AFGR vs. SPYG

Last updated Jun 13, 2026

AFGR (First Trust Active Factor Large Cap Growth ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - AFGR is a Large Cap Growth Equities fund actively managed by First Trust, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. AFGR is actively managed, while SPYG is passively managed. Over the past 5 years, AFGR returned 7.22%/yr vs 14.92%/yr for SPYG. Their correlation of 0.92 suggests significant overlap in exposure. AFGR charges 0.65%/yr vs 0.04%/yr for SPYG.

Performance

AFGR vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Large Cap Growth ETF (AFGR) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFGR achieves a 1.90% return, which is significantly lower than SPYG's 9.70% return.

AFGR

• 1D: 0.27%
• 1M: 0.10%
• YTD: 1.90%
• 6M: 1.80%
• 1Y: 12.07%
• 3Y*: 19.38%
• 5Y*: 7.22%
• 10Y*: —

SPYG

• 1D: 0.41%
• 1M: -1.62%
• YTD: 9.70%
• 6M: 10.60%
• 1Y: 27.55%
• 3Y*: 25.85%
• 5Y*: 14.92%
• 10Y*: 17.91%

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

AFGR vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AFGR First Trust Active Factor Large Cap Growth ETF	1.90%	17.28%	25.96%	45.21%	-39.18%	13.23%	21.39%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.70%	22.09%	35.99%	30.02%	-29.41%	32.01%	16.78%

Correlation

The correlation between AFGR and SPYG is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 22, 2020	0.92

The correlation between AFGR and SPYG has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

AFGR vs. SPYG — Risk / Return Rank

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

AFGR

AFGR Risk / Return Rank: 19
AFGR Sharpe Ratio Rank: 21
AFGR Sortino Ratio Rank: 20
AFGR Omega Ratio Rank: 20
AFGR Calmar Ratio Rank: 17
AFGR Martin Ratio Rank: 18

SPYG

SPYG Risk / Return Rank: 52
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 53
SPYG Omega Ratio Rank: 53
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 53

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.

AFGR vs. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Large Cap Growth ETF (AFGR) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

	AFGR	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.65	-0.99
Sortino ratio: Return per unit of downside risk	0.99	2.26	-1.26
Omega ratio: Gain probability vs. loss probability	1.12	1.29	-0.17
Calmar ratio: Return relative to maximum drawdown	0.61	2.01	-1.40
Martin ratio: Return relative to average drawdown	1.74	8.08	-6.34

AFGR vs. SPYG - Sharpe Ratio Comparison

The current AFGR Sharpe Ratio is 0.65, which is lower than the SPYG Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of AFGR and SPYG, 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

AFGR vs. SPYG - Drawdown Comparison

The maximum AFGR drawdown since its inception was -45.97%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for AFGR and SPYG.

Drawdown Indicators

	AFGR	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-45.97%	-67.63%	+21.66%
Max Drawdown (1Y) Largest decline over 1 year	-19.89%	-13.76%	-6.13%
Max Drawdown (3Y) Largest decline over 3 years	-26.57%	-22.14%	-4.43%
Max Drawdown (5Y) Largest decline over 5 years	-45.97%	-32.67%	-13.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.67%	—
Current Drawdown Current decline from peak	-4.84%	-4.65%	-0.19%
Average Drawdown Average peak-to-trough decline	-14.30%	-24.30%	+10.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.94%	3.42%	+3.52%

Volatility

AFGR vs. SPYG - Volatility Comparison

The current volatility for First Trust Active Factor Large Cap Growth ETF (AFGR) is 5.45%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 6.33%. This indicates that AFGR experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFGR	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	6.33%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	13.48%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	16.81%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.97%	21.27%	+3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.52%	20.70%	+3.82%

AFGR vs. SPYG - Expense Ratio Comparison

AFGR has a 0.65% expense ratio, which is higher than SPYG's 0.04% expense ratio.

Dividends

AFGR vs. SPYG - Dividend Comparison

AFGR has not paid dividends to shareholders, while SPYG's dividend yield for the trailing twelve months is around 0.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFGR First Trust Active Factor Large Cap Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both AFGR and SPYG in my portfolio?

With a correlation of 0.92, AFGR and SPYG 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.

Which is riskier, AFGR or SPYG?

SPYG has higher volatility (6.33%) compared to AFGR (5.45%). In terms of maximum drawdown, AFGR dropped -45.97% vs SPYG's -67.63%.

Which ETF is better, AFGR or SPYG?

On 5-year performance, SPYG leads with 14.92% vs 7.22% for AFGR. On fees, SPYG is cheaper at 0.04% per year. On volatility, AFGR has been the lower-risk option at 5.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFGR or SPYG?

Over the 5-year period, SPYG has performed better with a 14.92% return vs 7.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFGR or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.65% for AFGR.

Which ETF pays a higher dividend yield, AFGR or SPYG?

SPYG has the higher dividend yield at 0.48%, compared with 0.00% for AFGR.

What is the main difference between AFGR and SPYG?

AFGR is categorized as Large Cap Growth Equities, while SPYG is S&P 500. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.65% for AFGR and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.65 vs 0.65), 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.