^BSESN vs. SPY

Last updated Aug 1, 2026

^BSESN (S&P BSE SENSEX) is an index, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ^BSESN returned 10.79%/yr vs 19.22%/yr for SPY. Their 0.10 correlation means their historical movements had little consistent relationship.

Performance

^BSESN vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a ₹10,000 investment in S&P BSE SENSEX (^BSESN) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

^BSESN is traded in INR, while SPY is traded in USD. To make them comparable, the SPY values have been converted to INR using the latest available exchange rates.

Returns By Period

In the year-to-date period, ^BSESN achieves a -8.56% return, which is significantly lower than SPY's 16.93% return. Over the past 10 years, ^BSESN has underperformed SPY with an annualized return of 10.79%, while SPY has yielded a comparatively higher 19.22% annualized return.

^BSESN

• 1D: 0.00%
• 1M: 0.21%
• 6M: -5.28%
• YTD: -8.56%
• 1Y: -3.31%
• 3Y*: 5.45%
• 5Y*: 8.18%
• 10Y*: 10.79%
• ALL TIME*: 10.51%

SPY

• 1D: 0.41%
• 1M: 0.30%
• 6M: 12.96%
• YTD: 16.93%
• 1Y: 32.86%
• 3Y*: 25.33%
• 5Y*: 18.47%
• 10Y*: 19.22%
• ALL TIME*: 16.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
^BSESN S&P BSE SENSEX	₹1.29B	₹1.39B	₹1.44B
SPY State Street SPDR S&P 500 ETF	₹3.58T	₹3.45T	₹3.74T

^BSESN vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^BSESN S&P BSE SENSEX	-8.56%	9.06%	8.17%	18.74%	4.44%	21.99%	15.75%	14.38%	5.91%	27.91%
SPY State Street SPDR S&P 500 ETF	16.93%	23.35%	28.67%	27.05%	-9.38%	31.29%	21.31%	34.55%	4.07%	14.15%

Correlation

The correlation between ^BSESN and SPY is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.02
Correlation (3Y) Balances recent behavior with more history.	0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (10Y) Provides a long-term view across more market conditions.	0.11
Correlation (All Time) Calculated using the full available price history since Sep 11, 2007	0.10

The correlation between ^BSESN and SPY shifts across timeframes, from -0.02 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

^BSESN vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

^BSESN

^BSESN Risk / Return Rank: 1
^BSESN Sharpe Ratio Rank: 1
^BSESN Sortino Ratio Rank: 1
^BSESN Omega Ratio Rank: 1
^BSESN Calmar Ratio Rank: 1
^BSESN Martin Ratio Rank: 1

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

^BSESN vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P BSE SENSEX (^BSESN) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	^BSESN	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	2.31	-2.61
Sortino ratio: Return per unit of downside risk	-0.34	3.06	-3.39
Omega ratio: Gain probability vs. loss probability	0.96	1.41	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.26	4.64	-4.89
Martin ratio: Return relative to average drawdown	-0.56	15.62	-16.18

^BSESN vs. SPY - Sharpe Ratio Comparison

The current ^BSESN Sharpe Ratio is -0.31, which is lower than the SPY Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of ^BSESN and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

^BSESN vs. SPY - Drawdown Comparison

The maximum ^BSESN drawdown since its inception was -60.91%, which is greater than SPY's maximum drawdown of -40.96%. Use the drawdown chart below to compare losses from any high point for ^BSESN and SPY.

Drawdown Indicators

	^BSESN	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-60.91%	-40.96%	-19.95%
Max Drawdown (1Y) Largest decline over 1 year	-16.11%	-6.57%	-9.54%
Max Drawdown (3Y) Largest decline over 3 years	-16.18%	-19.15%	+2.97%
Max Drawdown (5Y) Largest decline over 5 years	-16.85%	-19.92%	+3.07%
Max Drawdown (10Y) Largest decline over 10 years	-38.07%	-28.26%	-9.81%
Current Drawdown Current decline from peak	-9.21%	-1.92%	-7.29%
Average Drawdown Average peak-to-trough decline	-13.54%	-5.01%	-8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.24%	1.95%	+5.29%

Volatility

^BSESN vs. SPY - Volatility Comparison

S&P BSE SENSEX (^BSESN) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.67% and 3.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^BSESN	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	3.77%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	10.15%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	13.22%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.92%	16.48%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	17.04%	-0.67%

Frequently Asked Questions

Can I hold both ^BSESN and SPY in my portfolio?

^BSESN and SPY have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^BSESN or SPY?

SPY has higher volatility (3.77%) compared to ^BSESN (3.67%). In terms of maximum drawdown, ^BSESN dropped -60.91% vs SPY's -40.96%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.31 vs -0.31), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.