Relative Intelligence · US Large-Cap Growth
How State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SPYG alone. It places SPYG (State Street SPDR Portfolio S&P 500 Growth 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 SPYG stands in the market, and of the alternatives worth a closer look.
Period covered: SPYG's full trading record, from October 2000 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 page12 sections
Key findings
- What you're buyingSPYG is a technology bet first: 54% of assets, versus 38% in the S&P 500. A correlation of 0.99 with VUG (Vanguard Morningstar Growth ETF) over 5 years: effectively the same bet as the larger fund. Consistency ↓
- Right nowAfter a 22.1% loss from February 2025 to April 2025, SPYG has bounced 23.0% off the low. SPYG sits 4.2% below its record high, and the S&P 500 is similarly close to its own. At a glance ↓
- Fund or market?SPYG rose 4.0% over the past 3 months, in line with the US large-cap growth ETF IWF (iShares Russell 1000 Growth ETF), which rose 2.6%. The S&P 500 rose 3.9%.
- Long termOver the past decade, SPYG returned 17.9% a year against 15.5% a year for the S&P 500 (418% in total against 321%). SPYG's 10-year return of 418% puts it ahead of 96% of the ETFs with at least $100 million in assets with that much history. The S&P 500 returned 321%. Growth of $10,000 ↓
- In a crashThe 2022 bear market took 31.3% off SPYG, against 24.5% for the S&P 500. That was more than SPMO (Invesco S&P 500 Momentum ETF, 22.7%) but less than QQQ (Invesco QQQ Trust, Series 1, 33.4%). SPYG fell further than the S&P 500 in two of the last three sell-offs, including the 2022 bear market (31.3% against 24.5%). Crash tests ↓
- DiversificationAgainst the S&P 500, SPYG has a correlation of 0.95 over 5 years, more closely than 91% of ETFs with at least $100 million in assets. Next to an index fund it is more of the same, not a cushion. When the S&P 500 had a down month, SPYG usually fell with it (18 of 22 months). By year ↓
- Better options
- Popular alternatives
- SPY (State Street SPDR S&P 500 ETF) matched SPYG's return over the past 5 years (12.7% a year against 13.3%) with 20% less volatility.
- Nearby categories and themes
- VLUE (iShares MSCI USA Value Factor ETF, US large-cap value) and PVAL (Putnam Focused Large Cap Value ETF, US large-cap value) earned more than SPYG with less volatility over the past 5 years. VLUE returned 15.9% a year at 18.4% volatility, against 13.3% a year at 21.5%.
- Versus the S&P 500
- The S&P 500 matched SPYG's return over the past 5 years (12.7% a year against 13.3%) with 20% less volatility.
How much would $10,000 in SPYG have grown?
This chart tracks a hypothetical $10,000 investment in SPYG over the past 23 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SPYG over the same span and SPYG'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 23 years rather than SPYG's full 25 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in SPYG at the end of September 2003 would have grown to $151,577 by September 2026, more than the $116,093 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of SPYG, and XLK finished highest, at $287,876.
Choose a period
From the end of September 2003 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. 358 of the 1,407 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPYG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- XLK$287,876+2,779% total · +15.7% a year
- QQQ$270,872+2,609% total · +15.4% a year
- RY$211,164+2,012% total · +14.2% a year
- TD$200,892+1,909% total · +13.9% a year
- CB$158,183+1,482% total · +12.8% a year
- SPYG$151,577+1,416% total · +12.5% a year
- IUSG$146,113+1,361% total · +12.4% a year
- SPY (S&P 500)$116,093+1,061% total · +11.2% a year
- RSP$105,488+955% total · +10.8% a year
- SPYV$78,277+683% total · +9.4% 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. 786 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPYG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- XLK$27,207+172% total · +22.2% a year
- SPMO$26,579+166% total · +21.6% a year
- VLUE$22,395+124% total · +17.5% a year
- PWB$22,086+121% total · +17.2% a year
- PVAL$21,761+118% total · +16.8% a year
- QQQ$21,295+113% total · +16.3% a year
- MGK$20,216+102% total · +15.1% a year
- SPYG$20,007+100% total · +14.9% a year
- IWY$19,869+98.7% total · +14.7% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
SPYG 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.
- SPYG's deepest decline since it began trading in 2000 was 67.6%, from October 2000 to March 2009. It took about five years from the low to climb back to its old high.
- Over 25 full calendar years, SPYG's best was 2009, when it returned 37.0%, and its worst was 2008, when it lost 37.4%. It lost money in five of those years.
- SPYG is 4.2% below its all-time high.
The fund
- Issuer
- SPDR
- Began trading
- October 2000
- Expense ratio
- 0.04%per year
- Assets
- $57B
- Category
- Broad Market
Returns
- Past 1 year
- +15.8%total return
- Past 3 years
- +110%+28.1% a year
- Past 5 years
- +86.5%+13.3% a year
- Past 10 years
- +418%+17.9% a year
- Best calendar year
- +37.0%2009
- Worst calendar year
- −37.4%2008
- Losing years
- 5 of 25full calendar years
Risk
- Volatility
- 21.5%typical yearly swing, 5 years
- Sharpe ratio
- 0.69return per unit of risk, 5 years
- Worst decline ever
- −67.6%Oct 2000 to Mar 2009
- From its all-time high
- −4.2%below the peak
SPYG against the whole market
Where SPYG ranks among every stock and fund, and what across the market has done better.
