BKF vs. SPY

Last updated Jun 23, 2026

BKF (iShares MSCI BRIC ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BKF is a Asia Pacific Equities fund tracking the MSCI BRIC Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, BKF returned 5.20%/yr vs 15.70%/yr for SPY. A 0.67 correlation means they provide meaningful diversification when combined. BKF charges 0.69%/yr vs 0.09%/yr for SPY.

Performance

BKF vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI BRIC ETF (BKF) 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, BKF achieves a -8.49% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, BKF has underperformed SPY with an annualized return of 5.20%, while SPY has yielded a comparatively higher 15.70% annualized return.

BKF

• 1D: 0.53%
• 1M: -1.16%
• YTD: -8.49%
• 6M: -8.96%
• 1Y: 0.89%
• 3Y*: 7.84%
• 5Y*: -3.80%
• 10Y*: 5.20%

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)

BKF vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BKF iShares MSCI BRIC ETF	-8.49%	22.30%	9.24%	1.27%	-21.78%	-11.87%	16.52%	22.93%	-13.80%	41.80%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between BKF and SPY is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Nov 20, 2007	0.67

The correlation between BKF and SPY shifts across timeframes, from 0.48 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.

BKF vs. SPY - Sectors Allocation Comparison

Sectors	BKF	SPY
Financial Services	23.9%	11.1%
Consumer Cyclical	18.4%	9.9%
Communication Services	12.3%	10.6%
Technology	9.6%	39.0%
Basic Materials	7.6%	1.7%
Industrials	7.5%	7.8%
Energy	6.9%	3.1%
Healthcare	5.0%	8.3%
Consumer Defensive	3.9%	4.5%
Utilities	3.7%	2.1%
Real Estate	1.3%	1.8%

Return for Risk

BKF vs. SPY — Risk / Return Rank

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

BKF

BKF Risk / Return Rank: 9
BKF Sharpe Ratio Rank: 9
BKF Sortino Ratio Rank: 9
BKF Omega Ratio Rank: 9
BKF Calmar Ratio Rank: 9
BKF Martin Ratio Rank: 9

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.

BKF vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI BRIC ETF (BKF) 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.

	BKF	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.06	2.16	-2.10
Sortino ratio: Return per unit of downside risk	0.19	2.91	-2.72
Omega ratio: Gain probability vs. loss probability	1.02	1.39	-0.37
Calmar ratio: Return relative to maximum drawdown	0.06	3.01	-2.95
Martin ratio: Return relative to average drawdown	0.15	13.54	-13.38

BKF vs. SPY - Sharpe Ratio Comparison

The current BKF Sharpe Ratio is 0.06, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of BKF 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

BKF vs. SPY - Drawdown Comparison

The maximum BKF drawdown since its inception was -70.29%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BKF and SPY.

Drawdown Indicators

	BKF	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-70.29%	-55.19%	-15.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.28%	-8.88%	-5.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.60%	-18.76%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	-44.94%	-24.50%	-20.44%
Max Drawdown (10Y) Largest decline over 10 years	-49.20%	-33.72%	-15.48%
Current Drawdown Current decline from peak	-25.89%	-1.75%	-24.14%
Average Drawdown Average peak-to-trough decline	-28.10%	-9.04%	-19.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.84%	1.97%	+3.87%

Volatility

BKF vs. SPY - Volatility Comparison

iShares MSCI BRIC ETF (BKF) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.85% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKF	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	4.64%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	12.83%	9.75%	+3.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	12.43%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.56%	17.14%	+4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.76%	17.99%	+3.77%

BKF vs. SPY - Expense Ratio Comparison

BKF has a 0.69% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BKF vs. SPY - Dividend Comparison

BKF's dividend yield for the trailing twelve months is around 1.59%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKF iShares MSCI BRIC ETF	1.59%	1.79%	2.37%	1.68%	2.04%	2.93%	1.02%	1.66%	2.33%	1.51%	1.82%	3.15%
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 BKF and SPY in my portfolio?

BKF and SPY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKF or SPY?

BKF has higher volatility (4.85%) compared to SPY (4.64%). In terms of maximum drawdown, BKF dropped -70.29% vs SPY's -55.19%.

Which ETF is better, BKF or SPY?

On 10-year performance, SPY leads with 15.70% vs 5.20% for BKF. 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, BKF or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKF or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.69% for BKF.

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

BKF has the higher dividend yield at 1.59%, compared with 1.01% for SPY.

What is the main difference between BKF and SPY?

BKF is categorized as Asia Pacific Equities, while SPY is S&P 500. BKF tracks MSCI BRIC Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.69% for BKF and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 0.06), 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.