APUE vs. SPY

Last updated Jun 24, 2026

APUE (ActivePassive U.S. Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - APUE is a Large Cap Blend Equities fund actively managed by ActivePassive, while SPY is a S&P 500 fund tracking the S&P 500 Index. APUE is actively managed, while SPY is passively managed. Over the past 3 years, APUE returned 20.51%/yr vs 20.68%/yr for SPY. With a 0.98 correlation, they move nearly in lockstep. APUE charges 0.33%/yr vs 0.09%/yr for SPY.

Performance

APUE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive U.S. Equity ETF (APUE) 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, APUE achieves a 8.71% return, which is significantly higher than SPY's 8.15% return.

APUE

• 1D: -1.31%
• 1M: -0.79%
• YTD: 8.71%
• 6M: 7.66%
• 1Y: 24.90%
• 3Y*: 20.51%
• 5Y*: —
• 10Y*: —

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)

APUE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APUE ActivePassive U.S. Equity ETF	8.71%	17.49%	23.89%	17.63%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	17.00%

Correlation

The correlation between APUE and SPY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.98

The correlation between APUE and SPY has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

APUE vs. SPY - Sectors Allocation Comparison

Sectors	APUE	SPY
Technology	37.6%	39.0%
Financial Services	11.4%	11.1%
Consumer Cyclical	10.3%	9.9%
Communication Services	9.9%	10.6%
Industrials	9.3%	7.8%
Healthcare	8.6%	8.3%
Consumer Defensive	4.4%	4.5%
Energy	3.1%	3.1%
Basic Materials	2.0%	1.7%
Utilities	1.8%	2.1%
Real Estate	1.6%	1.8%

Return for Risk

APUE vs. SPY — Risk / Return Rank

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

APUE

APUE Risk / Return Rank: 65
APUE Sharpe Ratio Rank: 66
APUE Sortino Ratio Rank: 63
APUE Omega Ratio Rank: 64
APUE Calmar Ratio Rank: 61
APUE Martin Ratio Rank: 73

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.

APUE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive U.S. Equity ETF (APUE) 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.

	APUE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.90	+0.07
Sortino ratio: Return per unit of downside risk	2.70	2.58	+0.12
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	2.78	2.67	+0.12
Martin ratio: Return relative to average drawdown	12.63	11.92	+0.71

APUE vs. SPY - Sharpe Ratio Comparison

The current APUE Sharpe Ratio is 1.97, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of APUE 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

APUE vs. SPY - Drawdown Comparison

The maximum APUE drawdown since its inception was -18.83%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for APUE and SPY.

Drawdown Indicators

	APUE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-55.19%	+36.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-8.88%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-18.83%	-18.76%	-0.07%
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	-2.62%	-3.17%	+0.55%
Average Drawdown Average peak-to-trough decline	-2.06%	-9.04%	+6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.98%	0.00%

Volatility

APUE vs. SPY - Volatility Comparison

ActivePassive U.S. Equity ETF (APUE) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.69% and 4.87%, 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.

Volatility by Period

	APUE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	4.87%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	9.85%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	12.50%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	17.15%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.75%	17.95%	-3.20%

APUE vs. SPY - Expense Ratio Comparison

APUE has a 0.33% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

APUE vs. SPY - Dividend Comparison

APUE's dividend yield for the trailing twelve months is around 0.77%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APUE ActivePassive U.S. Equity ETF	0.77%	0.83%	0.79%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 APUE and SPY in my portfolio?

With a correlation of 0.99, APUE 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.

Which is riskier, APUE or SPY?

SPY has higher volatility (4.87%) compared to APUE (4.69%). In terms of maximum drawdown, APUE dropped -18.83% vs SPY's -55.19%.

Which ETF is better, APUE or SPY?

On 3-year performance, SPY leads with 20.68% vs 20.51% for APUE. On fees, SPY is cheaper at 0.09% per year. On volatility, APUE has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APUE or SPY?

Over the 3-year period, SPY has performed better with a 20.68% return vs 20.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APUE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.33% for APUE.

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

SPY has the higher dividend yield at 1.03%, compared with 0.77% for APUE.

What is the main difference between APUE and SPY?

APUE is categorized as Large Cap Blend Equities, while SPY is S&P 500. They also come from different issuers: ActivePassive and State Street. Their fees differ too: 0.33% for APUE and 0.09% for SPY.

Which has better risk-adjusted returns?

APUE currently has the higher Sharpe Ratio (1.97 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.