BLCO vs. SPY

Last updated Jun 4, 2026

BLCO (Bausch + Lomb Corp) 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 3 years, BLCO returned -6.60%/yr vs 22.35%/yr for SPY. At a 0.40 correlation, their price movements are largely independent.

Performance

BLCO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bausch + Lomb Corp (BLCO) 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, BLCO achieves a -12.94% return, which is significantly lower than SPY's 10.91% return.

BLCO

• 1D: -0.73%
• 1M: -8.77%
• YTD: -12.94%
• 6M: -12.32%
• 1Y: 29.30%
• 3Y*: -6.60%
• 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)

BLCO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BLCO Bausch + Lomb Corp	-12.94%	-5.43%	5.86%	9.99%	-22.45%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-5.81%

Correlation

The correlation between BLCO and SPY is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 9, 2022	0.40

Return for Risk

BLCO vs. SPY — Risk / Return Rank

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

BLCO

BLCO Risk / Return Rank: 68
BLCO Sharpe Ratio Rank: 71
BLCO Sortino Ratio Rank: 65
BLCO Omega Ratio Rank: 62
BLCO Calmar Ratio Rank: 69
BLCO Martin Ratio Rank: 71

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.

BLCO vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bausch + Lomb Corp (BLCO) 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.

	BLCO	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.38	-1.43
Sortino ratio: Return per unit of downside risk	1.49	3.24	-1.75
Omega ratio: Gain probability vs. loss probability	1.18	1.43	-0.25
Calmar ratio: Return relative to maximum drawdown	1.47	3.16	-1.70
Martin ratio: Return relative to average drawdown	3.96	14.72	-10.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BLCO vs. SPY - Sharpe Ratio Comparison

The current BLCO Sharpe Ratio is 0.94, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of BLCO 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

	BLCO	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	2.38	-1.43
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	-0.18	0.59	-0.76

Drawdowns

BLCO vs. SPY - Drawdown Comparison

The maximum BLCO drawdown since its inception was -48.07%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BLCO and SPY.

Drawdown Indicators

	BLCO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-48.07%	-55.19%	+7.12%
Max Drawdown (1Y) Largest decline over 1 year	-20.05%	-8.88%	-11.17%
Max Drawdown (3Y) Largest decline over 3 years	-48.07%	-18.76%	-29.31%
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	-29.16%	-0.70%	-28.46%
Average Drawdown Average peak-to-trough decline	-21.71%	-9.05%	-12.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.41%	1.91%	+5.50%

Volatility

BLCO vs. SPY - Volatility Comparison

Bausch + Lomb Corp (BLCO) has a higher volatility of 4.75% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that BLCO'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

	BLCO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	2.84%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	19.57%	8.90%	+10.67%
Volatility (1Y) Calculated over the trailing 1-year period	31.16%	11.83%	+19.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.97%	17.05%	+22.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.97%	17.94%	+22.03%

Dividends

BLCO vs. SPY - Dividend Comparison

BLCO has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLCO Bausch + Lomb Corp	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	0.98%	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 BLCO and SPY in my portfolio?

BLCO and SPY have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLCO or SPY?

BLCO has higher volatility (4.75%) compared to SPY (2.84%). In terms of maximum drawdown, BLCO dropped -48.07% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 0.94), 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.