CRBN vs. SPYG

Last updated Jun 4, 2026

CRBN (iShares MSCI ACWI Low Carbon Target ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - CRBN is a Large Cap Growth Equities fund tracking the MSCI ACWI Low Carbon Target Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, CRBN returned 12.79%/yr vs 18.20%/yr for SPYG. Their correlation of 0.87 suggests significant overlap in exposure. CRBN charges 0.20%/yr vs 0.04%/yr for SPYG.

Performance

CRBN vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI Low Carbon Target ETF (CRBN) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRBN achieves a 10.92% return, which is significantly lower than SPYG's 13.75% return. Over the past 10 years, CRBN has underperformed SPYG with an annualized return of 12.79%, while SPYG has yielded a comparatively higher 18.20% annualized return.

CRBN

• 1D: -0.82%
• 1M: 4.91%
• YTD: 10.92%
• 6M: 11.82%
• 1Y: 27.48%
• 3Y*: 21.19%
• 5Y*: 11.10%
• 10Y*: 12.79%

SPYG

• 1D: -0.98%
• 1M: 7.38%
• YTD: 13.75%
• 6M: 13.57%
• 1Y: 33.95%
• 3Y*: 28.16%
• 5Y*: 16.07%
• 10Y*: 18.20%

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

CRBN vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRBN iShares MSCI ACWI Low Carbon Target ETF	10.92%	21.85%	19.29%	22.31%	-19.12%	18.82%	16.83%	28.65%	-9.80%	23.49%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	13.75%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between CRBN and SPYG is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 16, 2014	0.87

The correlation between CRBN and SPYG has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

CRBN vs. SPYG - Sectors Allocation Comparison

Sectors	CRBN	SPYG
Technology	32.3%	51.9%
Financial Services	18.3%	8.5%
Communication Services	9.6%	16.8%
Industrials	9.4%	5.0%
Healthcare	8.1%	5.8%
Consumer Cyclical	7.7%	8.9%
Consumer Defensive	4.4%	1.0%
Real Estate	2.9%	0.6%
Basic Materials	2.5%	0.3%
Energy	2.2%	0.1%
Utilities	2.2%	1.2%

Return for Risk

CRBN vs. SPYG — Risk / Return Rank

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

CRBN

CRBN Risk / Return Rank: 61
CRBN Sharpe Ratio Rank: 62
CRBN Sortino Ratio Rank: 62
CRBN Omega Ratio Rank: 61
CRBN Calmar Ratio Rank: 55
CRBN Martin Ratio Rank: 66

SPYG

SPYG Risk / Return Rank: 57
SPYG Sharpe Ratio Rank: 62
SPYG Sortino Ratio Rank: 60
SPYG Omega Ratio Rank: 59
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 57

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.

CRBN vs. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI Low Carbon Target ETF (CRBN) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

	CRBN	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.12	-0.01
Sortino ratio: Return per unit of downside risk	2.94	2.90	+0.04
Omega ratio: Gain probability vs. loss probability	1.38	1.37	+0.01
Calmar ratio: Return relative to maximum drawdown	2.74	2.48	+0.26
Martin ratio: Return relative to average drawdown	12.10	10.25	+1.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CRBN vs. SPYG - Sharpe Ratio Comparison

The current CRBN Sharpe Ratio is 2.12, which is comparable to the SPYG Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of CRBN and SPYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CRBN	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.12	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.76	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.88	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.35	+0.34

Drawdowns

CRBN vs. SPYG - Drawdown Comparison

The maximum CRBN drawdown since its inception was -33.13%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for CRBN and SPYG.

Drawdown Indicators

	CRBN	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-33.13%	-67.63%	+34.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-13.76%	+3.68%
Max Drawdown (3Y) Largest decline over 3 years	-16.60%	-22.14%	+5.54%
Max Drawdown (5Y) Largest decline over 5 years	-27.04%	-32.67%	+5.63%
Max Drawdown (10Y) Largest decline over 10 years	-33.13%	-32.67%	-0.46%
Current Drawdown Current decline from peak	-0.82%	-1.13%	+0.31%
Average Drawdown Average peak-to-trough decline	-5.20%	-24.33%	+19.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	3.32%	-1.04%

Volatility

CRBN vs. SPYG - Volatility Comparison

The current volatility for iShares MSCI ACWI Low Carbon Target ETF (CRBN) is 3.72%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 4.35%. This indicates that CRBN experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRBN	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	4.35%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	12.46%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	16.06%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	21.17%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	20.64%	-3.74%

CRBN vs. SPYG - Expense Ratio Comparison

CRBN has a 0.20% expense ratio, which is higher than SPYG's 0.04% 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

CRBN vs. SPYG - Dividend Comparison

CRBN's dividend yield for the trailing twelve months is around 1.99%, more than SPYG's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRBN iShares MSCI ACWI Low Carbon Target ETF	1.99%	2.21%	1.94%	2.01%	1.95%	1.57%	1.41%	2.27%	2.51%	2.05%	2.27%	2.01%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both CRBN and SPYG in my portfolio?

CRBN and SPYG have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CRBN or SPYG?

SPYG has higher volatility (4.35%) compared to CRBN (3.72%). In terms of maximum drawdown, CRBN dropped -33.13% vs SPYG's -67.63%.

Which ETF is better, CRBN or SPYG?

On 10-year performance, SPYG leads with 18.20% vs 12.79% for CRBN. On fees, SPYG is cheaper at 0.04% per year. On volatility, CRBN has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CRBN or SPYG?

Over the 10-year period, SPYG has performed better with a 18.20% return vs 12.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CRBN or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.20% for CRBN.

Which ETF pays a higher dividend yield, CRBN or SPYG?

CRBN has the higher dividend yield at 1.99%, compared with 0.47% for SPYG.

What is the main difference between CRBN and SPYG?

CRBN is categorized as Large Cap Growth Equities, while SPYG is S&P 500. CRBN tracks MSCI ACWI Low Carbon Target Index, while SPYG tracks S&P 500 Growth Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for CRBN and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (2.12 vs 2.12), 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.