How does SPYG rank among all ETFs?
This section ranks SPYG 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 SPYG stacks up against its peers, these rankings show where it stands in the market as a whole.
- SPYG's 10-year return ranks in the top 4% of the 958 ETFs with at least $100 million in assets with 10 years of history.
- SPYG is among the more volatile ETFs: its price swings rank in the bottom 21% of the 1,560 ETFs with at least $100 million in assets, where the top is the calmest.
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 | SPYG | Rank | Standing |
|---|---|---|---|
| 1-year return | +15.8% | 725 of 2,485 | top 29% |
| 3-year return | +110% | 152 of 1,949 | top 8% |
| 5-year return | +86.5% | 193 of 1,560 | top 12% |
| 10-year return | +418% | 35 of 958 | top 4% |
| Volatility, 5 years | 21.5% | 1,229 of 1,560 | bottom 22% |
| Sharpe ratio, 5 years | 0.69 | 555 of 1,560 | top 36% |
| Worst decline, past 10 years | −32.7% | 243 of 951 | top 26% |
What has beaten SPYG 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). SPYG sits where the dashed lines cross. Anything in the green box above and to the left earned more than SPYG 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.
- Nine stocks and 36 ETFs worth at least $500 million sit in the green region: each earned more than SPYG over the past 5 years with smaller price swings. That is 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half SPYG's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 49% less than SPYG's 21.5%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.69 for SPYG. DXJ earned the most, 26.6% a year, while still swinging less than SPYG (19.1% against 21.5%).
- None of SPYG's popular alternatives made it, but PVAL (US large-cap value) did: 16.1% a year at 15.1% volatility, 30% less than SPYG's 21.5%.
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 SPYG; faint dots are 23 more of the 45 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 SPYG?
Investments that beat SPYG over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among SPYG's popular alternatives, SPY matched SPYG's return over the past 5 years (12.7% a year against 13.3%) with 20% less volatility.
- Looking beyond its popular alternatives, VLUE (US large-cap value) and PVAL (US large-cap value) earned more than SPYG with less volatility over the past 5 years. VLUE returned 15.9% a year at 18.4% volatility, against 13.3% a year at 21.5%.
- The S&P 500 matched SPYG's return over the past 5 years (12.7% a year against 13.3%) with 20% less volatility.
How this works
The table below lists investments that beat SPYG 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 SPYG'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 SPYG 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 SPYG'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× SPYG's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than SPYG'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 SPYG?lower diversifies more | Expenseper year | |||
| SPYGState Street SPDR Portfolio S&P 500 Growth ETF · this page | +13.3% | 21.5% | 0.69 | −32.7% | +418% | 1.00 | 0.04% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.95 | 0.09% | ||
| Popular alternativesbest 4 shownThe investments people most often weigh against SPYG. 4 of 22 passed at least one test. | |||||||||
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Higher return, similar volatilityHigher return in most periods | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.83 | 0.13% | |
 QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Higher return in most periods | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.97 | 0.18% | |
 XLKState Street Technology Select Sector SPDR ETF · Technology Equity | Higher return in most periods | +19.4% | 26.0% | 0.82 | −33.6% | +767% | 0.93 | 0.08% | |
| SPYState Street SPDR S&P 500 ETF · US Large-Cap Equity | Similar return, lower volatility | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.95 | 0.09% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in US Large-Cap Growth and US Large-Cap Equity and the categories next to it (US Growth Equity, US Large-Cap Value, US Mid-Cap Equity, US Total Market, US Quality Equity), plus SPYG's specific themes. 16 of 64 passed at least one test. | |||||||||
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Higher return, lower volatilityHigher return in most periods | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.72 | 0.15% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.74 | 0.15% | |
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Higher return, lower volatility | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.72 | 0.56% | |
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Similar return, lower volatility | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.65 | 0.05% | |
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Similar return, lower volatility | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.76 | 0.39% | |
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Similar return, lower volatility | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.89 | 0.12% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 224 of 3,547 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.47 | — | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return, lower volatilityHigher return in most periods | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.46 | 0.48% | |
 TDThe Toronto-Dominion Bank · Banks | Higher return, lower volatilityHigher return in most periods | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.44 | — | |
 GLDSPDR Gold Shares · Gold | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.08 | 0.40% | |
 ABBVAbbVie Inc. · Pharmaceuticals | Higher return, similar volatilityHigher return in most periods | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.07 | — | |
DFIVDimensional - International Value ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.47 | 0.27% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Similar return, lower volatility | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.35 | — | |
BFCBank First Corporation · Banks - Regional | Smaller losses in recent crashes | +19.0% | 27.3% | 0.78 | −39.8% | +496% | 0.21 | — | |
