BOAT vs. SPY

Last updated Aug 2, 2026

BOAT (SonicShares Global Shipping ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BOAT is a Industrials Equities fund tracking the Solactive Global Shipping Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, BOAT returned 27.06%/yr vs 19.32%/yr for SPY. Their 0.41 correlation means their historical movements had little consistent relationship. BOAT charges 0.69%/yr vs 0.09%/yr for SPY.

Performance

BOAT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SonicShares Global Shipping ETF (BOAT) 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, BOAT achieves a 44.78% return, which is significantly higher than SPY's 10.13% return.

BOAT

• 1D: -0.74%
• 1M: 13.24%
• 6M: 27.61%
• YTD: 44.78%
• 1Y: 59.34%
• 3Y*: 27.06%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.82%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
BOAT SonicShares Global Shipping ETF	$1.27M	$891.42K	$991.19K
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

BOAT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	44.78%	22.77%	5.97%	24.53%	6.26%	21.24%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	8.39%

Correlation

The correlation between BOAT and SPY is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (All Time) Calculated using the full available price history since Aug 4, 2021	0.41

The correlation between BOAT and SPY shifts across timeframes, from 0.30 (3 years) to 0.41 (all time), reflecting how their relationship changes across market environments.

BOAT vs. SPY - Sectors Allocation Comparison

Sectors	BOAT	SPY
Industrials	29.2%	7.6%
Energy	10.3%	3.4%
Financial Services	6.6%	12.5%
Basic Materials	-	1.9%
Communication Services	-	9.7%
Consumer Cyclical	-	8.9%
Consumer Defensive	-	4.8%
Healthcare	-	9.4%
Real Estate	-	2.0%
Technology	-	36.9%
Utilities	-	2.6%

Return for Risk

BOAT vs. SPY — Risk / Return Rank

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

BOAT

BOAT Risk / Return Rank: 93
BOAT Sharpe Ratio Rank: 96
BOAT Sortino Ratio Rank: 94
BOAT Omega Ratio Rank: 92
BOAT Calmar Ratio Rank: 95
BOAT Martin Ratio Rank: 90

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

BOAT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SonicShares Global Shipping ETF (BOAT) 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.

	BOAT	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.52	+1.33
Sortino ratio: Return per unit of downside risk	3.70	2.11	+1.59
Omega ratio: Gain probability vs. loss probability	1.46	1.27	+0.18
Calmar ratio: Return relative to maximum drawdown	5.08	2.20	+2.87
Martin ratio: Return relative to average drawdown	14.33	9.40	+4.93

BOAT vs. SPY - Sharpe Ratio Comparison

The current BOAT Sharpe Ratio is 2.85, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of BOAT 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

BOAT vs. SPY - Drawdown Comparison

The maximum BOAT drawdown since its inception was -33.94%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BOAT and SPY.

Drawdown Indicators

	BOAT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-55.19%	+21.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-8.88%	-2.72%
Max Drawdown (3Y) Largest decline over 3 years	-33.94%	-18.76%	-15.18%
Max Drawdown (5Y) Largest decline over 5 years	-33.94%	-24.50%	-9.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.74%	-1.40%	+0.66%
Average Drawdown Average peak-to-trough decline	-9.51%	-9.01%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	2.08%	+2.02%

Volatility

BOAT vs. SPY - Volatility Comparison

SonicShares Global Shipping ETF (BOAT) has a higher volatility of 7.09% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that BOAT'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

	BOAT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	3.58%	+3.51%
Volatility (6M) Calculated over the trailing 6-month period	16.87%	10.14%	+6.73%
Volatility (1Y) Calculated over the trailing 1-year period	20.73%	12.89%	+7.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.07%	17.18%	+7.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.07%	17.95%	+7.12%

BOAT vs. SPY - Expense Ratio Comparison

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

Dividends

BOAT vs. SPY - Dividend Comparison

BOAT's dividend yield for the trailing twelve months is around 6.35%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOAT SonicShares Global Shipping ETF	6.35%	8.08%	13.89%	13.65%	13.57%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 BOAT and SPY in my portfolio?

BOAT and SPY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOAT or SPY?

BOAT has higher volatility (7.09%) compared to SPY (3.58%). In terms of maximum drawdown, BOAT dropped -33.94% vs SPY's -55.19%.

Which ETF is better, BOAT or SPY?

On 3-year performance, BOAT leads with 27.06% vs 19.32% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOAT or SPY?

Over the 3-year period, BOAT has performed better with a 27.06% return vs 19.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOAT or SPY?

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

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

BOAT has the higher dividend yield at 6.35%, compared with 1.01% for SPY.

What is the main difference between BOAT and SPY?

BOAT is categorized as Industrials Equities, while SPY is S&P 500. BOAT tracks Solactive Global Shipping Index, while SPY tracks S&P 500 Index. They also come from different issuers: Tidal and State Street. Their fees differ too: 0.69% for BOAT and 0.09% for SPY.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.85 vs 1.52), 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.