BAND vs. SPY

Last updated Jun 3, 2026

BAND (Bandwidth Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, BAND returned -9.90%/yr vs 14.20%/yr for SPY. At a 0.40 correlation, their price movements are largely independent.

Performance

BAND vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bandwidth Inc. (BAND) 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, BAND achieves a 339.29% return, which is significantly higher than SPY's 11.69% return.

BAND

• 1D: -4.26%
• 1M: 51.29%
• YTD: 339.29%
• 6M: 377.62%
• 1Y: 371.32%
• 3Y*: 77.68%
• 5Y*: -9.90%
• 10Y*: —

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)

BAND vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BAND Bandwidth Inc.	339.29%	-9.22%	17.62%	-36.95%	-68.02%	-53.30%	139.92%	57.18%	76.25%	9.11%
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%	3.93%

Correlation

The correlation between BAND and SPY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Nov 13, 2017	0.40

Return for Risk

BAND vs. SPY — Risk / Return Rank

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

BAND

BAND Risk / Return Rank: 98
BAND Sharpe Ratio Rank: 98
BAND Sortino Ratio Rank: 98
BAND Omega Ratio Rank: 97
BAND Calmar Ratio Rank: 98
BAND Martin Ratio Rank: 97

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.

BAND vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bandwidth Inc. (BAND) 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.

	BAND	SPY	Difference
Sharpe ratio Return per unit of total volatility	4.79	2.52	+2.27
Sortino ratio Return per unit of downside risk	5.33	3.42	+1.92
Omega ratio Gain probability vs. loss probability	1.75	1.46	+0.29
Calmar ratio Return relative to maximum drawdown	12.84	3.42	+9.43
Martin ratio Return relative to average drawdown	26.52	15.93	+10.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BAND vs. SPY - Sharpe Ratio Comparison

The current BAND Sharpe Ratio is 4.79, which is higher than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of BAND 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

	BAND	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.79	2.52	+2.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.84	-0.96
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.59	-0.37

Drawdowns

BAND vs. SPY - Drawdown Comparison

The maximum BAND drawdown since its inception was -95.16%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BAND and SPY.

Drawdown Indicators

	BAND	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-95.16%	-55.19%	-39.97%
Max Drawdown (1Y) Largest decline over 1 year	-29.91%	-8.88%	-21.03%
Max Drawdown (3Y) Largest decline over 3 years	-49.82%	-18.76%	-31.06%
Max Drawdown (5Y) Largest decline over 5 years	-93.37%	-24.50%	-68.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-64.85%	0.00%	-64.85%
Average Drawdown Average peak-to-trough decline	-54.91%	-9.05%	-45.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.48%	1.91%	+12.57%

Volatility

BAND vs. SPY - Volatility Comparison

Bandwidth Inc. (BAND) has a higher volatility of 21.12% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that BAND'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

	BAND	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.12%	2.75%	+18.37%
Volatility (6M) Calculated over the trailing 6-month period	60.12%	8.89%	+51.23%
Volatility (1Y) Calculated over the trailing 1-year period	78.12%	11.81%	+66.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.84%	17.05%	+60.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.12%	17.94%	+49.18%

Dividends

BAND vs. SPY - Dividend Comparison

BAND has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BAND Bandwidth Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 BAND and SPY in my portfolio?

BAND and SPY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAND or SPY?

BAND has higher volatility (21.12%) compared to SPY (2.75%). In terms of maximum drawdown, BAND dropped -95.16% vs SPY's -55.19%.

Which has better risk-adjusted returns?

BAND currently has the higher Sharpe Ratio (4.79 vs 2.52), 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.