EQL vs. SPY

Last updated Jun 24, 2026

EQL (ALPS Equal Sector Weight ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EQL is a Large Cap Blend Equities fund tracking the NYSE Equal Sector Weight Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EQL returned 12.66%/yr vs 15.53%/yr for SPY. Their correlation of 0.92 suggests significant overlap in exposure. EQL charges 0.27%/yr vs 0.09%/yr for SPY.

Performance

EQL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Equal Sector Weight ETF (EQL) 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 stocks are quite close, with EQL having a 8.44% return and SPY slightly lower at 8.15%. Over the past 10 years, EQL has underperformed SPY with an annualized return of 12.66%, while SPY has yielded a comparatively higher 15.53% annualized return.

EQL

• 1D: -0.34%
• 1M: -0.97%
• YTD: 8.44%
• 6M: 7.90%
• 1Y: 17.48%
• 3Y*: 15.88%
• 5Y*: 10.58%
• 10Y*: 12.66%

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)

EQL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQL ALPS Equal Sector Weight ETF	8.44%	13.09%	16.44%	16.87%	-10.72%	29.32%	10.87%	27.87%	-6.12%	18.37%
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 EQL and SPY is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jul 7, 2009	0.92

The correlation between EQL and SPY shifts across timeframes, from 0.75 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

EQL vs. SPY - Sectors Allocation Comparison

Sectors	EQL	SPY
Technology	12.3%	39.0%
Consumer Cyclical	10.7%	9.9%
Real Estate	9.2%	1.8%
Communication Services	8.8%	10.6%
Healthcare	8.7%	8.3%
Consumer Defensive	8.6%	4.5%
Financial Services	8.6%	11.1%
Industrials	8.5%	7.8%
Utilities	8.4%	2.1%
Energy	8.0%	3.1%
Basic Materials	8.0%	1.7%

Return for Risk

EQL vs. SPY — Risk / Return Rank

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

EQL

EQL Risk / Return Rank: 58
EQL Sharpe Ratio Rank: 57
EQL Sortino Ratio Rank: 56
EQL Omega Ratio Rank: 54
EQL Calmar Ratio Rank: 60
EQL Martin Ratio Rank: 63

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.

EQL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Equal Sector Weight ETF (EQL) 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.

	EQL	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.90	-0.06
Sortino ratio: Return per unit of downside risk	2.57	2.58	-0.01
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.84	2.67	+0.17
Martin ratio: Return relative to average drawdown	10.95	11.92	-0.97

EQL vs. SPY - Sharpe Ratio Comparison

The current EQL Sharpe Ratio is 1.84, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of EQL 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

EQL vs. SPY - Drawdown Comparison

The maximum EQL drawdown since its inception was -35.65%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EQL and SPY.

Drawdown Indicators

	EQL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-35.65%	-55.19%	+19.54%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-8.88%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-18.76%	+3.69%
Max Drawdown (5Y) Largest decline over 5 years	-19.24%	-24.50%	+5.26%
Max Drawdown (10Y) Largest decline over 10 years	-35.65%	-33.72%	-1.93%
Current Drawdown Current decline from peak	-1.76%	-3.17%	+1.41%
Average Drawdown Average peak-to-trough decline	-3.25%	-9.04%	+5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.98%	-0.38%

Volatility

EQL vs. SPY - Volatility Comparison

The current volatility for ALPS Equal Sector Weight ETF (EQL) is 3.08%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that EQL 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.

Volatility by Period

	EQL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	4.87%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	9.85%	-2.65%
Volatility (1Y) Calculated over the trailing 1-year period	9.59%	12.50%	-2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.56%	17.15%	-2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	17.95%	-1.41%

EQL vs. SPY - Expense Ratio Comparison

EQL has a 0.27% 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

EQL vs. SPY - Dividend Comparison

EQL's dividend yield for the trailing twelve months is around 1.63%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQL ALPS Equal Sector Weight ETF	1.63%	1.73%	1.78%	1.96%	2.14%	1.69%	2.29%	1.95%	2.39%	1.97%	2.89%	2.07%
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 EQL and SPY in my portfolio?

EQL and SPY have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQL or SPY?

SPY has higher volatility (4.87%) compared to EQL (3.08%). In terms of maximum drawdown, EQL dropped -35.65% vs SPY's -55.19%.

Which ETF is better, EQL or SPY?

On 10-year performance, SPY leads with 15.53% vs 12.66% for EQL. On fees, SPY is cheaper at 0.09% per year. On volatility, EQL has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EQL or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 12.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.27% for EQL.

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

EQL has the higher dividend yield at 1.63%, compared with 1.03% for SPY.

What is the main difference between EQL and SPY?

EQL is categorized as Large Cap Blend Equities, while SPY is S&P 500. EQL tracks NYSE Equal Sector Weight Index, while SPY tracks S&P 500 Index. They also come from different issuers: SS&C and State Street. Their fees differ too: 0.27% for EQL and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.84), 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.