What these numbers mean for SPYG
- Annual return
- SPYG returned 13.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $18,600. 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
- SPYG's volatility over the past 5 years was 21.5%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPYG's return lands within 21.5% 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
- SPYG's Sharpe ratio over the past 5 years was 0.69, against 0.79 for the S&P 500, so SPYG earned less 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
- SPYG's worst fall from a peak to a low over the past 10 years was 32.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 32.7% fall takes a 48.5% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, SPYG's monthly returns had a correlation of 0.95 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 SPYG instead: the lower it is, the more that option would diversify a SPYG holding. Guide: Correlation and diversification →
Show all 45 stocks and funds worth at least $500 million that earned more than SPYG with less volatility
Out of 3,633 tested over 5 years. The strongest 31 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with SPYG | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.47 | — |
| 2 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.46 | 0.48% |
| 3 | TDThe Toronto-Dominion Bank · Banks | Whole market | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.44 | — |
| 4 | GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.08 | 0.40% |
| 5 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.47 | 0.27% |
| 6 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Same or nearby category | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.72 | 0.15% |
| 7 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.29 | — |
| 8 | NXTGFirst Trust Indxx NextG ETF · Technology | Whole market | +16.2% | 19.1% | 0.89 | −33.6% | +330% | 0.80 | 0.70% |
| 9 | GVALCambria Global Value ETF · International | Whole market | +14.4% | 18.7% | 0.82 | −46.8% | +173% | 0.43 | 0.68% |
| 10 | FFLCFidelity Fundamental Large Cap Core ETF · Broad Market | Whole market | +15.7% | 16.8% | 0.95 | −19.7% | — | 0.83 | 0.38% |
| 11 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.34 | 0.40% |
| 12 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.14 | — |
| 13 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.08 | — |
| 14 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.25 | — |
| 15 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.95 | 0.26% |
| 16 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.02 | 0.80% |
| 17 | ATOAtmos Energy Corporation · Gas Utilities | Whole market | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.30 | — |
| 18 | LLoews Corporation · Property & Casualty Insurance | Whole market | +14.3% | 19.2% | 0.80 | −48.5% | +180% | 0.25 | — |
| 19 | NINiSource Inc · Gas Utilities | Whole market | +15.1% | 20.3% | 0.80 | −30.9% | +158% | 0.33 | — |
| 20 | AMLPAlerian MLP ETF · Energy Equity | Whole market | +16.1% | 18.9% | 0.89 | −72.9% | +91.0% | 0.29 | 1.01% |
| 21 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.93 | 0.40% |
| 22 | ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense | Whole market | +14.6% | 20.4% | 0.78 | −51.0% | +258% | 0.46 | 0.37% |
| 23 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.43 | 0.95% |
| 24 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.72 | 0.56% |
| 25 | MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy | Whole market | +18.6% | 19.7% | 0.97 | −64.6% | +186% | 0.34 | 0.45% |
| 26 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.98 | 0.45% |
| 27 | EWPiShares MSCI Spain ETF · Broad Market | Whole market | +19.2% | 20.3% | 0.97 | −46.4% | +196% | 0.38 | 0.50% |
| 28 | IUSInvesco RAFI Strategic US ETF · Broad Market | Whole market | +14.7% | 14.9% | 1.00 | −34.7% | — | 0.81 | 0.19% |
| 29 | VFMFVanguard U.S. Multifactor ETF · Broad Market | Whole market | +14.3% | 17.6% | 0.85 | −41.3% | — | 0.68 | 0.18% |
| 30 | DBJPXtrackers MSCI Japan Hedged Equity ETF · International | Whole market | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.60 | 0.45% |
| 31 | EWJViShares MSCI Japan Value ETF · International | Whole market | +14.9% | 18.2% | 0.86 | −30.1% | — | 0.43 | 0.15% |
SPYG against its popular alternatives
The investments people most often weigh against SPYG, compared period by period and year by year.
How do SPYG'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 SPYG, which divides the map into what did better or worse on each measure.
- Only SPMO was both more rewarding and calmer than SPYG over the past 5 years, earning a higher annual return with lower volatility.
- Nine of the 18 popular alternatives earned less than SPYG over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, SPYG returned 13.3% a year, more than the S&P 500's 12.7%, with higher volatility (21.5% against 17.1%).
Green points earned more than SPYG 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 |
|---|---|---|
| XLK State Street Technology Select Sector SPDR ETF | +19.4% | 26.0% |
| SPMO Invesco S&P 500 Momentum ETF | +18.7% | 20.8% |
| PWB Invesco Large Cap Growth ETF | +14.8% | 22.2% |
| QQQ Invesco QQQ Trust, Series 1 | +14.5% | 23.0% |
| MGK Vanguard Morningstar Mega Cap Growth ETF | +13.5% | 23.0% |
| SPYG This pageState Street SPDR Portfolio S&P 500 Growth ETF | +13.3% | 21.5% |
| VOOG Vanguard S&P 500 Growth ETF | +13.2% | 21.6% |
| SCHG Schwab U.S. Large-Cap Growth ETF | +13.2% | 22.4% |
| IWY iShares Russell Top 200 Growth ETF | +13.0% | 21.9% |
| IUSG iShares Core S&P U.S. Growth ETF | +12.9% | 21.2% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| FBCG Fidelity Blue Chip Growth ETF | +12.3% | 26.1% |
| VUG Vanguard Morningstar Growth ETF | +12.3% | 22.5% |
| VONG Vanguard Russell 1000 Growth ETF | +11.9% | 21.7% |
| SPYV State Street SPDR Portfolio S&P 500 Value ETF | +11.4% | 14.2% |
| FTC First Trust Large Cap Growth AlphaDEX Fund | +8.7% | 20.6% |
| TCHP T. Rowe Price Blue Chip Growth ETF | +8.4% | 23.7% |
| RSP Invesco S&P 500 Equal Weight ETF | +8.2% | 16.1% |
| RPG Invesco S&P 500 Pure Growth ETF | +7.0% | 24.6% |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | +3.6% | 21.7% |
Has SPYG consistently beaten its popular alternatives?
