BNGE vs. SPY

Last updated Jun 26, 2026

BNGE (First Trust S-Network Streaming and Gaming ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BNGE is a Technology Equities fund tracking the S-Network Streaming & Gaming Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, BNGE returned 12.24%/yr vs 20.89%/yr for SPY. A 0.77 correlation means they provide meaningful diversification when combined. BNGE charges 0.70%/yr vs 0.09%/yr for SPY.

Performance

BNGE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S-Network Streaming and Gaming ETF (BNGE) 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, BNGE achieves a -20.97% return, which is significantly lower than SPY's 8.25% return.

BNGE

• 1D: -1.34%
• 1M: -3.30%
• YTD: -20.97%
• 6M: -21.44%
• 1Y: -17.18%
• 3Y*: 12.24%
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: -1.92%
• YTD: 8.25%
• 6M: 6.93%
• 1Y: 22.29%
• 3Y*: 20.89%
• 5Y*: 12.99%
• 10Y*: 15.75%

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

BNGE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BNGE First Trust S-Network Streaming and Gaming ETF	-20.97%	35.18%	19.23%	37.21%	-28.77%
SPY State Street SPDR S&P 500 ETF	8.25%	17.72%	24.89%	26.18%	-10.55%

Correlation

The correlation between BNGE and SPY is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 26, 2022	0.77

The correlation between BNGE and SPY shifts across timeframes, from 0.64 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

BNGE vs. SPY - Sectors Allocation Comparison

Sectors	BNGE	SPY
Communication Services	65.7%	10.6%
Consumer Cyclical	26.5%	9.9%
Technology	7.9%	39.0%
Basic Materials	-	1.7%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

BNGE vs. SPY — Risk / Return Rank

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

BNGE

BNGE Risk / Return Rank: 3
BNGE Sharpe Ratio Rank: 2
BNGE Sortino Ratio Rank: 3
BNGE Omega Ratio Rank: 3
BNGE Calmar Ratio Rank: 4
BNGE Martin Ratio Rank: 4

SPY

SPY Risk / Return Rank: 63
SPY Sharpe Ratio Rank: 63
SPY Sortino Ratio Rank: 61
SPY Omega Ratio Rank: 63
SPY Calmar Ratio Rank: 59
SPY Martin Ratio Rank: 70

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.

BNGE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S-Network Streaming and Gaming ETF (BNGE) 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.

	BNGE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	1.80	-2.78
Sortino ratio: Return per unit of downside risk	-1.30	2.46	-3.75
Omega ratio: Gain probability vs. loss probability	0.85	1.33	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.62	2.52	-3.14
Martin ratio: Return relative to average drawdown	-1.13	11.15	-12.28

BNGE vs. SPY - Sharpe Ratio Comparison

The current BNGE Sharpe Ratio is -0.98, which is lower than the SPY Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of BNGE 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

BNGE vs. SPY - Drawdown Comparison

The maximum BNGE drawdown since its inception was -40.54%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BNGE and SPY.

Drawdown Indicators

	BNGE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-40.54%	-55.19%	+14.65%
Max Drawdown (1Y) Largest decline over 1 year	-27.88%	-8.88%	-19.00%
Max Drawdown (3Y) Largest decline over 3 years	-27.88%	-18.76%	-9.12%
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	-27.17%	-3.08%	-24.09%
Average Drawdown Average peak-to-trough decline	-13.96%	-9.03%	-4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.24%	2.00%	+13.24%

Volatility

BNGE vs. SPY - Volatility Comparison

First Trust S-Network Streaming and Gaming ETF (BNGE) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.85% and 4.79%, 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

	BNGE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	4.79%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	9.80%	+3.80%
Volatility (1Y) Calculated over the trailing 1-year period	17.60%	12.43%	+5.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.06%	17.15%	+7.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.06%	17.95%	+7.11%

BNGE vs. SPY - Expense Ratio Comparison

BNGE has a 0.70% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BNGE vs. SPY - Dividend Comparison

BNGE's dividend yield for the trailing twelve months is around 1.31%, more than SPY's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNGE First Trust S-Network Streaming and Gaming ETF	1.31%	0.89%	0.01%	0.81%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.02%	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 BNGE and SPY in my portfolio?

BNGE and SPY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNGE or SPY?

BNGE has higher volatility (4.85%) compared to SPY (4.79%). In terms of maximum drawdown, BNGE dropped -40.54% vs SPY's -55.19%.

Which ETF is better, BNGE or SPY?

On 3-year performance, SPY leads with 20.89% vs 12.24% for BNGE. On fees, SPY is cheaper at 0.09% 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, BNGE or SPY?

Over the 3-year period, SPY has performed better with a 20.89% return vs 12.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNGE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.70% for BNGE.

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

BNGE has the higher dividend yield at 1.31%, compared with 1.02% for SPY.

What is the main difference between BNGE and SPY?

BNGE is categorized as Technology Equities, while SPY is S&P 500. BNGE tracks S-Network Streaming & Gaming Index, while SPY tracks S&P 500 Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.70% for BNGE and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.80 vs -0.98), 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.