AIA vs. SPY

Last updated Jun 24, 2026

AIA (iShares Asia 50 ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AIA is a Asia Pacific Equities fund tracking the S&P Asia 50 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, AIA returned 14.96%/yr vs 15.53%/yr for SPY. A 0.68 correlation means they provide meaningful diversification when combined. AIA charges 0.50%/yr vs 0.09%/yr for SPY.

Performance

AIA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Asia 50 ETF (AIA) 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, AIA achieves a 43.04% return, which is significantly higher than SPY's 8.15% return. Both investments have delivered pretty close results over the past 10 years, with AIA having a 14.96% annualized return and SPY not far ahead at 15.53%.

AIA

• 1D: -7.46%
• 1M: 3.93%
• YTD: 43.04%
• 6M: 46.22%
• 1Y: 80.75%
• 3Y*: 36.18%
• 5Y*: 11.29%
• 10Y*: 14.96%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

AIA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIA iShares Asia 50 ETF	43.04%	47.79%	20.26%	4.32%	-24.08%	-10.91%	33.73%	22.21%	-14.22%	45.00%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between AIA and SPY is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Nov 20, 2007	0.68

The correlation between AIA and SPY shifts across timeframes, from 0.60 (5 years) to 0.70 (1 year), reflecting how their relationship changes across market environments.

AIA vs. SPY - Sectors Allocation Comparison

Sectors	AIA	SPY
Technology	63.8%	39.0%
Financial Services	16.4%	11.1%
Consumer Cyclical	8.6%	9.9%
Communication Services	7.4%	10.6%
Industrials	2.0%	7.8%
Healthcare	0.8%	8.3%
Energy	0.6%	3.1%
Real Estate	0.5%	1.8%
Basic Materials	-	1.7%
Consumer Defensive	-	4.5%
Utilities	-	2.1%

Return for Risk

AIA vs. SPY — Risk / Return Rank

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

AIA

AIA Risk / Return Rank: 86
AIA Sharpe Ratio Rank: 88
AIA Sortino Ratio Rank: 76
AIA Omega Ratio Rank: 84
AIA Calmar Ratio Rank: 92
AIA Martin Ratio Rank: 90

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

AIA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Asia 50 ETF (AIA) 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.

	AIA	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.90	+0.85
Sortino ratio: Return per unit of downside risk	3.20	2.58	+0.61
Omega ratio: Gain probability vs. loss probability	1.48	1.34	+0.13
Calmar ratio: Return relative to maximum drawdown	5.74	2.67	+3.07
Martin ratio: Return relative to average drawdown	19.64	11.92	+7.72

AIA vs. SPY - Sharpe Ratio Comparison

The current AIA Sharpe Ratio is 2.75, which is higher than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of AIA 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

AIA vs. SPY - Drawdown Comparison

The maximum AIA drawdown since its inception was -60.89%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AIA and SPY.

Drawdown Indicators

	AIA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-60.89%	-55.19%	-5.70%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-8.88%	-5.27%
Max Drawdown (3Y) Largest decline over 3 years	-21.64%	-18.76%	-2.88%
Max Drawdown (5Y) Largest decline over 5 years	-50.11%	-24.50%	-25.61%
Max Drawdown (10Y) Largest decline over 10 years	-54.64%	-33.72%	-20.92%
Current Drawdown Current decline from peak	-7.46%	-3.17%	-4.29%
Average Drawdown Average peak-to-trough decline	-16.64%	-9.04%	-7.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	1.98%	+2.15%

Volatility

AIA vs. SPY - Volatility Comparison

iShares Asia 50 ETF (AIA) has a higher volatility of 16.92% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that AIA'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

	AIA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.92%	4.87%	+12.05%
Volatility (6M) Calculated over the trailing 6-month period	26.32%	9.85%	+16.47%
Volatility (1Y) Calculated over the trailing 1-year period	29.51%	12.50%	+17.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.34%	17.15%	+9.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.93%	17.95%	+5.98%

AIA vs. SPY - Expense Ratio Comparison

AIA has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

AIA vs. SPY - Dividend Comparison

AIA's dividend yield for the trailing twelve months is around 1.54%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIA iShares Asia 50 ETF	1.54%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%
SPY State Street SPDR S&P 500 ETF	1.03%	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 AIA and SPY in my portfolio?

AIA and SPY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIA or SPY?

AIA has higher volatility (16.92%) compared to SPY (4.87%). In terms of maximum drawdown, AIA dropped -60.89% vs SPY's -55.19%.

Which ETF is better, AIA or SPY?

On 10-year performance, SPY leads with 15.53% vs 14.96% for AIA. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIA or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 14.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for AIA.

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

AIA has the higher dividend yield at 1.54%, compared with 1.03% for SPY.

What is the main difference between AIA and SPY?

AIA is categorized as Asia Pacific Equities, while SPY is S&P 500. AIA tracks S&P Asia 50 Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for AIA and 0.09% for SPY.

Which has better risk-adjusted returns?

AIA currently has the higher Sharpe Ratio (2.75 vs 1.90), 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.