This section compares SPYG 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 SPYG helps separate lasting outperformance from a single strong stretch.
- Three of the 23 popular alternatives, XLK, SPMO and QQQ, outperformed SPYG in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- XLK outperformed SPYG in every long-term period and in all but one short-term period, the most consistent record in the group.
- SPMO and PWB earned more for the risk they took than SPYG (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than SPYG 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 | ||
| SPYG State Street SPDR Portfolio S&P 500 Growth ETF (this page) | — | −2.4% | +4.0% | +9.9% | +13.9% | +15.8% | +110% | +86.5% | +418% | 21.5% | 0.69 | −32.7% | 0.04% | $57B | — |
| XLK QualifiedState Street Technology Select Sector SPDR ETF | 4/5 short3/3 longAll-weather | −4.8% | +5.7% | +20.3% | +29.0% | +29.3% | +131% | +143% | +767% | 26.0% | 0.82 | −33.6% | 0.08% | $125B | 54% |
| SPMO QualifiedInvesco S&P 500 Momentum ETF | 3/5 short3/3 long | −6.7% | −1.6% | +11.6% | +19.3% | +18.1% | +156% | +136% | +499% | 20.8% | 0.93 | −30.9% | 0.13% | $22B | 84% |
| QQQ QualifiedInvesco QQQ Trust, Series 1 | 3/5 short2/3 long | −3.2% | +3.2% | +11.2% | +17.4% | +17.9% | +106% | +97.2% | +553% | 23.0% | 0.71 | −35.1% | 0.18% | $492B | 86% |
| PWB Broad MarketInvesco Large Cap Growth ETF | 2/5 short2/3 long | −5.2% | −0.6% | +6.7% | +19.2% | +20.2% | +130% | +99.6% | +409% | 22.2% | 0.74 | −32.4% | 0.55% | $2.7B | — |
| QQQM Broad MarketInvesco NASDAQ 100 ETF | 3/5 short1/3 long | −3.2% | +3.3% | +11.2% | +17.5% | +18.0% | +106% | +98.0% | — | 22.9% | 0.71 | −35.0% | 0.15% | $110B | 86% |
| MGK TechnologyVanguard Morningstar Mega Cap Growth ETF | 1/5 short1/3 long | −2.6% | +4.7% | +9.8% | +10.8% | +11.9% | +104% | +88.2% | +464% | 23.0% | 0.67 | −36.0% | 0.05% | $35B | 89% |
| IWY Broad MarketiShares Russell Top 200 Growth ETF | 0/5 short1/3 long | −3.1% | +3.1% | +4.0% | +4.7% | +4.7% | +90.1% | +83.8% | +466% | 21.9% | 0.67 | −32.7% | 0.20% | $16B | 94% |
| SCHG Broad MarketSchwab U.S. Large-Cap Growth ETF | 0/5 short1/3 long | −1.9% | +4.2% | +9.4% | +9.7% | +10.4% | +99.2% | +85.4% | +451% | 22.4% | 0.67 | −34.5% | 0.04% | $63B | 94% |
| FBCG Broad MarketFidelity Blue Chip Growth ETF | 0/5 short1/3 long | −4.2% | +1.7% | +6.0% | +11.1% | +14.0% | +114% | +78.6% | — | 26.1% | 0.58 | −43.5% | 0.57% | $7.6B | 92% |
| SPY Broad MarketState Street SPDR S&P 500 ETF | 1/5 short0/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | +321% | 17.1% | 0.79 | −33.7% | 0.09% | $823B | 78% |
| RPG Broad MarketInvesco S&P 500 Pure Growth ETF | 1/5 short0/3 long | −6.2% | −2.9% | +2.1% | +16.2% | +15.6% | +85.3% | +40.0% | +250% | 24.6% | 0.40 | −36.6% | 0.35% | $1.8B | 81% |
| 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 | 54% |
| 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 | 52% |
| VONG Broad MarketVanguard Russell 1000 Growth ETF | 0/5 short0/3 long | −3.0% | +2.6% | +3.4% | +4.2% | +4.1% | +88.3% | +75.1% | +422% | 21.7% | 0.63 | −32.7% | 0.06% | $56B | 95% |
| VUG Broad MarketVanguard Morningstar Growth ETF | 0/5 short0/3 long | −2.5% | +4.0% | +8.2% | +9.8% | +10.2% | +100% | +78.6% | +419% | 22.5% | 0.63 | −35.6% | 0.03% | $392B | 92% |
| IWF Broad MarketiShares Russell 1000 Growth ETF | 0/5 short0/3 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 | 95% |
| VOOG Broad MarketVanguard S&P 500 Growth ETF | 0/5 short0/3 long | −2.3% | +4.0% | +9.9% | +13.9% | +15.8% | +110% | +86.0% | +416% | 21.6% | 0.69 | −32.7% | 0.07% | $28B | 100% |
| IVW Broad MarketiShares S&P 500 Growth ETF | 0/5 short0/3 long | −2.4% | +4.0% | +9.8% | +13.8% | +15.7% | +109% | +85.3% | +413% | 21.5% | 0.68 | −32.7% | 0.18% | $77B | 99% |
| IUSG Broad MarketiShares Core S&P U.S. Growth ETF | 0/5 short0/3 long | −2.3% | +3.8% | +9.4% | +13.9% | +15.9% | +107% | +83.7% | +405% | 21.2% | 0.68 | −32.4% | 0.04% | $33B | 97% |
| FTC Broad MarketFirst Trust Large Cap Growth AlphaDEX Fund | 0/5 short0/3 long | −2.5% | −0.9% | +1.7% | +7.4% | +7.9% | +86.4% | +51.5% | +271% | 20.6% | 0.51 | −34.6% | 0.58% | $1.3B | 68% |
| VOT Broad MarketVanguard Morningstar Mid-Cap Growth ETF | 0/5 short0/3 long | −2.0% | −0.5% | +2.2% | +4.0% | +0.1% | +58.0% | +19.6% | +201% | 21.7% | 0.27 | −37.2% | 0.05% | $33B | 63% |
| CGGR Broad MarketCapital Group Growth ETF | 0/5 short0/3 long | −2.2% | +3.9% | +5.7% | +5.7% | +5.8% | +97.0% | — | — | — | — | −28.9% | 0.39% | $26B | 83% |
| TCHP Broad MarketT. Rowe Price Blue Chip Growth ETF | 0/5 short0/3 long | −2.8% | +2.7% | +1.3% | +1.5% | +2.4% | +86.0% | +49.8% | — | 23.7% | 0.46 | −42.3% | 0.57% | $2.1B | 95% |
How did SPYG do year by year?
