ARGT vs. SPY

Last updated Jun 3, 2026

ARGT (Global X MSCI Argentina ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ARGT is a Latin America Equities fund tracking the MSCI All Argentina 25/50, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ARGT returned 17.83%/yr vs 15.57%/yr for SPY. A 0.56 correlation means they provide meaningful diversification when combined. ARGT charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

ARGT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Argentina ETF (ARGT) 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, ARGT achieves a 6.99% return, which is significantly lower than SPY's 11.69% return. Over the past 10 years, ARGT has outperformed SPY with an annualized return of 17.83%, while SPY has yielded a comparatively lower 15.57% annualized return.

ARGT

• 1D: -1.20%
• 1M: 9.08%
• YTD: 6.99%
• 6M: 6.82%
• 1Y: 10.03%
• 3Y*: 35.03%
• 5Y*: 28.03%
• 10Y*: 17.83%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

ARGT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARGT Global X MSCI Argentina ETF	6.99%	11.51%	63.46%	53.64%	11.80%	3.83%	14.58%	14.50%	-32.62%	53.87%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ARGT and SPY is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Mar 4, 2011	0.56

The correlation between ARGT and SPY shifts across timeframes, from 0.44 (1 year) to 0.56 (10 years), reflecting how their relationship changes across market environments.

ARGT vs. SPY - Sectors Allocation Comparison

Sectors	ARGT	SPY
Consumer Cyclical	26.3%	10.3%
Energy	22.2%	3.6%
Financial Services	13.7%	11.8%
Basic Materials	13.3%	1.8%
Industrials	8.3%	7.8%
Consumer Defensive	6.9%	4.8%
Utilities	5.1%	2.4%
Communication Services	2.9%	11.3%
Real Estate	1.3%	1.9%
Healthcare	-	8.4%
Technology	-	35.9%

Return for Risk

ARGT vs. SPY — Risk / Return Rank

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

ARGT

ARGT Risk / Return Rank: 14
ARGT Sharpe Ratio Rank: 13
ARGT Sortino Ratio Rank: 15
ARGT Omega Ratio Rank: 15
ARGT Calmar Ratio Rank: 13
ARGT Martin Ratio Rank: 12

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

ARGT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Argentina ETF (ARGT) 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.

	ARGT	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.28	2.52	-2.25
Sortino ratio Return per unit of downside risk	0.72	3.42	-2.69
Omega ratio Gain probability vs. loss probability	1.09	1.46	-0.37
Calmar ratio Return relative to maximum drawdown	0.37	3.42	-3.05
Martin ratio Return relative to average drawdown	0.83	15.93	-15.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARGT vs. SPY - Sharpe Ratio Comparison

The current ARGT Sharpe Ratio is 0.28, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of ARGT 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.

Sharpe Ratios by Period

	ARGT	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	2.52	-2.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.84	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.87	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.59	-0.28

Drawdowns

ARGT vs. SPY - Drawdown Comparison

The maximum ARGT drawdown since its inception was -61.68%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ARGT and SPY.

Drawdown Indicators

	ARGT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-61.68%	-55.19%	-6.49%
Max Drawdown (1Y) Largest decline over 1 year	-25.10%	-8.88%	-16.22%
Max Drawdown (3Y) Largest decline over 3 years	-28.46%	-18.76%	-9.70%
Max Drawdown (5Y) Largest decline over 5 years	-35.14%	-24.50%	-10.64%
Max Drawdown (10Y) Largest decline over 10 years	-61.68%	-33.72%	-27.96%
Current Drawdown Current decline from peak	-4.99%	0.00%	-4.99%
Average Drawdown Average peak-to-trough decline	-22.06%	-9.05%	-13.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.19%	1.91%	+9.28%

Volatility

ARGT vs. SPY - Volatility Comparison

Global X MSCI Argentina ETF (ARGT) has a higher volatility of 9.79% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that ARGT'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

	ARGT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.79%	2.75%	+7.04%
Volatility (6M) Calculated over the trailing 6-month period	20.07%	8.89%	+11.18%
Volatility (1Y) Calculated over the trailing 1-year period	36.57%	11.81%	+24.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.89%	17.05%	+14.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.43%	17.94%	+13.49%

ARGT vs. SPY - Expense Ratio Comparison

ARGT has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ARGT vs. SPY - Dividend Comparison

ARGT's dividend yield for the trailing twelve months is around 0.79%, less than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARGT Global X MSCI Argentina ETF	0.79%	0.84%	1.41%	1.59%	2.45%	0.93%	0.28%	1.21%	1.34%	0.49%	0.36%	0.89%
SPY State Street SPDR S&P 500 ETF	0.97%	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 ARGT and SPY in my portfolio?

ARGT and SPY have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARGT or SPY?

ARGT has higher volatility (9.79%) compared to SPY (2.75%). In terms of maximum drawdown, ARGT dropped -61.68% vs SPY's -55.19%.

Which ETF is better, ARGT or SPY?

On 10-year performance, ARGT leads with 17.83% vs 15.57% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARGT or SPY?

Over the 10-year period, ARGT has performed better with a 17.83% return vs 15.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARGT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.60% for ARGT.

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

SPY has the higher dividend yield at 0.97%, compared with 0.79% for ARGT.

What is the main difference between ARGT and SPY?

ARGT is categorized as Latin America Equities, while SPY is S&P 500. ARGT tracks MSCI All Argentina 25/50, while SPY tracks S&P 500 Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.60% for ARGT and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 0.28), 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.