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COMB vs. SPYD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

COMB vs. SPYD

Last updated Jun 4, 2026

COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - COMB is a Commodities fund actively managed by GraniteShares, while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. COMB is actively managed, while SPYD is passively managed. Over the past 5 years, COMB returned 11.27%/yr vs 6.76%/yr for SPYD. At a 0.27 correlation, their price movements are largely independent. COMB charges 0.25%/yr vs 0.07%/yr for SPYD.

Performance

COMB vs. SPYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, COMB achieves a 26.81% return, which is significantly higher than SPYD's 10.34% return.

COMB

1D
0.03%
1M
-2.98%
YTD
26.81%
6M
25.89%
1Y
38.86%
3Y*
16.31%
5Y*
11.27%
10Y*
—

SPYD

1D
-0.44%
1M
1.57%
YTD
10.34%
6M
10.97%
1Y
16.38%
3Y*
14.37%
5Y*
6.76%
10Y*
8.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

COMB vs. SPYD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
COMB
GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF		26.81%15.12%5.24%-7.75%14.56%26.34%-2.95%7.02%-11.41%4.98%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		10.34%4.65%15.34%3.91%-1.17%32.73%-11.64%21.20%-4.89%10.95%

Correlation

The correlation between COMB and SPYD is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.05

Correlation (3Y)
Calculated over the trailing 3-year period

0.12

Correlation (5Y)
Calculated over the trailing 5-year period

0.26

Correlation (All Time)
Calculated using the full available price history since May 25, 2017

0.27

Over the past year, the correlation between COMB and SPYD has dropped to 0.05 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF

State Street SPDR Portfolio S&P 500 High Dividend ETF

Often compared with COMB:
COMB vs. COMCOMB vs. VCMDXCOMB vs. COMTCOMB vs. PDBCCOMB vs. BCICOMB vs. VTICOMB vs. SVOL
Often compared with SPYD:
SPYD vs. SCHDSPYD vs. SPYSPYD vs. VYMSPYD vs. SPYISPYD vs. HDVSPYD vs. JEPISPYD vs. SPHD

Return for Risk

COMB vs. SPYD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
COMB
COMB Risk / Return Rank: 7171
Overall Rank
COMB Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
COMB Sortino Ratio Rank: 6161
Sortino Ratio Rank
COMB Omega Ratio Rank: 6868
Omega Ratio Rank
COMB Calmar Ratio Rank: 8787
Calmar Ratio Rank
COMB Martin Ratio Rank: 7171
Martin Ratio Rank
SPYD
SPYD Risk / Return Rank: 4141
Overall Rank
SPYD Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPYD Sortino Ratio Rank: 4242
Sortino Ratio Rank
SPYD Omega Ratio Rank: 3636
Omega Ratio Rank
SPYD Calmar Ratio Rank: 4646
Calmar Ratio Rank
SPYD Martin Ratio Rank: 4141
Martin Ratio Rank
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.

COMB vs. SPYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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.

COMBSPYDDifference
Sharpe ratioReturn per unit of total volatility
2.29
1.42

+0.88

Sortino ratioReturn per unit of downside risk
2.91
2.15

+0.76

Omega ratioGain probability vs. loss probability

1.41

1.24

+0.17

Calmar ratioReturn relative to maximum drawdown

5.08

2.33

+2.75

Martin ratioReturn relative to average drawdown

13.24

6.77

+6.47

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COMB vs. SPYD - Sharpe Ratio Comparison

The current COMB Sharpe Ratio is 2.29, which is higher than the SPYD Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of COMB and SPYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

COMBSPYDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.29

1.42

+0.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.68

0.42

+0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.44

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.47

+0.05

Drawdowns

COMB vs. SPYD - Drawdown Comparison

The maximum COMB drawdown since its inception was -33.50%, smaller than the maximum SPYD drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for COMB and SPYD.

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Drawdown Indicators

COMBSPYDDifference

Max Drawdown

Largest peak-to-trough decline

-33.50%

-46.42%

+12.92%

Max Drawdown (1Y)

Largest decline over 1 year

-7.69%

-7.05%

-0.64%

Max Drawdown (3Y)

Largest decline over 3 years

-11.35%

-16.13%

+4.78%

Max Drawdown (5Y)

Largest decline over 5 years

-26.63%

-22.25%

-4.38%

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.42%

—

Current Drawdown

Current decline from peak

-4.35%

-1.11%

-3.24%

Average Drawdown

Average peak-to-trough decline

-12.06%

-6.17%

-5.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.94%

2.43%

+0.51%

Volatility

COMB vs. SPYD - Volatility Comparison

GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) has a higher volatility of 5.14% compared to State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) at 2.57%. This indicates that COMB's price experiences larger fluctuations and is considered to be riskier than SPYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

COMBSPYDDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.14%

2.57%

+2.57%

Volatility (6M)

Calculated over the trailing 6-month period

14.99%

7.71%

+7.28%

Volatility (1Y)

Calculated over the trailing 1-year period

17.02%

11.62%

+5.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.70%

16.13%

+0.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.13%

19.78%

-4.65%

COMB vs. SPYD - Expense Ratio Comparison

COMB has a 0.25% expense ratio, which is higher than SPYD's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

COMB vs. SPYD - Dividend Comparison

COMB's dividend yield for the trailing twelve months is around 7.14%, more than SPYD's 4.21% yield.

PositionTTM20252024202320222021202020192018201720162015
COMB
GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF		7.14%9.05%2.48%6.57%30.85%15.83%0.07%1.48%0.97%0.20%0.00%0.00%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		4.21%4.52%4.31%4.66%5.01%3.68%4.95%4.42%4.75%4.63%4.34%1.13%

Frequently Asked Questions

COMB and SPYD have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

COMB has higher volatility (5.14%) compared to SPYD (2.57%). In terms of maximum drawdown, COMB dropped -33.50% vs SPYD's -46.42%.

On 5-year performance, COMB leads with 11.27% vs 6.76% for SPYD. On fees, SPYD is cheaper at 0.07% per year. On volatility, SPYD has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, COMB has performed better with a 11.27% return vs 6.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYD is cheaper with a 0.07% expense ratio, compared with 0.25% for COMB.

COMB has the higher dividend yield at 7.14%, compared with 4.21% for SPYD.

COMB is categorized as Commodities, while SPYD is S&P 500. They also come from different issuers: GraniteShares and State Street. Their fees differ too: 0.25% for COMB and 0.07% for SPYD.

COMB currently has the higher Sharpe Ratio (2.29 vs 1.42), 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.

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