This table shows each investment's total return in every full calendar year since 2001, along with where SPYG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SPYG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- SPYG finished ahead of the S&P 500 in 13 of its 25 full calendar years, and ahead of it in each of the last three.
- Ranked against its popular alternatives each year, SPYG finished in the top quarter in six of 25 years and in the bottom quarter in two. In 2025, it ranked 4 of 20.
- Among its popular alternatives, XLK came out ahead of SPYG most often, in 15 of the 25 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of SPYG; gray means the two finished within a fraction of a point. The rank row places SPYG among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of SPYG | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SPYG This pageState Street SPDR Portfolio S&P 500 Growth ETF | — | +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% |
| Rank among alternatives | Top quarter in 6 of 25 | 4 of 20 | 4 of 20 | 12 of 20 | 11 of 19 | 2 of 19 | 9 of 17 | 11 of 17 | 2 of 17 | 10 of 17 | 10 of 17 | 7 of 16 | 6 of 16 | 12 of 16 | 14 of 16 | 1 of 16 | 9 of 14 | 6 of 12 | 3 of 12 | 7 of 10 | 6 of 8 | 5 of 7 | 6 of 6 | 4 of 5 | 3 of 5 | 4 of 5 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 8 of 25 | +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% |
| XLK State Street Technology Select Sector SPDR ETF | 15 of 25 | +24.6% | +21.6% | +56.0% | −27.7% | +34.8% | +43.6% | +49.9% | −1.7% | +34.3% | +15.0% | +5.5% | +17.9% | +26.2% | +15.4% | +2.5% | +11.5% | +51.1% | −41.5% | +15.5% | +12.2% | −0.4% | +5.6% | +38.7% | −38.2% | −23.4% |
| SPMO Invesco S&P 500 Momentum ETF | 4 of 10 | +26.6% | +45.8% | +17.6% | −10.4% | +22.7% | +28.2% | +25.9% | −0.9% | +27.8% | +7.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| QQQ Invesco QQQ Trust, Series 1 | 13 of 25 | +20.8% | +25.6% | +54.9% | −32.6% | +27.4% | +48.6% | +39.0% | −0.1% | +32.7% | +7.1% | +9.4% | +19.2% | +36.6% | +18.1% | +3.4% | +19.9% | +54.7% | −41.7% | +19.0% | +7.2% | +1.6% | +10.5% | +49.7% | −37.4% | −33.4% |
| PWB Invesco Large Cap Growth ETF | 8 of 20 | +24.9% | +31.0% | +30.6% | −25.8% | +19.6% | +31.9% | +24.7% | +0.9% | +30.7% | +2.9% | +7.7% | +13.6% | +37.4% | +18.7% | +0.1% | +13.7% | +34.7% | −42.2% | +12.4% | +5.5% | — | — | — | — | — |
| MGK Vanguard Morningstar Mega Cap Growth ETF | 6 of 18 | +20.7% | +32.9% | +51.7% | −33.6% | +28.6% | +40.9% | +37.4% | −2.9% | +29.6% | +6.6% | +3.7% | +13.6% | +32.6% | +17.3% | +3.2% | +14.6% | +34.8% | −36.3% | — | — | — | — | — | — | — |
| IWY iShares Russell Top 200 Growth ETF | 5 of 16 | +18.2% | +34.9% | +46.5% | −29.9% | +31.1% | +39.0% | +36.2% | −0.7% | +31.7% | +6.9% | +7.9% | +13.4% | +32.4% | +14.6% | +4.6% | +11.9% | — | — | — | — | — | — | — | — | — |
| SCHG Schwab U.S. Large-Cap Growth ETF | 7 of 16 | +17.4% | +34.9% | +50.1% | −31.8% | +28.1% | +39.1% | +35.9% | −1.3% | +27.4% | +8.9% | +3.4% | +15.9% | +34.4% | +16.5% | −0.6% | +16.6% | — | — | — | — | — | — | — | — | — |
| FBCG Fidelity Blue Chip Growth ETF | 2 of 5 | +18.6% | +39.0% | +58.0% | −39.1% | +21.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| RPG Invesco S&P 500 Pure Growth ETF | 5 of 19 | +13.4% | +28.2% | +8.0% | −27.6% | +29.4% | +29.3% | +28.3% | −4.5% | +26.3% | +4.1% | +2.2% | +13.9% | +43.6% | +14.9% | +0.4% | +26.9% | +49.5% | −38.8% | +6.4% | — | — | — | — | — | — |
