | 0.44 |
| [IWM](https://easycompare.io/research/iwm): iShares Russell 2000 ETF | +12.3% | +71.3% | +29.0% | +158% | 0/5 short-term, 0/3 long-term |  | 0.34 |
| [VXUS](https://easycompare.io/research/vxus): Vanguard Total International Stock ETF | +14.6% | +77.2% | +48.6% | +140% | 0/5 short-term, 0/3 long-term |  | 0.57 |
| [BND](https://easycompare.io/research/bnd): Vanguard Total Bond Market ETF | −2.1% | +15.7% | −1.8% | +13.2% | 0/5 short-term, 0/3 long-term |  | -0.03 |

### 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.

- 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.

| Year | SPY |
| --- | --- |
| 2025 | +17.7% |
| 2024 | +24.9% |
| 2023 | +26.2% |
| 2022 | −18.2% |
| 2021 | +28.7% |
| 2020 | +18.3% |
| 2019 | +31.2% |
| 2018 | −4.6% |
| 2017 | +21.7% |
| 2016 | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | Market event |
| --- | --- | --- | --- | --- |
| −55.2% | October 9, 2007 | March 9, 2009 | August 16, 2012 | 2008 financial crisis |
| −47.5% | March 24, 2000 | October 9, 2002 | October 26, 2006 | dot-com bust |
| −33.7% | February 19, 2020 | March 23, 2020 | August 10, 2020 | Covid crash |
| −24.5% | January 3, 2022 | October 12, 2022 | December 13, 2023 | 2022 bear market |
| −19.4% | September 20, 2018 | December 24, 2018 | April 12, 2019 | late-2018 sell-off |

### 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.

- Among its popular alternatives, BND held up best, falling less than SPY in all nine crashes they both traded through.

| Crash | Dates | SPY fall |
| --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −3.4% |

### 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).

- 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.

| Investment | Correlation with SPY | 5Y return | Volatility | Sharpe | Rose in SPY's 6 down years |
| --- | --- | --- | --- | --- | --- |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.16 | +126% | 18.9% | 0.96 | 1 of 6 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.29 | +177% | 25.5% | 0.93 | 2 of 6 |
| AMLP: Alerian MLP ETF | 0.46 | +111% | 18.9% | 0.89 | 1 of 6 |
| DBMF: iMGP DBi Managed Futures Strategy ETF | -0.27 | +59.7% | 12.4% | 0.82 | 1 of 6 |
| DBA: Invesco DB Agriculture Fund | 0.17 | +66.4% | 13.8% | 0.81 | 1 of 6 |
| IHE: iShares U.S. Pharmaceuticals ETF | 0.49 | +81.2% | 16.8% | 0.80 | 0 of 6 |
| GDX: VanEck Gold Miners ETF | 0.28 | +181% | 38.2% | 0.73 | 0 of 6 |
| USO: United States Oil Fund, LP | 0.01 | +176% | 37.7% | 0.73 | 1 of 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.

## More research

- [State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) Performance, Alternatives and Market Rank](https://easycompare.io/research/spyg)
- [Vanguard Morningstar Growth ETF (VUG) Performance, Alternatives and Market Rank](https://easycompare.io/research/vug)
- [iShares Russell 1000 Growth ETF (IWF) Performance, Alternatives and Market Rank](https://easycompare.io/research/iwf)
- [iShares Russell 1000 Value ETF (IWD) Performance, Alternatives and Market Rank](https://easycompare.io/research/iwd)
- [Vanguard Morningstar Value ETF (VTV) Performance, Alternatives and Market Rank](https://easycompare.io/research/vtv)
- [State Street SPDR Portfolio S&P 500 Value ETF (SPYV) Performance, Alternatives and Market Rank](https://easycompare.io/research/spyv)
- [Invesco S&P 500 Equal Weight ETF (RSP) Performance, Alternatives and Market Rank](https://easycompare.io/research/rsp)
- [State Street SPDR Portfolio S&P 500 ETF (SPYM) Performance, Alternatives and Market Rank](https://easycompare.io/research/spym)
- [Vanguard Morningstar Large-Cap ETF (VV) Performance, Alternatives and Market Rank](https://easycompare.io/research/vv)
- [Vanguard S&P 500 ETF (VOO) Performance, Alternatives and Market Rank](https://easycompare.io/research/voo)
- [iShares Core S&P 500 ETF (IVV) Performance, Alternatives and Market Rank](https://easycompare.io/research/ivv)
- [Schwab U.S. Large-Cap ETF (SCHX) Performance, Alternatives and Market Rank](https://easycompare.io/research/schx)

## Explore further

- Full page with charts: https://easycompare.io/research/spy
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against SPY live: https://betterthanspy.com/?b=SPY&utm_source=easycompare&utm_medium=research