^NDXE vs. SPY

Last updated Jun 4, 2026

^NDXE (NASDAQ 100 Equal Weighted Index) 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, ^NDXE returned 14.74%/yr vs 15.49%/yr for SPY. Their correlation of 0.91 suggests significant overlap in exposure.

Performance

^NDXE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NASDAQ 100 Equal Weighted Index (^NDXE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^NDXE achieves a 18.81% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, ^NDXE has underperformed SPY with an annualized return of 14.74%, while SPY has yielded a comparatively higher 15.49% annualized return.

^NDXE

• 1D: -0.12%
• 1M: 10.37%
• YTD: 18.81%
• 6M: 17.08%
• 1Y: 27.84%
• 3Y*: 17.87%
• 5Y*: 9.55%
• 10Y*: 14.74%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

^NDXE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^NDXE NASDAQ 100 Equal Weighted Index	18.81%	13.87%	6.26%	32.61%	-25.05%	17.50%	36.88%	35.17%	-5.62%	25.48%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ^NDXE and SPY is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 3, 2006	0.91

The correlation between ^NDXE and SPY has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

^NDXE vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^NDXE

^NDXE Risk / Return Rank: 66
^NDXE Sharpe Ratio Rank: 65
^NDXE Sortino Ratio Rank: 66
^NDXE Omega Ratio Rank: 66
^NDXE Calmar Ratio Rank: 69
^NDXE Martin Ratio Rank: 64

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

^NDXE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 Equal Weighted Index (^NDXE) 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.

	^NDXE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.38	-0.43
Sortino ratio: Return per unit of downside risk	2.68	3.24	-0.56
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.10
Calmar ratio: Return relative to maximum drawdown	2.92	3.16	-0.24
Martin ratio: Return relative to average drawdown	9.95	14.72	-4.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^NDXE vs. SPY - Sharpe Ratio Comparison

The current ^NDXE Sharpe Ratio is 1.95, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of ^NDXE 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.

Sharpe Ratios by Period

	^NDXE	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.38	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.82	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.87	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.59	-0.06

Drawdowns

^NDXE vs. SPY - Drawdown Comparison

The maximum ^NDXE drawdown since its inception was -58.20%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ^NDXE and SPY.

Drawdown Indicators

	^NDXE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.20%	-55.19%	-3.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.57%	-8.88%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-21.54%	-18.76%	-2.78%
Max Drawdown (5Y) Largest decline over 5 years	-32.54%	-24.50%	-8.04%
Max Drawdown (10Y) Largest decline over 10 years	-32.54%	-33.72%	+1.18%
Current Drawdown Current decline from peak	-0.12%	-0.70%	+0.58%
Average Drawdown Average peak-to-trough decline	-8.35%	-9.05%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	1.91%	+0.89%

Volatility

^NDXE vs. SPY - Volatility Comparison

NASDAQ 100 Equal Weighted Index (^NDXE) has a higher volatility of 3.87% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that ^NDXE's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^NDXE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	2.84%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	10.90%	8.90%	+2.00%
Volatility (1Y) Calculated over the trailing 1-year period	14.40%	11.83%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.51%	17.05%	+3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.86%	17.94%	+2.92%

Frequently Asked Questions

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

^NDXE and SPY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^NDXE or SPY?

^NDXE has higher volatility (3.87%) compared to SPY (2.84%). In terms of maximum drawdown, ^NDXE dropped -58.20% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.95), 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.