| SPYV State Street SPDR Portfolio S&P 500 Value ETF | 9 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% | — | — | — |
| VONG Vanguard Russell 1000 Growth ETF | 6 of 15 | +18.4% | +33.2% | +42.7% | −29.2% | +27.6% | +38.3% | +36.0% | −1.6% | +30.1% | +7.0% | +5.6% | +12.9% | +33.2% | +15.2% | +2.4% | — | — | — | — | — | — | — | — | — | — |
| VUG Vanguard Morningstar Growth ETF | 7 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% | — | — | — | — |
| VOOG Vanguard S&P 500 Growth ETF | 0 of 15 | +22.1% | +35.9% | +30.0% | −29.5% | +31.9% | +33.4% | +31.0% | −0.2% | +27.2% | +6.9% | +5.4% | +14.8% | +32.6% | +14.1% | +4.6% | — | — | — | — | — | — | — | — | — | — |
| IUSG iShares Core S&P U.S. Growth ETF | 8 of 25 | +21.2% | +34.7% | +29.3% | −28.8% | +31.3% | +32.6% | +30.6% | −0.8% | +27.0% | +7.3% | +5.0% | +12.4% | +34.0% | +14.9% | +1.9% | +17.3% | +36.8% | −38.6% | +11.3% | +9.3% | +5.1% | +6.4% | +30.3% | −28.0% | −20.7% |
| FTC First Trust Large Cap Growth AlphaDEX Fund | 3 of 18 | +15.9% | +26.6% | +20.7% | −23.3% | +24.4% | +33.3% | +28.1% | −6.0% | +25.3% | +2.6% | +4.3% | +14.3% | +37.8% | +10.1% | −2.8% | +23.5% | +28.9% | −40.6% | — | — | — | — | — | — | — |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 6 of 19 | +10.7% | +16.4% | +23.1% | −28.9% | +20.5% | +34.5% | +33.8% | −5.6% | +21.8% | +6.9% | −1.1% | +13.5% | +32.4% | +16.0% | −3.9% | +29.1% | +43.9% | −47.3% | +17.2% | — | — | — | — | — | — |
| CGGR Capital Group Growth ETF | 1 of 3 | +19.8% | +32.1% | +42.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| TCHP T. Rowe Price Blue Chip Growth ETF | 1 of 5 | +18.4% | +36.1% | +50.1% | −37.8% | +18.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How SPYG 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 SPYG's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents SPYG's five deepest drawdowns since it began trading in 2000, alongside the S&P 500's return over the same dates, 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.
- In four of SPYG's five worst declines, the S&P 500 held up better over the same dates.
- The slowest recovery came after SPYG fell 67.6% from October 2000 to March 2009; it did not regain that peak until December 2013, five years later.
Green means SPYG fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | SPYG fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Dot-com bust | −67.6% | −45.3% | Oct 2000 | Mar 2009 | 8.4 years | Dec 2013 | 4.8 years |
| 2022 bear market | −32.7% | −24.2% | Dec 2021 | Oct 2022 | 10 months | Mar 2024 | 17 months |
| Covid crash | −31.3% | −33.7% | Feb 2020 | Mar 2020 | 1 month | Jun 2020 | 3 months |
| No named crash | −22.1% | −18.8% | Feb 2025 | Apr 2025 | 2 months | Jun 2025 | 2 months |
| Late-2018 sell-off | −20.6% | −19.2% | Oct 2018 | Dec 2018 | 2 months | Apr 2019 | 4 months |
How did SPYG do in stock market crashes?
This section measures how far SPYG, the S&P 500 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.
Note: SPYG began trading on October 2, 2000, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- None of its popular alternatives fell less than SPYG in most of the crashes they both traded through.
- SPYG began trading after the dot-com bust, but two of its popular alternatives lived through it. The mildest fall among them was XLK's 82.0%, against 47.5% for the S&P 500.
