^SP100 vs. SPY
^SP100 (S&P 100 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, ^SP100 returned 15.06%/yr vs 15.70%/yr for SPY. With a 0.96 correlation, they move nearly in lockstep.
Performance
^SP100 vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, ^SP100 achieves a 6.71% return, which is significantly lower than SPY's 9.74% return. Both investments have delivered pretty close results over the past 10 years, with ^SP100 having a 15.06% annualized return and SPY not far ahead at 15.70%.
^SP100
- 1D
- -0.78%
- 1M
- -1.36%
- YTD
- 6.71%
- 6M
- 6.49%
- 1Y
- 25.48%
- 3Y*
- 21.62%
- 5Y*
- 13.57%
- 10Y*
- 15.06%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
^SP100 vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^SP100 S&P 100 Index | 6.71% | 18.76% | 29.25% | 30.83% | -22.12% | 27.55% | 19.30% | 29.47% | -5.86% | 19.34% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between ^SP100 and SPY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993 | 0.96 |
The correlation between ^SP100 and SPY has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
^SP100 vs. SPY — Risk / Return Rank
^SP100
SPY
^SP100 vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for S&P 100 Index (^SP100) 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.
| ^SP100 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.39 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 3.01 | -0.75 |
| Martin ratioReturn relative to average drawdown | 9.14 | 13.54 | -4.40 |
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Drawdowns
^SP100 vs. SPY - Drawdown Comparison
The maximum ^SP100 drawdown since its inception was -61.31%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ^SP100 and SPY.
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Drawdown Indicators
| ^SP100 | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.31% | -55.19% | -6.12% |
Max Drawdown (1Y)Largest decline over 1 year | -11.30% | -8.88% | -2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -19.89% | -18.76% | -1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -27.23% | -24.50% | -2.73% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | -33.72% | +2.19% |
Current DrawdownCurrent decline from peak | -3.18% | -1.75% | -1.43% |
Average DrawdownAverage peak-to-trough decline | -12.66% | -9.04% | -3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 1.97% | +0.83% |
Volatility
^SP100 vs. SPY - Volatility Comparison
S&P 100 Index (^SP100) has a higher volatility of 5.09% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that ^SP100'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.
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Volatility by Period
| ^SP100 | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 4.64% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 10.51% | 9.75% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.38% | 12.43% | +0.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.86% | 17.14% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.53% | 17.99% | +0.54% |
Frequently Asked Questions
With a correlation of 0.97, ^SP100 and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
^SP100 has higher volatility (5.09%) compared to SPY (4.64%). In terms of maximum drawdown, ^SP100 dropped -61.31% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (2.16 vs 1.92), 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.
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