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

> Source: EasyCompare research, https://easycompare.io/research/spym
> 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 SPYM alone. It places SPYM (State Street SPDR Portfolio 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 SPYM stands in the market, and of the alternatives worth a closer look.

Period covered: SPYM's full trading record, from November 2005 through September 2026. The crash tests reach back to 2000 using older funds. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** Both SPYM and the total US stock market are within a few percent of a record high.
- **Fund or market?:** SPYM 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. Its similar funds did not move as one over the past 3 months: FNDX (Schwab Fundamental U.S. Large Company ETF) rose 4.7%, while SPMD (State Street SPDR Portfolio S&P 400 Mid Cap ETF) fell 2.1%.
- **Long term:** SPYM turned $10,000 into $42,400 over the past decade, against $40,200 in the total US stock market. SPYM's 10-year return of 324% 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 2022 bear market, SPYM fell harder than most of its similar funds, including RSP (Invesco S&P 500 Equal Weight ETF), FNDX and SPMD.
- **Diversification:** Against the total US stock market, SPYM has a correlation of 1.00 over 5 years, more closely than 98% 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 total US stock market had a down month, SPYM usually fell with it (22 of 25 months).
- **Better options**
  - **Popular alternatives:** QQQ (Invesco QQQ Trust, Series 1) was ahead of SPYM in most short and long periods, though with much bigger swings (23.0% volatility against 16.9%).
  - **Nearby categories and themes:** PVAL (Putnam Focused Large Cap Value ETF, US large-cap value) earned more than SPYM with less volatility over the past 5 years: 16.1% a year at 15.1% volatility, against 12.8% a year at 16.9%.
  - **Whole market:** Few investments have done better on both counts: only nine of the 3,633 stocks and funds worth at least $500 million earned more than SPYM with less volatility over the past 5 years, among them PVAL (Putnam Focused Large Cap Value ETF), FDL (First Trust Morningstar Dividend Leaders Index Fund) and LVHI (Franklin International Low Volatility High Dividend Index ETF).

## How much would $10,000 in SPYM have grown?

This chart tracks a hypothetical $10,000 investment in SPYM over the past 20 years, with dividends reinvested, alongside the same amount in investments that ended ahead of SPYM over the same span and SPYM's popular alternatives, among those that traded for the entire period.

- Five of the eight other investments on the chart ended ahead of SPYM, and QQQ finished highest, at $212,691.

## SPYM 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.

- SPYM's deepest decline since it began trading in 2005 was 54.6%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high.
- Over 20 full calendar years, SPYM's best was 2013, when it returned 33.2%, and its worst was 2008, when it lost 37.0%. It lost money in three of those years.
- SPYM is 1.3% below its all-time high.

- Type: ETF, Broad Market (Asset Management - Global)
- Trading since: November 15, 2005
- Assets: $184B
- Expense ratio: 0.02%
- Volatility (5 years): 16.9%; Sharpe ratio: 0.80
- Worst decline ever: −54.6%, from October 10, 2007 to March 9, 2009; back at its high by March 16, 2012

| Period | SPYM total return |
| --- | --- |
| 1 month | −0.5% |
| 3 months | +3.9% |
| 6 months | +9.1% |
| year to date | +13.5% |
| 1 year | +15.9% |
| 3 years | +89.8% |
| 5 years | +82.5% |
| 10 years | +324% |

## SPYM against the whole market

Where SPYM ranks among every stock and fund, and what across the market has done better.

### How does SPYM rank among all ETFs?

This section ranks SPYM on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history.

- SPYM'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 | SPYM | Rank |
| --- | --- | --- |
| 1-year return | +15.9% | 717 of 2,485 (top 29%) |
| 3-year return | +89.8% | 344 of 1,949 (top 18%) |
| 5-year return | +82.5% | 231 of 1,560 (top 15%) |
| 10-year return | +324% | 72 of 958 (top 8%) |
| Volatility, 5 years | 16.9% | 817 of 1,560 (top 53%) |
| Sharpe ratio, 5 years | 0.80 | 348 of 1,560 (top 23%) |
| Worst decline, past 10 years | −33.9% | 285 of 951 (top 30%) |

### What has beaten SPYM 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).

- Nine ETFs worth at least $500 million sit in the green region: each earned more than SPYM 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 SPYM's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 34% less than SPYM's 16.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.80 for SPYM.
- None of SPYM's popular alternatives made it, but PVAL (US large-cap value) did: 16.1% a year at 15.1% volatility, 11% less than SPYM's 16.9%.