- SPYG fell further than the S&P 500 in four of the nine crashes it has traded through. The clearest case was the 2022 bear market, when SPYG fell 31.3% and the S&P 500 fell 24.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SPYG.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPYG This pageState Street SPDR Portfolio S&P 500 Growth ETF | — | −3.0% | −31.3% | −31.3% | −20.6% | −6.4% | −13.4% | −16.3% | −2.6% | −51.3% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 4 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| XLK State Street Technology Select Sector SPDR ETF | 2 of 9 | −3.2% | −32.4% | −31.1% | −23.8% | −6.7% | −12.7% | −15.9% | −2.1% | −53.0% | −82.0% |
| SPMO Invesco S&P 500 Momentum ETF | 2 of 5 | −2.4% | −22.7% | −30.9% | −23.4% | −6.7% | — | — | — | — | — |
| QQQ Invesco QQQ Trust, Series 1 | 1 of 9 | −3.1% | −33.4% | −28.6% | −22.7% | −6.8% | −16.1% | −16.1% | −2.5% | −53.4% | −83.0% |
| PWB Invesco Large Cap Growth ETF | 2 of 9 | −3.6% | −29.1% | −32.4% | −20.5% | −6.4% | −13.8% | −20.7% | −2.0% | −52.6% | — |
| MGK Vanguard Morningstar Mega Cap Growth ETF | 1 of 8 | −3.3% | −33.9% | −31.2% | −22.6% | −6.3% | −15.0% | −16.8% | −2.0% | — | — |
| IWY iShares Russell Top 200 Growth ETF | 3 of 8 | −3.1% | −31.5% | −30.8% | −22.2% | −6.5% | −12.3% | −15.8% | −2.3% | — | — |
| SCHG Schwab U.S. Large-Cap Growth ETF | 1 of 8 | −3.6% | −32.2% | −32.3% | −21.6% | −6.4% | −16.2% | −20.2% | −1.8% | — | — |
| FBCG Fidelity Blue Chip Growth ETF | 0 of 2 | −4.6% | −38.8% | — | — | — | — | — | — | — | — |
| RPG Invesco S&P 500 Pure Growth ETF | 0 of 9 | −4.7% | −31.3% | −36.6% | −22.4% | −6.9% | −18.9% | −21.4% | −2.7% | −53.3% | — |
| SPYV State Street SPDR Portfolio S&P 500 Value ETF | 4 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 | 3 of 9 | −5.4% | −21.4% | −39.0% | −19.8% | −6.1% | −14.8% | −21.3% | −1.6% | −59.1% | — |
| VONG Vanguard Russell 1000 Growth ETF | 0 of 7 | −3.5% | −31.2% | −31.7% | −22.0% | −6.4% | −13.4% | −17.8% | — | — | — |
| 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% | — |
| VOOG Vanguard S&P 500 Growth ETF | 0 of 7 | −3.0% | −31.3% | −31.4% | −20.7% | −6.5% | −13.2% | −16.1% | — | — | — |
| IUSG iShares Core S&P U.S. Growth ETF | 1 of 9 | −3.0% | −30.8% | −32.4% | −20.7% | −6.5% | −14.1% | −18.9% | −2.1% | −51.8% | — |
| FTC First Trust Large Cap Growth AlphaDEX Fund | 1 of 9 | −4.4% | −27.3% | −34.6% | −24.7% | −6.2% | −15.1% | −20.6% | −2.6% | −54.2% | — |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 0 of 9 | −5.2% | −32.1% | −36.2% | −21.5% | −6.2% | −20.8% | −25.0% | −2.8% | −60.2% | — |
| CGGR Capital Group Growth ETF | 0 of 1 | −4.6% | — | — | — | — | — | — | — | — | — |
| TCHP T. Rowe Price Blue Chip Growth ETF | 0 of 2 | −3.8% | −37.2% | — | — | — | — | — | — | — | — |
How closely does SPYG move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares SPYG with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- SPMO took just 76% of the S&P 500's losses, against 102% for SPYG, while still keeping 102% of its gains.
- Over the past 10 years, SPYG captured 109% of the S&P 500's gains in rising months and 102% of its losses in falling months, with a beta of 1.08. It amplified the market's moves in both directions.
- Five of the 16 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than SPYG's 1.07, led by SPMO, XLK and QQQ.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than SPYG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| SPYG This pageState Street SPDR Portfolio S&P 500 Growth ETF | 109% | 102% | 1.07 | 1.08 |
| SPMO Invesco S&P 500 Momentum ETF | 102% | 76% | 1.35 | 0.99 |
| XLK State Street Technology Select Sector SPDR ETF | 128% | 100% | 1.28 | 1.19 |
| QQQ Invesco QQQ Trust, Series 1 | 118% | 102% | 1.16 | 1.13 |
| PWB Invesco Large Cap Growth ETF | 106% | 95% | 1.12 | 1.07 |
| IWY iShares Russell Top 200 Growth ETF | 113% | 102% | 1.10 | 1.09 |
| MGK Vanguard Morningstar Mega Cap Growth ETF | 115% | 107% | 1.07 | 1.14 |
| VONG Vanguard Russell 1000 Growth ETF | 111% | 104% | 1.07 | 1.10 |
| VOOG Vanguard S&P 500 Growth ETF | 109% | 103% | 1.07 | 1.08 |
| SCHG Schwab U.S. Large-Cap Growth ETF | 114% | 107% | 1.06 | 1.12 |
| IUSG iShares Core S&P U.S. Growth ETF | 109% | 103% | 1.05 | 1.08 |
| VUG Vanguard Morningstar Growth ETF | 113% | 108% | 1.04 | 1.13 |
| FTC First Trust Large Cap Growth AlphaDEX Fund | 98% | 103% | 0.95 | 1.08 |
| RPG Invesco S&P 500 Pure Growth ETF | 100% | 108% | 0.93 | 1.15 |
| SPYV State Street SPDR Portfolio S&P 500 Value ETF | 88% | 99% | 0.89 | 0.91 |
| RSP Invesco S&P 500 Equal Weight ETF | 92% | 107% | 0.86 | 1.01 |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 95% | 113% | 0.84 | 1.12 |
What diversifies SPYG?
