^XSP vs. SPY
^XSP (Cboe Mini-SPX 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 5 years, ^XSP returned 11.25%/yr vs 12.76%/yr for SPY. Their 1.00 correlation means they have historically moved very closely together.
Performance
^XSP vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, ^XSP achieves a 9.41% return, which is significantly lower than SPY's 10.13% return.
^XSP
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- —
- ALL TIME*
- 13.12%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $37.27B | $35.99B | $39.23B |
^XSP vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
^XSP Cboe Mini-SPX Index | 9.41% | 16.39% | 23.31% | 24.23% | -19.44% | 24.04% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 26.54% |
Correlation
The correlation between ^XSP and SPY is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021 | 1.00 |
The correlation between ^XSP and SPY has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
^XSP vs. SPY — Risk / Return Rank
^XSP
SPY
^XSP vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cboe Mini-SPX Index (^XSP) 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.
| ^XSP | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.27 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.20 | -0.20 |
| Martin ratioReturn relative to average drawdown | 8.49 | 9.40 | -0.91 |
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Drawdowns
^XSP vs. SPY - Drawdown Comparison
The maximum ^XSP drawdown since its inception was -25.43%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ^XSP and SPY.
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Drawdown Indicators
| ^XSP | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.43% | -55.19% | +29.76% |
Max Drawdown (1Y)Largest decline over 1 year | -9.10% | -8.88% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -18.76% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -25.43% | -24.50% | -0.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -1.58% | -1.40% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -5.76% | -9.01% | +3.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.14% | 2.08% | +0.06% |
Volatility
^XSP vs. SPY - Volatility Comparison
Cboe Mini-SPX Index (^XSP) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.51% and 3.58%, 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.
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Volatility by Period
| ^XSP | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.51% | 3.58% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 10.11% | 10.14% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.87% | 12.89% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.01% | 17.18% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.72% | 17.95% | -1.23% |
Frequently Asked Questions
With a correlation of 1.00, ^XSP 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.
SPY has higher volatility (3.58%) compared to ^XSP (3.51%). In terms of maximum drawdown, ^XSP dropped -25.43% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.52 vs 1.42), 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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