### Is there a better investment than SPYM?

The table below lists investments that beat SPYM 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 SPYM's popular alternatives, QQQ was ahead of SPYM in most short and long periods, though with much bigger swings (23.0% volatility against 16.9%).
- Looking beyond its popular alternatives, PVAL (US large-cap value) earned more than SPYM with less volatility over the past 5 years: 16.1% a year at 15.1% volatility, against 12.8% a year at 16.9%.
- Few investments have done better on both counts: only nine of the 3,633 stocks and funds worth at least $500 million earned more than SPYM with less volatility over the past 5 years, among them PVAL, FDL and LVHI.

The 9 strongest of 9 investments that beat SPYM 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 SPYM | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SPYM: State Street SPDR Portfolio S&P 500 ETF (this page) |  | +12.8% | 16.9% | 0.80 | −33.9% | +324% |  |  |
| 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 |
| 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% | 0.59 | Higher return, lower volatility |

## SPYM against its popular alternatives

The investments people most often weigh against SPYM, compared period by period and year by year.

### How do SPYM'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 FNDX and PRF were both more rewarding and calmer than SPYM over the past 5 years, earning a higher annual return with lower volatility.
- Nine of the 17 popular alternatives earned less than SPYM over the past 5 years while swinging more, the weaker corner of the map.

### Has SPYM consistently beaten its popular alternatives?

This section compares SPYM with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Only one of the 23 popular alternatives, QQQ, outperformed SPYM in at least 3 of 5 short-term and 2 of 3 long-term timeframes.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of SPYM | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| SPYM: State Street SPDR Portfolio S&P 500 ETF (this page) | +15.9% | +89.8% | +82.5% | +324% |  |  | 0.80 |
| [QQQ](https://easycompare.io/research/qqq): Invesco QQQ Trust, Series 1 | +17.9% | +106% | +97.2% | +553% | 3/5 short-term, 3/3 long-term | consistent | 0.71 |
| [DYNF](https://easycompare.io/research/dynf): iShares U.S. Equity Factor Rotation Active ETF | +17.1% | +106% | +98.5% | — | 2/5 short-term, 2/3 long-term |  | 0.87 |
| FNDX: Schwab Fundamental U.S. Large Company ETF | +25.4% | +88.2% | +88.6% | +291% | 5/5 short-term, 1/3 long-term |  | 0.93 |
| PRF: Invesco RAFI US 1000 ETF | +25.5% | +90.1% | +84.3% | +270% | 4/5 short-term, 0/3 long-term |  | 0.90 |
| [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 |
| [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 |
| [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 |
| [SPY](https://easycompare.io/research/spy): State Street SPDR S&P 500 ETF | +15.8% | +89.3% | +81.7% | +321% | 0/5 short-term, 0/3 long-term |  | 0.79 |
| [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 |
| SPMD: State Street SPDR Portfolio S&P 400 Mid Cap ETF | +13.5% | +59.5% | +41.6% | +181% | 0/5 short-term, 0/3 long-term |  | 0.46 |
| EQAL: Invesco Russell 1000 Equal Weight ETF | +14.3% | +61.4% | +36.4% | +171% | 0/5 short-term, 0/3 long-term |  | 0.45 |
| [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 |
| [AGG](https://easycompare.io/research/agg): iShares Core U.S. Aggregate Bond ETF | −1.9% | +16.2% | −1.5% | +13.3% | 0/5 short-term, 0/3 long-term |  | -0.02 |
| DFUS: Dimensional U.S. Equity ETF | +15.7% | +88.9% | +78.8% | — | 0/5 short-term, 0/3 long-term |  | 0.76 |

### How did SPYM do year by year?

This table shows each investment's total return in every full calendar year since 2006, along with where SPYM ranked among its popular alternatives each year.

- Ranked against its popular alternatives each year, SPYM finished in the top quarter in six of 20 years and in the bottom quarter in two. In 2025, it ranked 7 of 18.
- Among its popular alternatives, QQQ came out ahead of SPYM most often, in 14 of the 20 years both traded.

| Year | SPYM |
| --- | --- |
| 2025 | +17.8% |
| 2024 | +25.0% |
| 2023 | +26.2% |
| 2022 | −18.1% |
| 2021 | +28.8% |
| 2020 | +18.5% |
| 2019 | +31.9% |
| 2018 | −4.8% |
| 2017 | +21.4% |
| 2016 | +11.8% |

## Risk and diversification

How SPYM 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 SPYM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- The slowest recovery came after SPYM fell 54.6% from October 2007 to March 2009; it did not regain that peak until March 2012, three years later.
- In three of SPYM's five worst declines, it fell less than the S&P 500 did over the same dates.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −54.6% | October 10, 2007 | March 9, 2009 | March 16, 2012 | −55.1% | 2008 financial crisis |
| −33.9% | February 19, 2020 | March 23, 2020 | August 10, 2020 | −33.7% | Covid crash |
| −24.5% | January 3, 2022 | October 12, 2022 | December 13, 2023 | −24.5% | 2022 bear market |
| −19.8% | September 20, 2018 | December 24, 2018 | April 5, 2019 | −19.4% | late-2018 sell-off |
| −18.7% | February 19, 2025 | April 8, 2025 | June 26, 2025 | −18.8% |  |

### How did SPYM do in stock market crashes?

This section measures how far SPYM and each alternative fell from peak to trough during every major market crash since 2000.