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 SPYG's. Because such investments tend not to fall at the same time, pairing SPYG with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in SPYG into GLD would have cut the portfolio's volatility by 17% over the past 5 years and raised its annual return (+14.9% for SPYG alone, +16.1% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of SPYG 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 SPYG over the past 5 years, with correlations of 0.18 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 SPYG lost money. The last two columns show a portfolio that is 80% SPYG and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2008 | 2002 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| SPYG State Street SPDR Portfolio S&P 500 Growth ETF (this page) | 1.00 | +86.5% | 0.69 | −29.4% | −0.1% | −37.4% | −32.1% | −25.9% | 19.2% | +14.9% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.34 | +119% | 1.48 | +3.8% | −5.2% | — | — | — | 16.1% | +15.6% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.46 | +225% | 1.34 | +6.0% | −19.8% | −20.8% | — | — | 16.7% | +17.5% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.43 | +101% | 1.04 | +10.4% | −8.7% | — | — | — | 16.8% | +15.3% |
| EWP Broad MarketiShares MSCI Spain ETF | 0.38 | +140% | 0.97 | −5.2% | −15.3% | −36.8% | −13.6% | −9.2% | 17.1% | +16.4% |
| GLD CommoditiesSPDR Gold Shares | 0.08 | +126% | 0.96 | −0.8% | −1.9% | +4.9% | — | — | 16.0% | +16.1% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.10 | +177% | 0.93 | +64.4% | −18.2% | −39.0% | −14.8% | −18.2% | 16.7% | +17.3% |
| AMLP EnergyAlerian MLP ETF | 0.29 | +111% | 0.89 | +25.5% | −12.6% | — | — | — | 16.8% | +16.0% |
| EFV InternationaliShares MSCI EAFE Value ETF | 0.46 | +89.0% | 0.88 | −5.2% | −14.7% | −41.7% | — | — | 17.0% | +15.0% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2008 | 2002 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| SPYG State Street SPDR Portfolio S&P 500 Growth ETF (this page) | 1.00 | +86.5% | 0.69 | −29.4% | −0.1% | −37.4% | −32.1% | −25.9% | 19.2% | +14.9% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.18 | +479% | 1.55 | +54.1% | −24.5% | −39.6% | −8.3% | −2.5% | 17.1% | +19.9% |
| MCK Medical - DistributionMcKesson Corporation | 0.06 | +413% | 1.44 | +51.8% | −28.4% | −40.4% | −27.2% | +4.9% | 16.4% | +19.4% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.14 | +690% | 1.41 | +86.6% | −8.2% | — | — | — | 17.5% | +22.1% |
| HWM Aerospace & DefenseHowmet Aerospace Inc. | 0.43 | +594% | 1.36 | +24.2% | −37.5% | −67.4% | −33.1% | +9.8% | 19.3% | +21.9% |
| ATI Manufacturing - Metal FabricationATI Inc. | 0.22 | +1,008% | 1.34 | +87.5% | −9.8% | −70.0% | −60.8% | +10.3% | 19.7% | +25.2% |
Common questions
What was SPYG's worst drawdown?
SPYG's deepest decline since it began trading in 2000 was 67.6%, from October 2000 to March 2009. It took about five years from the low to climb back to its old high.
What were SPYG's best and worst years?
Over 25 full calendar years, SPYG's best year was 2009, when it returned 37.0%. Its worst was 2008, with a return of -37.4%.
Is there a better investment than SPYG?
Among SPYG's popular alternatives, SPY matched SPYG's return over the past 5 years (12.7% a year against 13.3%) with 20% less volatility. Looking beyond its popular alternatives, VLUE (US large-cap value) and PVAL (US large-cap value) earned more than SPYG with less volatility over the past 5 years. VLUE returned 15.9% a year at 18.4% volatility, against 13.3% a year at 21.5%.
Is SPYG more volatile than the S&P 500?
Yes. SPYG's volatility over the past 5 years was 21.5%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPYG's return lands within 21.5% 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 SPYG's Sharpe ratio?
SPYG's Sharpe ratio over the past 5 years was 0.69, against 0.79 for the S&P 500, so SPYG earned less 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 SPYG with the S&P 500?
Over the past 5 years, SPYG's monthly returns had a correlation of 0.95 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 SPYG instead: the lower it is, the more that option would diversify a SPYG holding.
What are the best alternatives to SPYG?
Of the 23 popular alternatives we compared, three outperformed SPYG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: XLK, SPMO and QQQ.
Did SPYG outperform the S&P 500?
SPYG finished ahead of the S&P 500 (SPY) in 13 of 25 full calendar years. In 2025, it returned +22.1%, against +17.7% for the index.
How did SPYG do in stock market crashes?
SPYG fell less than the S&P 500 (SPY) in three of the nine major crashes it has traded through, and further in four. The clearest case was the 2022 bear market, when SPYG fell 31.3% and the S&P 500 fell 24.5%.
What diversifies SPYG?
These had a low correlation with SPYG over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.34), DXJ (correlation 0.46) and EMLP (correlation 0.43); among large stocks, CAH (correlation 0.18), MCK (correlation 0.06) and MPC (correlation 0.14). 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 SPYG's. Returns within 0.5 points or 3% of SPYG'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.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- 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 SPYG
- XLKState Street Technology Select Sector SPDR ETF
- QQQInvesco QQQ Trust, Series 1
QQQMInvesco NASDAQ 100 ETF
SCHGSchwab U.S. Large-Cap Growth ETF- SPYState Street SPDR S&P 500 ETF
SPYVState Street SPDR Portfolio S&P 500 Value ETF
RSPInvesco S&P 500 Equal Weight ETF
VONGVanguard Russell 1000 Growth ETF
VUGVanguard Morningstar Growth ETF
IWFiShares Russell 1000 Growth ETF
IVWiShares S&P 500 Growth ETF
SCHD