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ESGU vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ESGU vs. SPY

Last updated Jun 23, 2026

ESGU (iShares ESG Aware MSCI USA ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ESGU is a Large Cap Blend Equities fund tracking the MSCI USA Extended ESG Focus Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, ESGU returned 12.34%/yr vs 13.51%/yr for SPY. With a 0.96 correlation, they move nearly in lockstep. ESGU charges 0.15%/yr vs 0.09%/yr for SPY.

Performance

ESGU vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Aware MSCI USA ETF (ESGU) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with ESGU having a 9.85% return and SPY slightly lower at 9.74%.

ESGU

1D
-0.21%
1M
0.32%
YTD
9.85%
6M
9.26%
1Y
26.62%
3Y*
21.01%
5Y*
12.34%
10Y*
—

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ESGU vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ESGU
iShares ESG Aware MSCI USA ETF		9.85%16.90%24.31%25.79%-20.27%26.89%22.54%31.72%-4.32%21.07%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between ESGU and SPY is 0.99 - 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

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (All Time)
Calculated using the full available price history since Dec 6, 2016

0.96

The correlation between ESGU and SPY has been stable across timeframes, ranging from 0.96 to 1.00 - a consistent structural relationship.

ESGU vs. SPY - Sectors Allocation Comparison

Sectors
ESGU
SPY

Technology

39.4%
39.0%

Financial Services

11.1%
11.1%

Communication Services

9.9%
10.6%

Consumer Cyclical

9.3%
9.9%

Healthcare

8.9%
8.3%

Industrials

8.0%
7.8%

Consumer Defensive

4.2%
4.5%

Energy

3.4%
3.1%

Real Estate

2.1%
1.8%

Basic Materials

1.9%
1.7%

Utilities

1.8%
2.1%

Technology

ESGU
39.4%
SPY
39.0%

Financial Services

ESGU
11.1%
SPY
11.1%

Communication Services

ESGU
9.9%
SPY
10.6%

Consumer Cyclical

ESGU
9.3%
SPY
9.9%

Healthcare

ESGU
8.9%
SPY
8.3%

Industrials

ESGU
8.0%
SPY
7.8%

Consumer Defensive

ESGU
4.2%
SPY
4.5%

Energy

ESGU
3.4%
SPY
3.1%

Real Estate

ESGU
2.1%
SPY
1.8%

Basic Materials

ESGU
1.9%
SPY
1.7%

Utilities

ESGU
1.8%
SPY
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares ESG Aware MSCI USA ETF

State Street SPDR S&P 500 ETF

Often compared with ESGU:
ESGU vs. ESGVESGU vs. ESGDESGU vs. ESGEESGU vs. SUSAESGU vs. VOOESGU vs. IVVESGU vs. XVV
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

ESGU vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ESGU
ESGU Risk / Return Rank: 6565
Overall Rank
ESGU Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
ESGU Sortino Ratio Rank: 6363
Sortino Ratio Rank
ESGU Omega Ratio Rank: 6565
Omega Ratio Rank
ESGU Calmar Ratio Rank: 6060
Calmar Ratio Rank
ESGU Martin Ratio Rank: 7070
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
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.

ESGU vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI USA ETF (ESGU) 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.

ESGUSPYDifference
Sharpe ratioReturn per unit of total volatility
2.10
2.16

-0.06

Sortino ratioReturn per unit of downside risk
2.82
2.91

-0.10

Omega ratioGain probability vs. loss probability

1.38

1.39

-0.01

Calmar ratioReturn relative to maximum drawdown

2.89

3.01

-0.12

Martin ratioReturn relative to average drawdown

12.71

13.54

-0.83

ESGU vs. SPY - Sharpe Ratio Comparison

The current ESGU Sharpe Ratio is 2.10, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ESGU 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.

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Drawdowns

ESGU vs. SPY - Drawdown Comparison

The maximum ESGU drawdown since its inception was -33.87%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ESGU and SPY.

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Drawdown Indicators

ESGUSPYDifference

Max Drawdown

Largest peak-to-trough decline

-33.87%

-55.19%

+21.32%

Max Drawdown (1Y)

Largest decline over 1 year

-9.26%

-8.88%

-0.38%

Max Drawdown (3Y)

Largest decline over 3 years

-19.32%

-18.76%

-0.56%

Max Drawdown (5Y)

Largest decline over 5 years

-26.15%

-24.50%

-1.65%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

-1.88%

-1.75%

-0.13%

Average Drawdown

Average peak-to-trough decline

-4.88%

-9.04%

+4.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.10%

1.97%

+0.13%

Volatility

ESGU vs. SPY - Volatility Comparison

iShares ESG Aware MSCI USA ETF (ESGU) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.77% and 4.64%, 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.

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Volatility by Period

ESGUSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.77%

4.64%

+0.13%

Volatility (6M)

Calculated over the trailing 6-month period

10.03%

9.75%

+0.28%

Volatility (1Y)

Calculated over the trailing 1-year period

12.76%

12.43%

+0.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.41%

17.14%

+0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.60%

17.99%

+0.61%

ESGU vs. SPY - Expense Ratio Comparison

ESGU has a 0.15% 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

ESGU vs. SPY - Dividend Comparison

ESGU's dividend yield for the trailing twelve months is around 0.94%, less than SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
ESGU
iShares ESG Aware MSCI USA ETF		0.94%0.99%1.18%1.43%1.58%1.06%1.27%1.32%1.73%1.82%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		1.01%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

With a correlation of 0.99, ESGU 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.

ESGU has higher volatility (4.77%) compared to SPY (4.64%). In terms of maximum drawdown, ESGU dropped -33.87% vs SPY's -55.19%.

On 5-year performance, SPY leads with 13.51% vs 12.34% for ESGU. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SPY has performed better with a 13.51% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for ESGU.

SPY has the higher dividend yield at 1.01%, compared with 0.94% for ESGU.

ESGU is categorized as Large Cap Blend Equities, while SPY is S&P 500. ESGU tracks MSCI USA Extended ESG Focus Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for ESGU and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.16 vs 2.10), 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.

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