SPY/CASH

Asset Allocation

Position	Category/Sector	Target Weight
SPY State Street SPDR S&P 500 ETF	S&P 500	60%
JPST JPMorgan Ultra-Short Income ETF	Ultrashort Bond	40%

Benchmark

S&P 500 Index

Rebalance

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Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in SPY/CASH, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.

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Returns By Period

Position	1D	1M	6M	YTD	1Y	3Y*	5Y*	10Y*	ALL TIME*
Benchmark S&P 500 Index	-0.19%	-0.76%	7.25%	8.73%	18.21%	17.95%	11.30%	13.09%	8.08%
Portfolio SPY/CASH	-0.10%	-0.28%	5.73%	6.70%	13.58%	13.79%	9.40%	—	10.47%
Portfolio components:
JPST JPMorgan Ultra-Short Income ETF	-0.02%	0.32%	1.69%	1.85%	4.08%	5.13%	3.70%	—	2.99%
SPY State Street SPDR S&P 500 ETF	-0.16%	-0.62%	7.86%	9.40%	19.56%	19.43%	12.81%	14.90%	10.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since May 19, 2017, SPY/CASH's average daily return is +0.04%, while the average monthly return is +0.86%. At this rate, an investment would double in approximately 6.7 years.

Historically, 69% of months were positive and 31% were negative. The best month was Apr 2020 with a return of +8.2%, while the worst month was Mar 2020 at -8.0%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 3 months.

On a daily basis, SPY/CASH closed higher 56% of trading days. The best single day was Apr 9, 2025 with a return of +6.0%, while the worst single day was Mar 16, 2020 at -6.3%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	1.03%	-0.40%	-2.88%	6.50%	3.46%	-0.60%	-0.31%						6.70%
2025	1.79%	-0.57%	-3.21%	-0.35%	3.89%	3.33%	1.50%	1.47%	2.30%	1.61%	0.25%	0.21%	12.69%
2024	1.16%	3.27%	2.18%	-2.26%	3.21%	2.29%	1.00%	1.64%	1.50%	-0.48%	3.73%	-1.33%	16.90%
2023	3.95%	-1.46%	2.37%	1.13%	0.33%	4.00%	2.18%	-0.79%	-2.75%	-1.12%	5.71%	3.07%	17.54%
2022	-3.16%	-1.81%	2.11%	-5.25%	0.11%	-4.79%	5.57%	-2.41%	-5.61%	4.86%	3.63%	-3.42%	-10.52%
2021	-0.60%	1.68%	2.74%	3.20%	0.44%	1.38%	1.49%	1.82%	-2.85%	4.12%	-0.48%	2.82%	16.70%

Benchmark Metrics

SPY/CASH has an annualized alpha of 2.20%, beta of 0.59, and R2 of 0.99 versus S&P 500 Index. Calculated based on daily prices since May 19, 2017.

This portfolio participated in 62.18% of S&P 500 Index downside but only 61.44% of its upside - more exposed to losses than it benefited from rallies.
This portfolio generated an annualized alpha of 2.20% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
Beta of 0.59 indicates this portfolio moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.

Alpha: 2.20%

Beta: 0.59

R²: 0.99

Upside Capture: 61.44%

Downside Capture: 62.18%

See how alpha, beta & R² have trended over time →

Expense Ratio

SPY/CASH has an expense ratio of 0.13%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

JPST

JPMorgan Ultra-Short Income ETF

SPY

State Street SPDR S&P 500 ETF

Return for Risk

Risk / Return Rank

SPY/CASH ranks 65 for risk / return — better than 65% of Portfolios on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

The table below presents risk-adjusted performance metrics for SPY/CASH and compares them with S&P 500 Index.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	1.76	1.45	+0.31
Sortino ratioReturn per unit of downside risk	2.50	2.03	+0.47
Omega ratioGain probability vs. loss probability	1.33	1.26	+0.06
Calmar ratioReturn relative to maximum drawdown	2.60	2.01	+0.59
Martin ratioReturn relative to average drawdown	11.42	8.68	+2.74

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

Position	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
JPST JPMorgan Ultra-Short Income ETF	99	7.53	16.01	3.58	27.56	131.56
SPY State Street SPDR S&P 500 ETF	64	1.56	2.17	1.28	2.21	9.59

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk. Learn how to interpret the Sharpe ratio.

The current SPY/CASH Sharpe ratio is 1.76 as of Jul 21, 2026 (the value is recalculated daily), calculated over the past 12 months.

Compared to the broad market, where average Sharpe ratios range from 1.20 to 1.99, this portfolio's current Sharpe ratio falls between the 25th and 75th percentiles. This indicates that its risk-adjusted performance is in line with the majority of portfolios, suggesting a balanced approach to risk and return—likely suitable for a wide range of investors.

The chart below shows the rolling Sharpe ratio of SPY/CASH compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

SPY/CASH provided a 2.30% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.30%	2.41%	2.79%	2.76%	1.72%	1.01%	1.49%	2.12%	2.05%	1.46%	1.22%	1.24%
Portfolio components:
JPST JPMorgan Ultra-Short Income ETF	4.23%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the SPY/CASH. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the SPY/CASH was 21.69%, occurring on Mar 23, 2020. Recovery took 92 trading sessions.

The current SPY/CASH drawdown is 1.16%.

Drawdown	Fall	Recovery	Underwater	Related event
-21.69%Mar 2020	1mo 2d	4mo 13d	5mo 15dFeb 2020 - Aug 2020	COVID crash2020
-15.11%Oct 2022	9mo 11d	9mo 9d	1y 6moJan 2022 - Jul 2023	Bear market2022
-11.45%Dec 2018	3mo 4d	2mo 27d	6mo 1dSep 2018 - Mar 2019	Rate-hike selloffLate 2018
-11.35%Apr 2025	1mo 17d	2mo 17d	4mo 4dFeb 2025 - Jun 2025	2025 selloff2025
-6.19%Feb 2018	10d	5mo 17d	5mo 27dJan 2018 - Jul 2018	—

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 2 assets, with an effective number of assets of 1.92, reflecting the diversification based on asset allocation. Your capital is spread almost evenly across your holdings, indicating a well-balanced allocation. Note that true diversification also depends on the correlations between assets — check the diversification ratio below.

Diversification Ratio

	1Y	3Y	5Y	All Time
Diversification Ratio	1.02	1.02	1.02	1.02

The portfolio has a diversification ratio of 1.02, placing it in the bottom quartile across portfolios — positions are highly correlated. Consider adding assets from different classes or sectors to reduce risk.

SPY/CASH correlation to the S&P 500 Index

SPY/CASH has a 1.00 correlation to S&P 500 Index over the trailing 12 months. This section compares each holding's correlation to the benchmark and to the portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since May 19, 2017	1.00

Benchmark Correlations

Correlation vs. S&P 500 Index. SPY has the highest benchmark correlation at 1.00, while JPST has the lowest at 0.08.

JPST

0.08

SPY

1.00

Portfolio Correlations

Correlation vs. SPY/CASH. SPY has the highest portfolio correlation at 1.00, while JPST has the lowest at 0.11.

JPST

0.11

SPY

1.00

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	JPST	SPY
JPST	1.00	0.08
SPY	0.08	1.00

The correlation results are calculated based on daily price changes starting from May 19, 2017

Diversification Analysis

Find what SPY/CASH is missing

See which holdings overlap, where SPY/CASH is concentrated, and which low-correlation assets could fill the gaps.

Analyze Diversification