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EBSIX vs. SPY
Performance
Return for Risk
Dividends
Drawdowns
Volatility

EBSIX vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Campbell Systematic Macro Fund Class I Shares (EBSIX) and State Street SPDR S&P 500 ETF (SPY).

EBSIX is managed by Campbell & Company. It was launched on Mar 4, 2013. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

EBSIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Campbell Systematic Macro Fund Class I Shares (EBSIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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EBSIX vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
EBSIX
Campbell Systematic Macro Fund Class I Shares		7.80%-1.14%11.63%-1.83%30.91%9.05%4.94%
SPY
State Street SPDR S&P 500 ETF		-4.37%17.72%24.89%26.18%-18.18%28.73%14.94%

Returns By Period

In the year-to-date period, EBSIX achieves a 7.80% return, which is significantly higher than SPY's -4.37% return.

EBSIX

1D
0.00%
1M
2.96%
YTD
7.80%
6M
4.64%
1Y
1.08%
3Y*
3.99%
5Y*
9.60%
10Y*
—

SPY

1D
2.91%
1M
-4.94%
YTD
-4.37%
6M
-1.82%
1Y
17.59%
3Y*
18.19%
5Y*
11.69%
10Y*
13.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Campbell Systematic Macro Fund Class I Shares

State Street SPDR S&P 500 ETF

Often compared with EBSIX:
EBSIX vs. QDSIXEBSIX vs. AMFAXEBSIX vs. GQEPXEBSIX vs. MBXIXEBSIX vs. AHTPXEBSIX vs. MAFIXEBSIX vs. BLNDX
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

EBSIX vs. SPY - Expense Ratio Comparison

EBSIX has a 1.75% expense ratio, which is higher than SPY's 0.09% expense ratio.

EBSIX
Campbell Systematic Macro Fund Class I Shares
SPY
State Street SPDR S&P 500 ETF

Return for Risk

EBSIX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EBSIX
EBSIX Risk / Return Rank: 99
Overall Rank
EBSIX Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
EBSIX Sortino Ratio Rank: 99
Sortino Ratio Rank
EBSIX Omega Ratio Rank: 88
Omega Ratio Rank
EBSIX Calmar Ratio Rank: 1111
Calmar Ratio Rank
EBSIX Martin Ratio Rank: 88
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6464
Overall Rank
SPY Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6060
Sortino Ratio Rank
SPY Omega Ratio Rank: 6565
Omega Ratio Rank
SPY Calmar Ratio Rank: 6565
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
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.

EBSIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Campbell Systematic Macro Fund Class I Shares (EBSIX) 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.

EBSIXSPYDifference

Sharpe ratio

Return per unit of total volatility

0.21

0.93

-0.72

Sortino ratio

Return per unit of downside risk

0.34

1.45

-1.11

Omega ratio

Gain probability vs. loss probability

1.04

1.22

-0.18

Calmar ratio

Return relative to maximum drawdown

0.23

1.53

-1.30

Martin ratio

Return relative to average drawdown

0.38

7.30

-6.91

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

EBSIX vs. SPY - Sharpe Ratio Comparison

The current EBSIX Sharpe Ratio is 0.21, which is lower than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of EBSIX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

EBSIXSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.21

0.93

-0.72

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.01

0.69

+0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.78

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.15

0.56

+0.59

Correlation

The correlation between EBSIX and SPY is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EBSIX vs. SPY - Dividend Comparison

EBSIX's dividend yield for the trailing twelve months is around 2.93%, more than SPY's 1.14% yield.

TTM20252024202320222021202020192018201720162015
EBSIX
Campbell Systematic Macro Fund Class I Shares		2.93%3.16%2.90%1.82%15.10%7.73%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		1.14%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Drawdowns

EBSIX vs. SPY - Drawdown Comparison

The maximum EBSIX drawdown since its inception was -10.96%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EBSIX and SPY.

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Drawdown Indicators

EBSIXSPYDifference

Max Drawdown

Largest peak-to-trough decline

-10.96%

-55.19%

+44.23%

Max Drawdown (1Y)

Largest decline over 1 year

-7.43%

-12.05%

+4.62%

Max Drawdown (5Y)

Largest decline over 5 years

-10.96%

-24.50%

+13.54%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

0.00%

-6.24%

+6.24%

Average Drawdown

Average peak-to-trough decline

-3.13%

-9.09%

+5.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.37%

2.52%

+1.85%

Volatility

EBSIX vs. SPY - Volatility Comparison

The current volatility for Campbell Systematic Macro Fund Class I Shares (EBSIX) is 3.04%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that EBSIX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EBSIXSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.04%

5.31%

-2.27%

Volatility (6M)

Calculated over the trailing 6-month period

6.19%

9.47%

-3.28%

Volatility (1Y)

Calculated over the trailing 1-year period

8.50%

19.05%

-10.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.59%

17.06%

-7.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.52%

17.92%

-8.40%