CION vs. SPY
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 1.14%/yr vs 21.27%/yr for SPY. At a 0.45 correlation, their price movements are largely independent.
Performance
CION vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CION achieves a -23.99% return, which is significantly lower than SPY's 9.74% return.
CION
- 1D
- -3.36%
- 1M
- 5.10%
- YTD
- -23.99%
- 6M
- -23.03%
- 1Y
- -14.77%
- 3Y*
- 1.14%
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
CION vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CION CION Investment Corporation | -23.99% | -2.26% | 14.82% | 35.42% | -14.80% | 3.97% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 11.20% |
Correlation
The correlation between CION and SPY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021 | 0.45 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CION vs. SPY — Risk / Return Rank
CION
SPY
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 ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.47 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.39 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 3.01 | -3.46 |
| Martin ratioReturn relative to average drawdown | -0.92 | 13.54 | -14.45 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| CION | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.39% | -55.19% | +9.80% |
Max Drawdown (1Y)Largest decline over 1 year | -33.39% | -8.88% | -24.51% |
Max Drawdown (3Y)Largest decline over 3 years | -37.62% | -18.76% | -18.86% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -32.51% | -1.75% | -30.76% |
Average DrawdownAverage peak-to-trough decline | -15.24% | -9.04% | -6.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.12% | 1.97% | +14.15% |
Volatility
CION vs. SPY - Volatility Comparison
CION Investment Corporation (CION) has a higher volatility of 12.27% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. 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.
Loading charts...
Volatility by Period
| CION | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.27% | 4.64% | +7.63% |
Volatility (6M)Calculated over the trailing 6-month period | 24.70% | 9.75% | +14.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.99% | 12.43% | +16.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.97% | 17.14% | +12.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.97% | 17.99% | +11.98% |
Dividends
CION vs. SPY - Dividend Comparison
CION's dividend yield for the trailing twelve months is around 28.26%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CION CION Investment Corporation | 28.26% | 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
CION and SPY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CION has higher volatility (12.27%) compared to SPY (4.64%). In terms of maximum drawdown, CION dropped -45.39% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (2.16 vs -0.51), 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.
Find the right allocation for CION and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer