ADPV vs. SPY

Last updated Aug 2, 2026

ADPV (Adaptiv Select ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ADPV is a Large Cap Blend Equities fund actively managed by Adaptiv, while SPY is a S&P 500 fund tracking the S&P 500 Index. ADPV is actively managed, while SPY is passively managed. Over the past 3 years, ADPV returned 21.01%/yr vs 19.32%/yr for SPY. Their 0.63 correlation means they have sometimes moved together and sometimes differently. ADPV charges 1.00%/yr vs 0.09%/yr for SPY.

Performance

ADPV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adaptiv Select ETF (ADPV) 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, ADPV achieves a 4.41% return, which is significantly lower than SPY's 10.13% return.

ADPV

• 1D: 0.09%
• 1M: -2.57%
• 6M: 2.43%
• YTD: 4.41%
• 1Y: 14.58%
• 3Y*: 21.01%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.33%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ADPV Adaptiv Select ETF	$409.05K	$432.17K	$514.51K
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

ADPV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ADPV Adaptiv Select ETF	4.41%	21.19%	43.88%	-0.62%	0.43%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	3.55%

Correlation

The correlation between ADPV and SPY is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (All Time) Calculated using the full available price history since Nov 4, 2022	0.63

The correlation between ADPV and SPY has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

ADPV vs. SPY - Sectors Allocation Comparison

Sectors	ADPV	SPY
Technology	25.4%	36.9%
Energy	18.0%	3.4%
Healthcare	17.5%	9.4%
Real Estate	8.5%	2.0%
Financial Services	7.6%	12.5%
Basic Materials	7.1%	1.9%
Industrials	7.0%	7.6%
Consumer Cyclical	6.6%	8.9%
Communication Services	4.1%	9.7%
Utilities	3.4%	2.6%
Consumer Defensive	-	4.8%

Return for Risk

ADPV vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ADPV

ADPV Risk / Return Rank: 25
ADPV Sharpe Ratio Rank: 22
ADPV Sortino Ratio Rank: 23
ADPV Omega Ratio Rank: 22
ADPV Calmar Ratio Rank: 28
ADPV Martin Ratio Rank: 29

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ADPV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adaptiv Select ETF (ADPV) 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.

	ADPV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.49	1.52	-1.03
Sortino ratio: Return per unit of downside risk	0.83	2.11	-1.28
Omega ratio: Gain probability vs. loss probability	1.10	1.27	-0.17
Calmar ratio: Return relative to maximum drawdown	0.89	2.20	-1.31
Martin ratio: Return relative to average drawdown	2.43	9.40	-6.97

ADPV vs. SPY - Sharpe Ratio Comparison

The current ADPV Sharpe Ratio is 0.49, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of ADPV 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.

Drawdowns

ADPV vs. SPY - Drawdown Comparison

The maximum ADPV drawdown since its inception was -22.30%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ADPV and SPY.

Drawdown Indicators

	ADPV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-22.30%	-55.19%	+32.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-8.88%	-5.00%
Max Drawdown (3Y) Largest decline over 3 years	-22.30%	-18.76%	-3.54%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-8.34%	-1.40%	-6.94%
Average Drawdown Average peak-to-trough decline	-5.42%	-9.01%	+3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.09%	2.08%	+3.01%

Volatility

ADPV vs. SPY - Volatility Comparison

Adaptiv Select ETF (ADPV) has a higher volatility of 6.50% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that ADPV'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

	ADPV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	3.58%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	18.19%	10.14%	+8.05%
Volatility (1Y) Calculated over the trailing 1-year period	25.29%	12.89%	+12.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.13%	17.18%	+3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.13%	17.95%	+3.18%

ADPV vs. SPY - Expense Ratio Comparison

ADPV has a 1.00% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ADPV vs. SPY - Dividend Comparison

ADPV's dividend yield for the trailing twelve months is around 0.67%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADPV Adaptiv Select ETF	0.67%	0.70%	0.67%	0.22%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ADPV and SPY in my portfolio?

ADPV and SPY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADPV or SPY?

ADPV has higher volatility (6.50%) compared to SPY (3.58%). In terms of maximum drawdown, ADPV dropped -22.30% vs SPY's -55.19%.

Which ETF is better, ADPV or SPY?

On 3-year performance, ADPV leads with 21.01% vs 19.32% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADPV or SPY?

Over the 3-year period, ADPV has performed better with a 21.01% return vs 19.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADPV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.00% for ADPV.

Which ETF pays a higher dividend yield, ADPV or SPY?

SPY has the higher dividend yield at 1.01%, compared with 0.67% for ADPV.

What is the main difference between ADPV and SPY?

ADPV is categorized as Large Cap Blend Equities, while SPY is S&P 500. They also come from different issuers: Adaptiv and State Street. Their fees differ too: 1.00% for ADPV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 0.49), 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.