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

| Crash | Dates | SPYM fall |
| --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −54.6% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.9% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −18.1% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −13.6% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.4% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −19.7% |
| COVID crash | February 19, 2020 to March 23, 2020 | −33.9% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −24.4% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −3.4% |

### What diversifies SPYM?

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 SPYM into DBMF would have cut the portfolio's volatility by 23% over the past 5 years for a small cut in its annual return (+13.8% for SPYM alone, +13.5% for the mix).
- Among large ETFs, GLD, XLE and AMLP have moved largely independently of SPYM 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 SPYM over the past 5 years, with correlations of 0.29 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with SPYM | 5Y return | Volatility | Sharpe | Rose in SPYM's 3 down years |
| --- | --- | --- | --- | --- | --- |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.16 | +126% | 18.9% | 0.96 | 1 of 3 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.30 | +177% | 25.5% | 0.93 | 1 of 3 |
| AMLP: Alerian MLP ETF | 0.46 | +111% | 18.9% | 0.89 | 1 of 3 |
| DBMF: iMGP DBi Managed Futures Strategy ETF | -0.27 | +59.7% | 12.4% | 0.82 | 1 of 3 |
| DBA: Invesco DB Agriculture Fund | 0.18 | +66.4% | 13.8% | 0.81 | 1 of 3 |
| IHE: iShares U.S. Pharmaceuticals ETF | 0.48 | +81.2% | 16.8% | 0.80 | 0 of 3 |
| PPH: VanEck Pharmaceutical ETF | 0.49 | +72.8% | 15.8% | 0.78 | 1 of 3 |
| GDX: VanEck Gold Miners ETF | 0.28 | +181% | 38.2% | 0.73 | 0 of 3 |

## Common questions

### What was SPYM's worst drawdown?

SPYM's deepest decline since it began trading in 2005 was 54.6%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high. Because SPYM launched in November 2005, that record does not include the dot-com bust.

### What were SPYM's best and worst years?

Over 20 full calendar years, SPYM's best year was 2013, when it returned 33.2%. Its worst was 2008, with a return of -37.0%.

### Is there a better investment than SPYM?

Among SPYM's popular alternatives, QQQ was ahead of SPYM in most short and long periods, though with much bigger swings (23.0% volatility against 16.9%). Looking beyond its popular alternatives, PVAL (US large-cap value) earned more than SPYM with less volatility over the past 5 years: 16.1% a year at 15.1% volatility, against 12.8% a year at 16.9%.

### Is SPYM more volatile than the S&P 500?

No. SPYM's volatility over the past 5 years was 16.9%, 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, SPYM's return lands within 16.9% 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 SPYM's Sharpe ratio?

SPYM's Sharpe ratio over the past 5 years was 0.80, against 0.71 for the S&P 500, so SPYM 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 SPYM with the S&P 500?

Over the past 5 years, SPYM'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 SPYM instead: the lower it is, the more that option would diversify a SPYM holding.

### What are the best alternatives to SPYM?

Of the 23 popular alternatives we compared, one outperformed SPYM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: QQQ.

### What diversifies SPYM?

These had a low correlation with SPYM over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.16), XLE (correlation 0.30) 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

- [Invesco QQQ Trust, Series 1 (QQQ) Performance, Alternatives and Market Rank](https://easycompare.io/research/qqq)
- [iShares U.S. Equity Factor Rotation Active ETF (DYNF) Performance, Alternatives and Market Rank](https://easycompare.io/research/dynf)
- [Vanguard Morningstar Value ETF (VTV) Performance, Alternatives and Market Rank](https://easycompare.io/research/vtv)
- [Invesco S&P 500 Equal Weight ETF (RSP) Performance, Alternatives and Market Rank](https://easycompare.io/research/rsp)
- [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)
- [State Street SPDR S&P 500 ETF (SPY) Performance, Alternatives and Market Rank](https://easycompare.io/research/spy)
- [Schwab U.S. Large-Cap ETF (SCHX) Performance, Alternatives and Market Rank](https://easycompare.io/research/schx)
- [iShares Russell 1000 ETF (IWB) Performance, Alternatives and Market Rank](https://easycompare.io/research/iwb)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://easycompare.io/research/vti)
- [iShares Core S&P Total U.S. Stock Market ETF (ITOT) Performance, Alternatives and Market Rank](https://easycompare.io/research/itot)

## Explore further

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