ARP vs. SPY

Last updated Jun 23, 2026

ARP (Pmv Adaptive Risk Parity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ARP is a Tactical Allocation fund actively managed by PMV, while SPY is a S&P 500 fund tracking the S&P 500 Index. ARP is actively managed, while SPY is passively managed. Over the past 3 years, ARP returned 14.35%/yr vs 21.27%/yr for SPY. A 0.71 correlation means they provide meaningful diversification when combined. ARP charges 1.42%/yr vs 0.09%/yr for SPY.

Performance

ARP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pmv Adaptive Risk Parity ETF (ARP) 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, ARP achieves a 8.51% return, which is significantly lower than SPY's 9.74% return.

ARP

• 1D: -0.18%
• 1M: -1.63%
• YTD: 8.51%
• 6M: 7.32%
• 1Y: 23.54%
• 3Y*: 14.35%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

ARP vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ARP Pmv Adaptive Risk Parity ETF	8.51%	18.33%	13.79%	3.66%	-0.82%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-0.98%

Correlation

The correlation between ARP and SPY is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	0.71

The correlation between ARP and SPY has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

ARP vs. SPY - Sectors Allocation Comparison

Sectors	ARP	SPY
Technology	31.6%	39.0%
Financial Services	14.4%	11.1%
Industrials	11.8%	7.8%
Consumer Cyclical	9.4%	9.9%
Communication Services	8.1%	10.6%
Healthcare	6.4%	8.3%
Consumer Defensive	5.7%	4.5%
Basic Materials	5.0%	1.7%
Energy	3.6%	3.1%
Utilities	2.5%	2.1%
Real Estate	1.7%	1.8%

Return for Risk

ARP vs. SPY — Risk / Return Rank

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

ARP

ARP Risk / Return Rank: 49
ARP Sharpe Ratio Rank: 49
ARP Sortino Ratio Rank: 42
ARP Omega Ratio Rank: 55
ARP Calmar Ratio Rank: 48
ARP Martin Ratio Rank: 51

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

ARP vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pmv Adaptive Risk Parity ETF (ARP) 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.

	ARP	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.16	-0.51
Sortino ratio: Return per unit of downside risk	2.09	2.91	-0.83
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.34	3.01	-0.68
Martin ratio: Return relative to average drawdown	8.49	13.54	-5.04

ARP vs. SPY - Sharpe Ratio Comparison

The current ARP Sharpe Ratio is 1.65, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ARP 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

ARP vs. SPY - Drawdown Comparison

The maximum ARP drawdown since its inception was -10.13%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ARP and SPY.

Drawdown Indicators

	ARP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-10.13%	-55.19%	+45.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	-8.88%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	-10.13%	-18.76%	+8.63%
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	-3.05%	-1.75%	-1.30%
Average Drawdown Average peak-to-trough decline	-1.84%	-9.04%	+7.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	1.97%	+0.81%

Volatility

ARP vs. SPY - Volatility Comparison

Pmv Adaptive Risk Parity ETF (ARP) has a higher volatility of 5.20% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that ARP'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

	ARP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	4.64%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	9.75%	+2.93%
Volatility (1Y) Calculated over the trailing 1-year period	14.40%	12.43%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.33%	17.14%	-6.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.33%	17.99%	-7.66%

ARP vs. SPY - Expense Ratio Comparison

ARP has a 1.42% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ARP vs. SPY - Dividend Comparison

ARP's dividend yield for the trailing twelve months is around 6.03%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARP Pmv Adaptive Risk Parity ETF	6.03%	6.54%	5.29%	2.67%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 ARP and SPY in my portfolio?

ARP and SPY have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARP or SPY?

ARP has higher volatility (5.20%) compared to SPY (4.64%). In terms of maximum drawdown, ARP dropped -10.13% vs SPY's -55.19%.

Which ETF is better, ARP or SPY?

On 3-year performance, SPY leads with 21.27% vs 14.35% for ARP. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARP or SPY?

Over the 3-year period, SPY has performed better with a 21.27% return vs 14.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARP or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.42% for ARP.

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

ARP has the higher dividend yield at 6.03%, compared with 1.01% for SPY.

What is the main difference between ARP and SPY?

ARP is categorized as Tactical Allocation, while SPY is S&P 500. They also come from different issuers: PMV and State Street. Their fees differ too: 1.42% for ARP and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.65), 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.