CION vs. SPY

Last updated Aug 1, 2026

CION (CION Investment Corporation) 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, CION returned -5.24%/yr vs 19.32%/yr for SPY. Their 0.44 correlation means their historical movements had little consistent relationship.

Performance

CION vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CION Investment Corporation (CION) 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, CION achieves a -32.19% return, which is significantly lower than SPY's 10.13% return.

CION

• 1D: 0.85%
• 1M: -5.27%
• 6M: -30.22%
• YTD: -32.19%
• 1Y: -26.89%
• 3Y*: -5.24%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.87%

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)
CION CION Investment Corporation	$2.67M	$3.09M	$3.71M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

CION vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CION CION Investment Corporation	-32.19%	-2.26%	14.82%	35.42%	-14.80%	3.97%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	11.20%

Correlation

The correlation between CION and SPY is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (3Y) Balances recent behavior with more history.	0.40
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021	0.44

Return for Risk

CION vs. SPY — Risk / Return Rank

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

CION

CION Risk / Return Rank: 10
CION Sharpe Ratio Rank: 6
CION Sortino Ratio Rank: 9
CION Omega Ratio Rank: 10
CION Calmar Ratio Rank: 15
CION Martin Ratio Rank: 9

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.

CION vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CION Investment Corporation (CION) 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.

	CION	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	1.52	-2.45
Sortino ratio: Return per unit of downside risk	-1.22	2.11	-3.33
Omega ratio: Gain probability vs. loss probability	0.85	1.27	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.75	2.20	-2.96
Martin ratio: Return relative to average drawdown	-1.38	9.40	-10.78

CION vs. SPY - Sharpe Ratio Comparison

The current CION Sharpe Ratio is -0.93, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of CION 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

CION vs. SPY - Drawdown Comparison

The maximum CION drawdown since its inception was -45.39%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CION and SPY.

Drawdown Indicators

	CION	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-45.39%	-55.19%	+9.80%
Max Drawdown (1Y) Largest decline over 1 year	-36.25%	-8.88%	-27.37%
Max Drawdown (3Y) Largest decline over 3 years	-40.30%	-18.76%	-21.54%
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	-39.80%	-1.40%	-38.40%
Average Drawdown Average peak-to-trough decline	-15.79%	-9.01%	-6.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.80%	2.08%	+17.72%

Volatility

CION vs. SPY - Volatility Comparison

CION Investment Corporation (CION) has a higher volatility of 8.29% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that CION'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

	CION	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	3.58%	+4.71%
Volatility (6M) Calculated over the trailing 6-month period	24.62%	10.14%	+14.48%
Volatility (1Y) Calculated over the trailing 1-year period	29.38%	12.89%	+16.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.80%	17.18%	+12.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.80%	17.95%	+11.85%

Dividends

CION vs. SPY - Dividend Comparison

CION's dividend yield for the trailing twelve months is around 23.83%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CION CION Investment Corporation	23.83%	14.89%	13.33%	14.24%	14.87%	3.52%	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 CION and SPY in my portfolio?

CION and SPY have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CION or SPY?

CION has higher volatility (8.29%) compared to SPY (3.58%). In terms of maximum drawdown, CION dropped -45.39% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs -0.93), 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.