BKSE vs. SPY

Last updated Aug 4, 2026

BKSE (BNY Mellon US Small Cap Core Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BKSE is a Small Cap Growth Equities fund tracking the Morningstar US Small Cap Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, BKSE returned 9.11%/yr vs 13.05%/yr for SPY. Their correlation of 0.80 means they have usually moved in the same direction. BKSE charges 0.04%/yr vs 0.09%/yr for SPY.

Performance

BKSE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon US Small Cap Core Equity ETF (BKSE) 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, BKSE achieves a 20.27% return, which is significantly higher than SPY's 11.70% return.

BKSE

• 1D: 1.78%
• 1M: 1.08%
• 6M: 13.72%
• YTD: 20.27%
• 1Y: 37.25%
• 3Y*: 16.98%
• 5Y*: 9.11%
• 10Y*: —
• ALL TIME*: 16.75%

SPY

• 1D: 1.42%
• 1M: 1.73%
• 6M: 9.53%
• YTD: 11.70%
• 1Y: 23.22%
• 3Y*: 20.74%
• 5Y*: 13.05%
• 10Y*: 15.09%
• ALL TIME*: 10.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKSE BNY Mellon US Small Cap Core Equity ETF	$343.03K	$235.90K	$242.30K
SPY State Street SPDR S&P 500 ETF	$38.19B	$36.17B	$39.59B

BKSE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKSE BNY Mellon US Small Cap Core Equity ETF	20.27%	13.09%	9.56%	22.37%	-18.44%	16.18%	53.89%
SPY State Street SPDR S&P 500 ETF	11.70%	17.72%	24.89%	26.18%	-18.18%	28.73%	38.17%

Correlation

The correlation between BKSE and SPY is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (All Time) Calculated using the full available price history since Apr 9, 2020	0.80

The correlation between BKSE and SPY has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

BKSE vs. SPY - Sectors Allocation Comparison

Sectors	BKSE	SPY
Financial Services	16.4%	12.5%
Technology	16.0%	36.9%
Industrials	14.9%	7.6%
Healthcare	14.2%	9.4%
Consumer Cyclical	13.5%	8.9%
Real Estate	7.2%	2.0%
Energy	5.9%	3.4%
Basic Materials	4.3%	1.9%
Utilities	3.1%	2.6%
Consumer Defensive	2.6%	4.8%
Communication Services	2.0%	9.7%

Return for Risk

BKSE vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BKSE

BKSE Risk / Return Rank: 87
BKSE Sharpe Ratio Rank: 86
BKSE Sortino Ratio Rank: 88
BKSE Omega Ratio Rank: 82
BKSE Calmar Ratio Rank: 90
BKSE Martin Ratio Rank: 89

SPY

SPY Risk / Return Rank: 78
SPY Sharpe Ratio Rank: 78
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 77
SPY Calmar Ratio Rank: 74
SPY Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BKSE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon US Small Cap Core Equity ETF (BKSE) 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.

	BKSE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.82	+0.34
Sortino ratio: Return per unit of downside risk	3.11	2.50	+0.61
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.04
Calmar ratio: Return relative to maximum drawdown	3.98	2.62	+1.36
Martin ratio: Return relative to average drawdown	14.29	11.20	+3.09

BKSE vs. SPY - Sharpe Ratio Comparison

The current BKSE Sharpe Ratio is 2.16, which is comparable to the SPY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of BKSE 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

BKSE vs. SPY - Drawdown Comparison

The maximum BKSE drawdown since its inception was -29.08%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BKSE and SPY.

Drawdown Indicators

	BKSE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-29.08%	-55.19%	+26.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-8.88%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-26.76%	-18.76%	-8.00%
Max Drawdown (5Y) Largest decline over 5 years	-29.08%	-24.50%	-4.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.85%	-9.01%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.08%	+0.53%

Volatility

BKSE vs. SPY - Volatility Comparison

BNY Mellon US Small Cap Core Equity ETF (BKSE) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.80% and 3.84%, 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

	BKSE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	3.84%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.99%	10.23%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.39%	12.87%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.36%	17.19%	+4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.13%	17.96%	+4.17%

BKSE vs. SPY - Expense Ratio Comparison

BKSE has a 0.04% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BKSE vs. SPY - Dividend Comparison

BKSE's dividend yield for the trailing twelve months is around 1.19%, more than SPY's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKSE BNY Mellon US Small Cap Core Equity ETF	1.19%	1.26%	1.55%	1.38%	1.50%	1.17%	0.82%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.99%	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 BKSE and SPY in my portfolio?

BKSE and SPY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKSE or SPY?

SPY has higher volatility (3.84%) compared to BKSE (3.80%). In terms of maximum drawdown, BKSE dropped -29.08% vs SPY's -55.19%.

Which ETF is better, BKSE or SPY?

On 5-year performance, SPY leads with 13.05% vs 9.11% for BKSE. On fees, BKSE is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKSE or SPY?

Over the 5-year period, SPY has performed better with a 13.05% return vs 9.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKSE or SPY?

BKSE is cheaper with a 0.04% expense ratio, compared with 0.09% for SPY.

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

BKSE has the higher dividend yield at 1.19%, compared with 0.99% for SPY.

What is the main difference between BKSE and SPY?

BKSE is categorized as Small Cap Growth Equities, while SPY is S&P 500. BKSE tracks Morningstar US Small Cap Index, while SPY tracks S&P 500 Index. They also come from different issuers: BNY Mellon and State Street. Their fees differ too: 0.04% for BKSE and 0.09% for SPY.

Which has better risk-adjusted returns?

BKSE currently has the higher Sharpe Ratio (2.16 vs 1.82), 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.