^TNX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Treasury Yield 10 Years (^TNX) and S&P 500 Index (^GSPC).

Performance

^TNX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Treasury Yield 10 Years (^TNX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

^TNX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^TNX Treasury Yield 10 Years	3.75%	-8.97%	18.29%	-0.34%	156.55%	64.89%	-52.21%	-28.56%	11.68%	-1.68%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, ^TNX achieves a 3.75% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, ^TNX has underperformed ^GSPC with an annualized return of 9.20%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

^TNX

• 1D: 0.19%
• 1M: 6.69%
• YTD: 3.75%
• 6M: 5.19%
• 1Y: 3.92%
• 3Y*: 7.32%
• 5Y*: 20.80%
• 10Y*: 9.20%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

^TNX vs. ^GSPC — Risk / Return Rank

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

^TNX

^TNX Risk / Return Rank: 22
^TNX Sharpe Ratio Rank: 26
^TNX Sortino Ratio Rank: 23
^TNX Omega Ratio Rank: 22
^TNX Calmar Ratio Rank: 19
^TNX Martin Ratio Rank: 18

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

^TNX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 10 Years (^TNX) and S&P 500 Index (^GSPC). 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.

	^TNX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.22	0.92	-0.69
Sortino ratio Return per unit of downside risk	0.45	1.41	-0.96
Omega ratio Gain probability vs. loss probability	1.05	1.21	-0.16
Calmar ratio Return relative to maximum drawdown	0.12	1.41	-1.29
Martin ratio Return relative to average drawdown	0.21	6.61	-6.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^TNX vs. ^GSPC - Sharpe Ratio Comparison

The current ^TNX Sharpe Ratio is 0.22, which is lower than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of ^TNX and ^GSPC, 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

	^TNX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	0.92	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.61	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.68	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.46	-0.48

Correlation

The correlation between ^TNX and ^GSPC is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

^TNX vs. ^GSPC - Drawdown Comparison

The maximum ^TNX drawdown since its inception was -93.78%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for ^TNX and ^GSPC.

Drawdown Indicators

	^TNX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-93.78%	-56.78%	-37.00%
Max Drawdown (1Y) Largest decline over 1 year	-13.99%	-12.14%	-1.85%
Max Drawdown (5Y) Largest decline over 5 years	-31.74%	-25.43%	-6.31%
Max Drawdown (10Y) Largest decline over 10 years	-84.57%	-33.92%	-50.65%
Current Drawdown Current decline from peak	-46.17%	-5.78%	-40.39%
Average Drawdown Average peak-to-trough decline	-51.38%	-10.75%	-40.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.39%	2.60%	+5.79%

Volatility

^TNX vs. ^GSPC - Volatility Comparison

Treasury Yield 10 Years (^TNX) has a higher volatility of 5.89% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that ^TNX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^TNX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.89%	5.37%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	9.55%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	18.33%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.96%	16.90%	+16.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.18%	18.05%	+30.13%