BGRO vs. SPY

Last updated Jun 4, 2026

BGRO (BlackRock Large Cap Growth ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BGRO is a Large Cap Growth Equities fund actively managed by iShares, while SPY is a S&P 500 fund tracking the S&P 500 Index. BGRO is actively managed, while SPY is passively managed. Over the past year, BGRO returned 25.71% vs 27.98% for SPY. Their correlation of 0.90 suggests significant overlap in exposure. BGRO charges 0.55%/yr vs 0.09%/yr for SPY.

Performance

BGRO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Large Cap Growth ETF (BGRO) 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, BGRO achieves a 13.72% return, which is significantly higher than SPY's 10.91% return.

BGRO

• 1D: -1.81%
• 1M: 7.98%
• YTD: 13.72%
• 6M: 13.39%
• 1Y: 25.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

BGRO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BGRO BlackRock Large Cap Growth ETF	13.72%	12.37%	10.92%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	10.68%

Correlation

The correlation between BGRO and SPY is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Jun 6, 2024	0.90

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

BGRO vs. SPY - Sectors Allocation Comparison

Sectors	BGRO	SPY
Technology	50.8%	35.9%
Industrials	13.8%	7.8%
Communication Services	11.8%	11.3%
Consumer Cyclical	10.0%	10.3%
Healthcare	5.3%	8.4%
Real Estate	3.3%	1.9%
Financial Services	1.6%	11.8%
Basic Materials	1.3%	1.8%
Consumer Defensive	1.1%	4.8%
Energy	0.9%	3.6%
Utilities	-	2.4%

Return for Risk

BGRO vs. SPY — Risk / Return Rank

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

BGRO

BGRO Risk / Return Rank: 36
BGRO Sharpe Ratio Rank: 41
BGRO Sortino Ratio Rank: 37
BGRO Omega Ratio Rank: 38
BGRO Calmar Ratio Rank: 30
BGRO Martin Ratio Rank: 33

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

BGRO vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Large Cap Growth ETF (BGRO) 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.

	BGRO	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.38	-0.96
Sortino ratio: Return per unit of downside risk	1.95	3.24	-1.29
Omega ratio: Gain probability vs. loss probability	1.25	1.43	-0.18
Calmar ratio: Return relative to maximum drawdown	1.46	3.16	-1.70
Martin ratio: Return relative to average drawdown	4.91	14.72	-9.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGRO vs. SPY - Sharpe Ratio Comparison

The current BGRO Sharpe Ratio is 1.42, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of BGRO 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

	BGRO	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	2.38	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.59	+0.23

Drawdowns

BGRO vs. SPY - Drawdown Comparison

The maximum BGRO drawdown since its inception was -24.94%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BGRO and SPY.

Drawdown Indicators

	BGRO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-24.94%	-55.19%	+30.25%
Max Drawdown (1Y) Largest decline over 1 year	-17.64%	-8.88%	-8.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
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	-2.05%	-0.70%	-1.35%
Average Drawdown Average peak-to-trough decline	-4.76%	-9.05%	+4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.25%	1.91%	+3.34%

Volatility

BGRO vs. SPY - Volatility Comparison

BlackRock Large Cap Growth ETF (BGRO) has a higher volatility of 4.92% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that BGRO'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

	BGRO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	2.84%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	14.24%	8.90%	+5.34%
Volatility (1Y) Calculated over the trailing 1-year period	18.17%	11.83%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.56%	17.05%	+6.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	17.94%	+5.62%

BGRO vs. SPY - Expense Ratio Comparison

BGRO has a 0.55% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BGRO vs. SPY - Dividend Comparison

BGRO's dividend yield for the trailing twelve months is around 0.03%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGRO BlackRock Large Cap Growth ETF	0.03%	0.04%	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	0.98%	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 BGRO and SPY in my portfolio?

BGRO and SPY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGRO or SPY?

BGRO has higher volatility (4.92%) compared to SPY (2.84%). In terms of maximum drawdown, BGRO dropped -24.94% vs SPY's -55.19%.

Which ETF is better, BGRO or SPY?

On 1-year performance, SPY leads with 27.98% vs 25.71% for BGRO. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BGRO or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs 25.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BGRO or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.55% for BGRO.

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

SPY has the higher dividend yield at 0.98%, compared with 0.03% for BGRO.

What is the main difference between BGRO and SPY?

BGRO is categorized as Large Cap Growth Equities, while SPY is S&P 500. They also come from different issuers: iShares and State Street. Their fees differ too: 0.55% for BGRO and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.42), 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.