DEMZ vs. SPY

Last updated Jun 24, 2026

DEMZ (Democratic Large Cap Core ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DEMZ is a Large Cap Blend Equities fund tracking the Democratic Large Cap Core Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, DEMZ returned 12.43%/yr vs 13.05%/yr for SPY. Their correlation of 0.89 suggests significant overlap in exposure. DEMZ charges 0.45%/yr vs 0.09%/yr for SPY.

Performance

DEMZ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Democratic Large Cap Core ETF (DEMZ) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DEMZ having a 8.00% return and SPY slightly higher at 8.15%.

DEMZ

• 1D: -1.62%
• 1M: 1.76%
• YTD: 8.00%
• 6M: 7.13%
• 1Y: 23.85%
• 3Y*: 21.20%
• 5Y*: 12.43%
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

DEMZ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DEMZ Democratic Large Cap Core ETF	8.00%	19.84%	22.89%	24.43%	-19.01%	32.65%	11.27%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	13.71%

Correlation

The correlation between DEMZ and SPY is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 3, 2020	0.89

The correlation between DEMZ and SPY has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

DEMZ vs. SPY - Sectors Allocation Comparison

Sectors	DEMZ	SPY
Technology	48.2%	39.0%
Communication Services	13.4%	10.6%
Industrials	8.3%	7.8%
Financial Services	8.1%	11.1%
Consumer Cyclical	7.8%	9.9%
Healthcare	5.5%	8.3%
Consumer Defensive	5.2%	4.5%
Real Estate	3.5%	1.8%
Basic Materials	-	1.7%
Energy	-	3.1%
Utilities	-	2.1%

Return for Risk

DEMZ vs. SPY — Risk / Return Rank

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

DEMZ

DEMZ Risk / Return Rank: 46
DEMZ Sharpe Ratio Rank: 50
DEMZ Sortino Ratio Rank: 49
DEMZ Omega Ratio Rank: 46
DEMZ Calmar Ratio Rank: 41
DEMZ Martin Ratio Rank: 45

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

DEMZ vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Democratic Large Cap Core ETF (DEMZ) 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.

	DEMZ	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.90	-0.27
Sortino ratio: Return per unit of downside risk	2.29	2.58	-0.30
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	1.95	2.67	-0.72
Martin ratio: Return relative to average drawdown	7.22	11.92	-4.70

DEMZ vs. SPY - Sharpe Ratio Comparison

The current DEMZ Sharpe Ratio is 1.63, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of DEMZ 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.

Drawdowns

DEMZ vs. SPY - Drawdown Comparison

The maximum DEMZ drawdown since its inception was -27.17%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DEMZ and SPY.

Drawdown Indicators

	DEMZ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-27.17%	-55.19%	+28.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-8.88%	-3.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-18.76%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	-24.50%	-2.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.46%	-3.17%	+0.71%
Average Drawdown Average peak-to-trough decline	-6.06%	-9.04%	+2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	1.98%	+1.33%

Volatility

DEMZ vs. SPY - Volatility Comparison

Democratic Large Cap Core ETF (DEMZ) has a higher volatility of 5.45% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that DEMZ'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

	DEMZ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	4.87%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	11.77%	9.85%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	14.68%	12.50%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	17.15%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.50%	17.95%	-0.45%

DEMZ vs. SPY - Expense Ratio Comparison

DEMZ has a 0.45% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DEMZ vs. SPY - Dividend Comparison

DEMZ's dividend yield for the trailing twelve months is around 0.90%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMZ Democratic Large Cap Core ETF	0.90%	0.98%	0.53%	0.90%	0.98%	2.46%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	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 DEMZ and SPY in my portfolio?

With a correlation of 0.91, DEMZ and SPY 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, DEMZ or SPY?

DEMZ has higher volatility (5.45%) compared to SPY (4.87%). In terms of maximum drawdown, DEMZ dropped -27.17% vs SPY's -55.19%.

Which ETF is better, DEMZ or SPY?

On 5-year performance, SPY leads with 13.05% vs 12.43% for DEMZ. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEMZ or SPY?

Over the 5-year period, SPY has performed better with a 13.05% return vs 12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEMZ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.45% for DEMZ.

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

SPY has the higher dividend yield at 1.03%, compared with 0.90% for DEMZ.

What is the main difference between DEMZ and SPY?

DEMZ is categorized as Large Cap Blend Equities, while SPY is S&P 500. DEMZ tracks Democratic Large Cap Core Index, while SPY tracks S&P 500 Index. They also come from different issuers: Reflection Asset Management, LLC and State Street. Their fees differ too: 0.45% for DEMZ and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.63), 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.