ELFNX vs. SPY

Last updated Jun 24, 2026

ELFNX (Elfun Trusts) and SPY (State Street SPDR S&P 500 ETF) are both funds - ELFNX is a Large Cap Growth Equities fund managed by State Street, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ELFNX returned 16.65%/yr vs 15.53%/yr for SPY. Their correlation of 0.93 suggests significant overlap in exposure. ELFNX charges 0.18%/yr vs 0.09%/yr for SPY.

Performance

ELFNX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Elfun Trusts (ELFNX) 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, ELFNX achieves a 3.81% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, ELFNX has outperformed SPY with an annualized return of 16.65%, while SPY has yielded a comparatively lower 15.53% annualized return.

ELFNX

• 1D: -1.12%
• 1M: -1.78%
• YTD: 3.81%
• 6M: 3.06%
• 1Y: 19.39%
• 3Y*: 20.53%
• 5Y*: 12.50%
• 10Y*: 16.65%

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)

ELFNX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELFNX Elfun Trusts	3.81%	16.64%	26.91%	34.50%	-19.91%	24.46%	25.18%	35.57%	-3.25%	25.60%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ELFNX and SPY 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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.93

The correlation between ELFNX and SPY has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

ELFNX vs. SPY — Risk / Return Rank

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

ELFNX

ELFNX Risk / Return Rank: 31
ELFNX Sharpe Ratio Rank: 34
ELFNX Sortino Ratio Rank: 30
ELFNX Omega Ratio Rank: 32
ELFNX Calmar Ratio Rank: 26
ELFNX Martin Ratio Rank: 33

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.

ELFNX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Elfun Trusts (ELFNX) 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.

	ELFNX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.90	-0.34
Sortino ratio: Return per unit of downside risk	2.14	2.58	-0.44
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.07
Calmar ratio: Return relative to maximum drawdown	1.79	2.67	-0.87
Martin ratio: Return relative to average drawdown	7.15	11.92	-4.77

ELFNX vs. SPY - Sharpe Ratio Comparison

The current ELFNX Sharpe Ratio is 1.56, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of ELFNX 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

ELFNX vs. SPY - Drawdown Comparison

The maximum ELFNX drawdown since its inception was -50.28%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ELFNX and SPY.

Drawdown Indicators

	ELFNX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-50.28%	-55.19%	+4.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.40%	-8.88%	-2.52%
Max Drawdown (3Y) Largest decline over 3 years	-19.58%	-18.76%	-0.82%
Max Drawdown (5Y) Largest decline over 5 years	-26.39%	-24.50%	-1.89%
Max Drawdown (10Y) Largest decline over 10 years	-32.44%	-33.72%	+1.28%
Current Drawdown Current decline from peak	-3.32%	-3.17%	-0.15%
Average Drawdown Average peak-to-trough decline	-7.62%	-9.04%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	1.98%	+0.88%

Volatility

ELFNX vs. SPY - Volatility Comparison

Elfun Trusts (ELFNX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.82% and 4.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELFNX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	4.87%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	10.32%	9.85%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	13.13%	12.50%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	17.15%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	17.95%	+0.47%

ELFNX vs. SPY - Expense Ratio Comparison

ELFNX has a 0.18% expense ratio, which is higher than SPY's 0.09% 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

ELFNX vs. SPY - Dividend Comparison

ELFNX's dividend yield for the trailing twelve months is around 9.50%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ELFNX Elfun Trusts	9.50%	9.87%	10.43%	2.90%	9.01%	11.62%	8.60%	9.39%	16.18%	10.80%	8.85%	8.22%
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 ELFNX and SPY in my portfolio?

With a correlation of 0.95, ELFNX 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, ELFNX or SPY?

SPY has higher volatility (4.87%) compared to ELFNX (4.82%). In terms of maximum drawdown, ELFNX dropped -50.28% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.56), 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.