AVGE vs. SPY

Last updated Jun 6, 2026

AVGE (Avantis All Equity Markets ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AVGE is a Global Equities fund actively managed by Avantis, while SPY is a S&P 500 fund tracking the S&P 500 Index. AVGE is actively managed, while SPY is passively managed. Over the past 3 years, AVGE returned 20.53%/yr vs 21.43%/yr for SPY. Their correlation of 0.90 suggests significant overlap in exposure. AVGE charges 0.23%/yr vs 0.09%/yr for SPY.

Performance

AVGE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis All Equity Markets ETF (AVGE) 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, AVGE achieves a 13.09% return, which is significantly higher than SPY's 8.45% return.

AVGE

• 1D: -2.63%
• 1M: -0.61%
• YTD: 13.09%
• 6M: 13.81%
• 1Y: 31.15%
• 3Y*: 20.53%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -2.58%
• 1M: 0.51%
• YTD: 8.45%
• 6M: 8.18%
• 1Y: 25.79%
• 3Y*: 21.43%
• 5Y*: 13.32%
• 10Y*: 15.16%

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

AVGE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AVGE Avantis All Equity Markets ETF	13.09%	20.84%	13.96%	19.04%	11.18%
SPY State Street SPDR S&P 500 ETF	8.45%	17.72%	24.89%	26.18%	5.90%

Correlation

The correlation between AVGE and SPY is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 30, 2022	0.90

The correlation between AVGE and SPY has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

AVGE vs. SPY - Sectors Allocation Comparison

Sectors	AVGE	SPY
Technology	19.1%	35.9%
Financial Services	18.0%	11.8%
Industrials	13.7%	7.8%
Consumer Cyclical	11.9%	10.3%
Energy	8.8%	3.6%
Communication Services	6.9%	11.3%
Healthcare	6.0%	8.4%
Basic Materials	5.3%	1.8%
Consumer Defensive	4.7%	4.8%
Real Estate	3.5%	1.9%
Utilities	2.1%	2.4%

Return for Risk

AVGE vs. SPY — Risk / Return Rank

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

AVGE

AVGE Risk / Return Rank: 77
AVGE Sharpe Ratio Rank: 78
AVGE Sortino Ratio Rank: 77
AVGE Omega Ratio Rank: 77
AVGE Calmar Ratio Rank: 74
AVGE Martin Ratio Rank: 80

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 66
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

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.

AVGE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis All Equity Markets ETF (AVGE) 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.

	AVGE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.14	+0.31
Sortino ratio: Return per unit of downside risk	3.34	2.88	+0.46
Omega ratio: Gain probability vs. loss probability	1.45	1.39	+0.06
Calmar ratio: Return relative to maximum drawdown	3.64	2.92	+0.72
Martin ratio: Return relative to average drawdown	15.51	13.50	+2.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVGE vs. SPY - Sharpe Ratio Comparison

The current AVGE Sharpe Ratio is 2.45, which is comparable to the SPY Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of AVGE 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

	AVGE	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.14	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.78	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.43	0.58	+0.85

Drawdowns

AVGE vs. SPY - Drawdown Comparison

The maximum AVGE drawdown since its inception was -17.13%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AVGE and SPY.

Drawdown Indicators

	AVGE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-17.13%	-55.19%	+38.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-8.88%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-17.13%	-18.76%	+1.63%
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	-2.72%	-2.90%	+0.18%
Average Drawdown Average peak-to-trough decline	-2.41%	-9.05%	+6.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.91%	+0.10%

Volatility

AVGE vs. SPY - Volatility Comparison

Avantis All Equity Markets ETF (AVGE) has a higher volatility of 4.19% compared to State Street SPDR S&P 500 ETF (SPY) at 3.73%. This indicates that AVGE'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

	AVGE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	3.73%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	9.31%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	12.12%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.25%	17.09%	-1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.25%	17.95%	-2.70%

AVGE vs. SPY - Expense Ratio Comparison

AVGE has a 0.23% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AVGE vs. SPY - Dividend Comparison

AVGE's dividend yield for the trailing twelve months is around 1.65%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVGE Avantis All Equity Markets ETF	1.65%	1.67%	1.92%	1.93%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	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 AVGE and SPY in my portfolio?

AVGE and SPY have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVGE or SPY?

AVGE has higher volatility (4.19%) compared to SPY (3.73%). In terms of maximum drawdown, AVGE dropped -17.13% vs SPY's -55.19%.

Which ETF is better, AVGE or SPY?

On 3-year performance, SPY leads with 21.43% vs 20.53% for AVGE. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVGE or SPY?

Over the 3-year period, SPY has performed better with a 21.43% return vs 20.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVGE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.23% for AVGE.

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

AVGE has the higher dividend yield at 1.65%, compared with 1.00% for SPY.

What is the main difference between AVGE and SPY?

AVGE is categorized as Global Equities, while SPY is S&P 500. They also come from different issuers: Avantis and State Street. Their fees differ too: 0.23% for AVGE and 0.09% for SPY.

Which has better risk-adjusted returns?

AVGE currently has the higher Sharpe Ratio (2.45 vs 2.14), 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.