AGDAX vs. SPY

Last updated Jul 31, 2026

AGDAX (AB High Income Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - AGDAX is a High Yield Bonds fund managed by AllianceBernstein, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, AGDAX returned 4.19%/yr vs 14.91%/yr for SPY. Their 0.33 correlation means their historical movements had little consistent relationship. AGDAX charges 0.84%/yr vs 0.09%/yr for SPY.

Performance

AGDAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB High Income Fund (AGDAX) 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, AGDAX achieves a 1.30% return, which is significantly lower than SPY's 9.34% return. Over the past 10 years, AGDAX has underperformed SPY with an annualized return of 4.19%, while SPY has yielded a comparatively higher 14.91% annualized return.

AGDAX

• 1D: -0.14%
• 1M: -1.00%
• 6M: 1.16%
• YTD: 1.30%
• 1Y: 4.94%
• 3Y*: 7.90%
• 5Y*: 3.33%
• 10Y*: 4.19%
• ALL TIME*: 9.20%

SPY

• 1D: 1.68%
• 1M: -0.68%
• 6M: 7.43%
• YTD: 9.34%
• 1Y: 18.20%
• 3Y*: 18.92%
• 5Y*: 12.60%
• 10Y*: 14.91%
• ALL TIME*: 10.77%

*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)
AGDAX AB High Income Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$36.82B	$35.23B	$39.04B

AGDAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGDAX AB High Income Fund	1.30%	8.06%	7.36%	13.63%	-12.45%	3.87%	2.91%	13.71%	-5.29%	7.94%
SPY State Street SPDR S&P 500 ETF	9.34%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between AGDAX and SPY is 0.57, 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.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (5Y) Shows whether the relationship held over a longer period.	0.49
Correlation (10Y) Provides a long-term view across more market conditions.	0.45
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.33

Over the past year, AGDAX and SPY have become more correlated (0.57) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

AGDAX vs. SPY — Risk / Return Rank

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

AGDAX

AGDAX Risk / Return Rank: 64
AGDAX Sharpe Ratio Rank: 59
AGDAX Sortino Ratio Rank: 76
AGDAX Omega Ratio Rank: 73
AGDAX Calmar Ratio Rank: 45
AGDAX Martin Ratio Rank: 65

SPY

SPY Risk / Return Rank: 65
SPY Sharpe Ratio Rank: 64
SPY Sortino Ratio Rank: 62
SPY Omega Ratio Rank: 62
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

AGDAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB High Income Fund (AGDAX) 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.

	AGDAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.42	+0.07
Sortino ratio: Return per unit of downside risk	2.60	1.99	+0.61
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio: Return relative to maximum drawdown	1.80	2.06	-0.26
Martin ratio: Return relative to average drawdown	8.36	8.77	-0.41

AGDAX vs. SPY - Sharpe Ratio Comparison

The current AGDAX Sharpe Ratio is 1.49, which is comparable to the SPY Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of AGDAX 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

AGDAX vs. SPY - Drawdown Comparison

The maximum AGDAX drawdown since its inception was -45.59%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AGDAX and SPY.

Drawdown Indicators

	AGDAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-45.59%	-55.19%	+9.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-8.88%	+6.12%
Max Drawdown (3Y) Largest decline over 3 years	-4.24%	-18.76%	+14.52%
Max Drawdown (5Y) Largest decline over 5 years	-16.96%	-24.50%	+7.54%
Max Drawdown (10Y) Largest decline over 10 years	-25.82%	-33.72%	+7.90%
Current Drawdown Current decline from peak	-1.14%	-2.10%	+0.96%
Average Drawdown Average peak-to-trough decline	-4.45%	-9.01%	+4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	2.08%	-1.49%

Volatility

AGDAX vs. SPY - Volatility Comparison

The current volatility for AB High Income Fund (AGDAX) is 0.79%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.50%. This indicates that AGDAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGDAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	3.50%	-2.71%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	10.13%	-7.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	12.88%	-9.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.94%	17.18%	-12.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.61%	17.95%	-12.34%

AGDAX vs. SPY - Expense Ratio Comparison

AGDAX has a 0.84% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

AGDAX vs. SPY - Dividend Comparison

AGDAX's dividend yield for the trailing twelve months is around 6.77%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGDAX AB High Income Fund	6.77%	6.85%	5.89%	6.53%	6.79%	4.95%	5.86%	6.27%	7.47%	5.84%	6.25%	7.42%
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 AGDAX and SPY in my portfolio?

AGDAX and SPY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGDAX or SPY?

SPY has higher volatility (3.50%) compared to AGDAX (0.79%). In terms of maximum drawdown, AGDAX dropped -45.59% vs SPY's -55.19%.

Which has better risk-adjusted returns?

AGDAX currently has the higher Sharpe Ratio (1.49 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.