CRBN vs. SPYX

Last updated Jun 3, 2026

CRBN (iShares MSCI ACWI Low Carbon Target ETF) and SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) are both exchange-traded funds - CRBN is a Large Cap Growth Equities fund tracking the MSCI ACWI Low Carbon Target Index, while SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index. Both are passively managed. Over the past 10 years, CRBN returned 12.88%/yr vs 15.64%/yr for SPYX. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.

Performance

CRBN vs. SPYX - 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 S&P 500 Fossil Fuel Reserves Free ETF (SPYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRBN achieves a 11.84% return, which is significantly higher than SPYX's 10.90% return. Over the past 10 years, CRBN has underperformed SPYX with an annualized return of 12.88%, while SPYX has yielded a comparatively higher 15.64% annualized return.

CRBN

• 1D: 0.54%
• 1M: 5.38%
• YTD: 11.84%
• 6M: 13.43%
• 1Y: 29.02%
• 3Y*: 21.52%
• 5Y*: 11.46%
• 10Y*: 12.88%

SPYX

• 1D: 0.14%
• 1M: 5.43%
• YTD: 10.90%
• 6M: 11.22%
• 1Y: 28.79%
• 3Y*: 22.63%
• 5Y*: 13.79%
• 10Y*: 15.64%

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

CRBN vs. SPYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRBN iShares MSCI ACWI Low Carbon Target ETF	11.84%	21.85%	19.29%	22.31%	-19.12%	18.82%	16.83%	28.65%	-9.80%	23.49%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	10.90%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	23.25%

Correlation

The correlation between CRBN and SPYX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 2, 2015	0.93

The correlation between CRBN and SPYX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

CRBN vs. SPYX - Sectors Allocation Comparison

Sectors	CRBN	SPYX
Technology	32.3%	38.5%
Financial Services	18.3%	11.7%
Communication Services	9.6%	11.1%
Industrials	9.4%	7.6%
Healthcare	8.1%	8.6%
Consumer Cyclical	7.7%	10.1%
Consumer Defensive	4.4%	4.9%
Real Estate	2.9%	1.9%
Basic Materials	2.5%	1.8%
Energy	2.2%	1.2%
Utilities	2.2%	2.7%

Return for Risk

CRBN vs. SPYX — Risk / Return Rank

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

CRBN

CRBN Risk / Return Rank: 65
CRBN Sharpe Ratio Rank: 67
CRBN Sortino Ratio Rank: 66
CRBN Omega Ratio Rank: 65
CRBN Calmar Ratio Rank: 59
CRBN Martin Ratio Rank: 69

SPYX

SPYX Risk / Return Rank: 69
SPYX Sharpe Ratio Rank: 72
SPYX Sortino Ratio Rank: 71
SPYX Omega Ratio Rank: 71
SPYX Calmar Ratio Rank: 59
SPYX Martin Ratio Rank: 72

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. SPYX - 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 S&P 500 Fossil Fuel Reserves Free ETF (SPYX). 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	SPYX	Difference
Sharpe ratio Return per unit of total volatility	2.24	2.39	-0.15
Sortino ratio Return per unit of downside risk	3.09	3.26	-0.17
Omega ratio Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio Return relative to maximum drawdown	2.96	2.96	0.00
Martin ratio Return relative to average drawdown	13.13	13.65	-0.52
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. SPYX - Sharpe Ratio Comparison

The current CRBN Sharpe Ratio is 2.24, which is comparable to the SPYX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of CRBN and SPYX, 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	SPYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.39	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.81	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.87	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.84	-0.14

Drawdowns

CRBN vs. SPYX - Drawdown Comparison

The maximum CRBN drawdown since its inception was -33.13%, roughly equal to the maximum SPYX drawdown of -32.84%. Use the drawdown chart below to compare losses from any high point for CRBN and SPYX.

Drawdown Indicators

	CRBN	SPYX	Difference
Max Drawdown Largest peak-to-trough decline	-33.13%	-32.84%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-9.84%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-16.60%	-18.74%	+2.14%
Max Drawdown (5Y) Largest decline over 5 years	-27.04%	-26.14%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-33.13%	-32.84%	-0.29%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.21%	-4.54%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	2.14%	+0.14%

Volatility

CRBN vs. SPYX - Volatility Comparison

iShares MSCI ACWI Low Carbon Target ETF (CRBN) has a higher volatility of 3.61% compared to State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) at 2.89%. This indicates that CRBN's price experiences larger fluctuations and is considered to be riskier than SPYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRBN	SPYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	2.89%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	10.50%	9.21%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	12.09%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.09%	17.05%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	18.01%	-1.11%

CRBN vs. SPYX - Expense Ratio Comparison

Both CRBN and SPYX have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CRBN vs. SPYX - Dividend Comparison

CRBN's dividend yield for the trailing twelve months is around 1.97%, more than SPYX's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRBN iShares MSCI ACWI Low Carbon Target ETF	1.97%	2.21%	1.94%	2.01%	1.95%	1.57%	1.41%	2.27%	2.51%	2.05%	2.27%	2.01%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.84%	0.91%	1.05%	1.21%	1.41%	1.04%	1.33%	1.56%	1.92%	1.68%	1.91%	0.16%

Frequently Asked Questions

Can I hold both CRBN and SPYX in my portfolio?

With a correlation of 0.95, CRBN and SPYX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CRBN or SPYX?

CRBN has higher volatility (3.61%) compared to SPYX (2.89%). In terms of maximum drawdown, CRBN dropped -33.13% vs SPYX's -32.84%.

Which ETF is better, CRBN or SPYX?

On 10-year performance, SPYX leads with 15.64% vs 12.88% for CRBN. Both ETFs have the same 0.20% expense ratio. On volatility, SPYX has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CRBN or SPYX?

Over the 10-year period, SPYX has performed better with a 15.64% return vs 12.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CRBN or SPYX?

CRBN and SPYX have the same expense ratio: 0.20% per year.

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

CRBN has the higher dividend yield at 1.97%, compared with 0.84% for SPYX.

What is the main difference between CRBN and SPYX?

CRBN is categorized as Large Cap Growth Equities, while SPYX is S&P 500. CRBN tracks MSCI ACWI Low Carbon Target Index, while SPYX tracks S&P 500 Fossil Fuel Reserves Free Index. They also come from different issuers: iShares and State Street.

Which has better risk-adjusted returns?

SPYX currently has the higher Sharpe Ratio (2.39 vs 2.24), 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.