EQX vs. SPYM

Last updated Jun 26, 2026

EQX (Equinox Gold Corp.) is a stock, while SPYM (State Street SPDR Portfolio S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, EQX returned 5.57%/yr vs 13.05%/yr for SPYM. At a 0.21 correlation, their price movements are largely independent.

Performance

EQX vs. SPYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equinox Gold Corp. (EQX) and State Street SPDR Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQX achieves a -32.83% return, which is significantly lower than SPYM's 8.16% return.

EQX

• 1D: 0.43%
• 1M: -25.44%
• YTD: -32.83%
• 6M: -35.41%
• 1Y: 60.38%
• 3Y*: 26.58%
• 5Y*: 5.57%
• 10Y*: —

SPYM

• 1D: 0.06%
• 1M: -2.03%
• YTD: 8.16%
• 6M: 6.82%
• 1Y: 22.22%
• 3Y*: 20.92%
• 5Y*: 13.05%
• 10Y*: 15.85%

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

EQX vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EQX Equinox Gold Corp.	-32.83%	179.68%	2.66%	49.09%	-51.48%	-34.62%	34.29%	106.43%	-4.97%
SPYM State Street SPDR Portfolio S&P 500 ETF	8.16%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-10.87%

Correlation

The correlation between EQX and SPYM is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Aug 3, 2018	0.21

The correlation between EQX and SPYM shifts across timeframes, from 0.21 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EQX vs. SPYM — Risk / Return Rank

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

EQX

EQX Risk / Return Rank: 70
EQX Sharpe Ratio Rank: 74
EQX Sortino Ratio Rank: 70
EQX Omega Ratio Rank: 68
EQX Calmar Ratio Rank: 68
EQX Martin Ratio Rank: 71

SPYM

SPYM Risk / Return Rank: 63
SPYM Sharpe Ratio Rank: 63
SPYM Sortino Ratio Rank: 61
SPYM Omega Ratio Rank: 62
SPYM Calmar Ratio Rank: 59
SPYM Martin Ratio Rank: 70

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.

EQX vs. SPYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equinox Gold Corp. (EQX) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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.

	EQX	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.80	-0.81
Sortino ratio: Return per unit of downside risk	1.59	2.46	-0.87
Omega ratio: Gain probability vs. loss probability	1.20	1.33	-0.13
Calmar ratio: Return relative to maximum drawdown	1.21	2.51	-1.29
Martin ratio: Return relative to average drawdown	3.43	11.10	-7.67

EQX vs. SPYM - Sharpe Ratio Comparison

The current EQX Sharpe Ratio is 0.99, which is lower than the SPYM Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of EQX and SPYM, 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

EQX vs. SPYM - Drawdown Comparison

The maximum EQX drawdown since its inception was -81.06%, which is greater than SPYM's maximum drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for EQX and SPYM.

Drawdown Indicators

	EQX	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-81.06%	-54.46%	-26.60%
Max Drawdown (1Y) Largest decline over 1 year	-49.95%	-8.90%	-41.05%
Max Drawdown (3Y) Largest decline over 3 years	-49.95%	-18.72%	-31.23%
Max Drawdown (5Y) Largest decline over 5 years	-71.57%	-24.48%	-47.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.87%	—
Current Drawdown Current decline from peak	-49.73%	-3.19%	-46.54%
Average Drawdown Average peak-to-trough decline	-38.15%	-7.14%	-31.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.64%	2.01%	+15.63%

Volatility

EQX vs. SPYM - Volatility Comparison

Equinox Gold Corp. (EQX) has a higher volatility of 21.64% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 4.75%. This indicates that EQX's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQX	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.64%	4.75%	+16.89%
Volatility (6M) Calculated over the trailing 6-month period	48.96%	9.78%	+39.18%
Volatility (1Y) Calculated over the trailing 1-year period	61.17%	12.39%	+48.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.70%	16.90%	+40.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.59%	18.02%	+37.57%

Dividends

EQX vs. SPYM - Dividend Comparison

EQX's dividend yield for the trailing twelve months is around 0.32%, less than SPYM's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQX Equinox Gold Corp.	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.30%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both EQX and SPYM in my portfolio?

EQX and SPYM have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQX or SPYM?

EQX has higher volatility (21.64%) compared to SPYM (4.75%). In terms of maximum drawdown, EQX dropped -81.06% vs SPYM's -54.46%.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (1.80 vs 0.99), 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.