ETFRX vs. SPY
Compare and contrast key facts about North Square Tactical Defensive Fund (ETFRX) and State Street SPDR S&P 500 ETF (SPY).
ETFRX is managed by Stadion Funds. It was launched on Sep 14, 2006. 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
ETFRX vs. SPY - Performance Comparison
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ETFRX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETFRX North Square Tactical Defensive Fund | -1.57% | 8.44% | 7.31% | 5.65% | -8.28% | 13.49% | 3.99% | 12.46% | -2.99% | 15.26% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, ETFRX achieves a -1.57% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, ETFRX has underperformed SPY with an annualized return of 5.84%, while SPY has yielded a comparatively higher 14.06% annualized return.
ETFRX
- 1D
- 1.57%
- 1M
- -3.44%
- YTD
- -1.57%
- 6M
- -1.56%
- 1Y
- 8.21%
- 3Y*
- 7.20%
- 5Y*
- 4.01%
- 10Y*
- 5.84%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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ETFRX vs. SPY - Expense Ratio Comparison
ETFRX has a 1.86% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
ETFRX vs. SPY — Risk / Return Rank
ETFRX
SPY
ETFRX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for North Square Tactical Defensive Fund (ETFRX) 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.
| ETFRX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.80 | 0.96 | -0.15 |
Sortino ratioReturn per unit of downside risk | 1.12 | 1.49 | -0.37 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.23 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.53 | -0.16 |
Martin ratioReturn relative to average drawdown | 3.18 | 7.27 | -4.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETFRX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 0.96 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.70 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.79 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.56 | -0.20 |
Correlation
The correlation between ETFRX and SPY is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
ETFRX vs. SPY - Dividend Comparison
ETFRX's dividend yield for the trailing twelve months is around 0.49%, less than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETFRX North Square Tactical Defensive Fund | 0.49% | 0.48% | 0.93% | 0.00% | 0.00% | 0.00% | 0.00% | 0.38% | 0.00% | 2.25% | 0.00% | 3.02% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
ETFRX vs. SPY - Drawdown Comparison
The maximum ETFRX drawdown since its inception was -37.11%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ETFRX and SPY.
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Drawdown Indicators
| ETFRX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.11% | -55.19% | +18.08% |
Max Drawdown (1Y)Largest decline over 1 year | -6.12% | -12.05% | +5.93% |
Max Drawdown (5Y)Largest decline over 5 years | -12.17% | -24.50% | +12.33% |
Max Drawdown (10Y)Largest decline over 10 years | -21.30% | -33.72% | +12.42% |
Current DrawdownCurrent decline from peak | -4.54% | -5.53% | +0.99% |
Average DrawdownAverage peak-to-trough decline | -6.72% | -9.09% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 2.54% | +0.10% |
Volatility
ETFRX vs. SPY - Volatility Comparison
The current volatility for North Square Tactical Defensive Fund (ETFRX) is 3.60%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that ETFRX 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
| ETFRX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.60% | 5.35% | -1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 8.03% | 9.50% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.52% | 19.06% | -8.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.39% | 17.06% | -7.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.41% | 17.92% | -7.51% |