^SP500TR vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about S&P 500 Total Return (^SP500TR) and State Street SPDR S&P 500 ETF (SPY).

SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

^SP500TR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 Total Return (^SP500TR) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

^SP500TR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^SP500TR S&P 500 Total Return	-4.33%	17.88%	25.02%	26.29%	-18.11%	28.71%	18.40%	31.49%	-4.38%	21.83%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

The year-to-date returns for both stocks are quite close, with ^SP500TR having a -4.33% return and SPY slightly lower at -4.37%. Both investments have delivered pretty close results over the past 10 years, with ^SP500TR having a 14.09% annualized return and SPY not far behind at 13.98%.

^SP500TR

• 1D: 2.92%
• 1M: -4.98%
• YTD: -4.33%
• 6M: -1.79%
• 1Y: 17.80%
• 3Y*: 18.32%
• 5Y*: 11.80%
• 10Y*: 14.09%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

Return for Risk

^SP500TR vs. SPY — Risk / Return Rank

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

^SP500TR

^SP500TR Risk / Return Rank: 78
^SP500TR Sharpe Ratio Rank: 74
^SP500TR Sortino Ratio Rank: 74
^SP500TR Omega Ratio Rank: 80
^SP500TR Calmar Ratio Rank: 74
^SP500TR Martin Ratio Rank: 86

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
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.

^SP500TR vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Total Return (^SP500TR) 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.

	^SP500TR	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.98	0.93	+0.05
Sortino ratio Return per unit of downside risk	1.49	1.45	+0.04
Omega ratio Gain probability vs. loss probability	1.23	1.22	0.00
Calmar ratio Return relative to maximum drawdown	1.52	1.53	0.00
Martin ratio Return relative to average drawdown	7.32	7.30	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SP500TR vs. SPY - Sharpe Ratio Comparison

The current ^SP500TR Sharpe Ratio is 0.98, which is comparable to the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of ^SP500TR and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^SP500TR	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	0.93	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.69	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.78	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.56	+0.06

Correlation

The correlation between ^SP500TR and SPY is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^SP500TR vs. SPY - Drawdown Comparison

The maximum ^SP500TR drawdown since its inception was -55.25%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ^SP500TR and SPY.

Drawdown Indicators

	^SP500TR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.25%	-55.19%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-12.05%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-24.50%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-33.72%	-0.07%
Current Drawdown Current decline from peak	-6.23%	-6.24%	+0.01%
Average Drawdown Average peak-to-trough decline	-8.20%	-9.09%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.52%	0.00%

Volatility

^SP500TR vs. SPY - Volatility Comparison

S&P 500 Total Return (^SP500TR) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 5.35% and 5.31%, 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

	^SP500TR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	5.31%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.53%	9.47%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.32%	19.05%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	17.06%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	17.92%	+0.13%