DEEP vs. SPY

Last updated Jun 4, 2026

DEEP (Roundhill Acquirers Deep Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DEEP is a Small Cap Value Equities fund tracking the DEEP-US - Acquirers Deep Value Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DEEP returned 8.15%/yr vs 15.49%/yr for SPY. A 0.69 correlation means they provide meaningful diversification when combined. DEEP charges 0.80%/yr vs 0.09%/yr for SPY.

Performance

DEEP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Acquirers Deep Value ETF (DEEP) 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, DEEP achieves a 12.39% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, DEEP has underperformed SPY with an annualized return of 8.15%, while SPY has yielded a comparatively higher 15.49% annualized return.

DEEP

• 1D: -2.02%
• 1M: 0.72%
• YTD: 12.39%
• 6M: 11.91%
• 1Y: 27.76%
• 3Y*: 9.78%
• 5Y*: 3.74%
• 10Y*: 8.15%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

DEEP vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEEP Roundhill Acquirers Deep Value ETF	12.39%	5.69%	-2.97%	22.37%	-17.71%	35.66%	-9.96%	12.54%	-7.17%	27.19%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between DEEP and SPY is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Sep 24, 2014	0.69

The correlation between DEEP and SPY has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.

DEEP vs. SPY - Sectors Allocation Comparison

Sectors	DEEP	SPY
Industrials	25.8%	7.8%
Consumer Cyclical	25.5%	10.3%
Consumer Defensive	10.5%	4.8%
Financial Services	8.6%	11.8%
Technology	8.5%	35.9%
Healthcare	6.6%	8.4%
Energy	5.7%	3.6%
Basic Materials	4.8%	1.8%
Communication Services	4.1%	11.3%
Real Estate	3.1%	1.9%
Utilities	-	2.4%

Return for Risk

DEEP vs. SPY — Risk / Return Rank

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

DEEP

DEEP Risk / Return Rank: 42
DEEP Sharpe Ratio Rank: 41
DEEP Sortino Ratio Rank: 43
DEEP Omega Ratio Rank: 38
DEEP Calmar Ratio Rank: 48
DEEP Martin Ratio Rank: 42

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

DEEP vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Acquirers Deep Value ETF (DEEP) 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.

	DEEP	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.38	-0.92
Sortino ratio: Return per unit of downside risk	2.16	3.24	-1.08
Omega ratio: Gain probability vs. loss probability	1.25	1.43	-0.18
Calmar ratio: Return relative to maximum drawdown	2.35	3.16	-0.81
Martin ratio: Return relative to average drawdown	6.76	14.72	-7.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEEP vs. SPY - Sharpe Ratio Comparison

The current DEEP Sharpe Ratio is 1.46, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of DEEP 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.

Sharpe Ratios by Period

	DEEP	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.38	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.82	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.87	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.59	-0.29

Drawdowns

DEEP vs. SPY - Drawdown Comparison

The maximum DEEP drawdown since its inception was -52.52%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DEEP and SPY.

Drawdown Indicators

	DEEP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-52.52%	-55.19%	+2.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.87%	-8.88%	-2.99%
Max Drawdown (3Y) Largest decline over 3 years	-28.40%	-18.76%	-9.64%
Max Drawdown (5Y) Largest decline over 5 years	-28.40%	-24.50%	-3.90%
Max Drawdown (10Y) Largest decline over 10 years	-52.52%	-33.72%	-18.80%
Current Drawdown Current decline from peak	-2.02%	-0.70%	-1.32%
Average Drawdown Average peak-to-trough decline	-10.40%	-9.05%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	1.91%	+2.21%

Volatility

DEEP vs. SPY - Volatility Comparison

Roundhill Acquirers Deep Value ETF (DEEP) has a higher volatility of 5.67% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that DEEP'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

	DEEP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	2.84%	+2.83%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	8.90%	+3.39%
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	11.83%	+7.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	17.05%	+4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.27%	17.94%	+6.33%

DEEP vs. SPY - Expense Ratio Comparison

DEEP has a 0.80% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DEEP vs. SPY - Dividend Comparison

DEEP's dividend yield for the trailing twelve months is around 1.52%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEEP Roundhill Acquirers Deep Value ETF	1.52%	1.78%	1.96%	1.67%	1.28%	1.43%	4.03%	3.49%	1.51%	2.01%	3.14%	3.98%
SPY State Street SPDR S&P 500 ETF	0.98%	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 DEEP and SPY in my portfolio?

DEEP and SPY have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEEP or SPY?

DEEP has higher volatility (5.67%) compared to SPY (2.84%). In terms of maximum drawdown, DEEP dropped -52.52% vs SPY's -55.19%.

Which ETF is better, DEEP or SPY?

On 10-year performance, SPY leads with 15.49% vs 8.15% for DEEP. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEEP or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 8.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEEP or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.80% for DEEP.

Which ETF pays a higher dividend yield, DEEP or SPY?

DEEP has the higher dividend yield at 1.52%, compared with 0.98% for SPY.

What is the main difference between DEEP and SPY?

DEEP is categorized as Small Cap Value Equities, while SPY is S&P 500. DEEP tracks DEEP-US - Acquirers Deep Value Index, while SPY tracks S&P 500 Index. They also come from different issuers: Exchange Traded Concepts and State Street. Their fees differ too: 0.80% for DEEP and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.46), 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.