FFEB vs. SPY

Last updated Jun 23, 2026

FFEB (FT Vest U.S. Equity Buffer ETF - February) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FFEB is a Defined Outcome fund actively managed by FT Vest, while SPY is a S&P 500 fund tracking the S&P 500 Index. FFEB is actively managed, while SPY is passively managed. Over the past 5 years, FFEB returned 11.01%/yr vs 13.51%/yr for SPY. With a 0.95 correlation, they move nearly in lockstep. FFEB charges 0.85%/yr vs 0.09%/yr for SPY.

Performance

FFEB vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - February (FFEB) 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, FFEB achieves a 7.48% return, which is significantly lower than SPY's 9.74% return.

FFEB

• 1D: -0.21%
• 1M: 0.39%
• YTD: 7.48%
• 6M: 7.57%
• 1Y: 19.35%
• 3Y*: 15.80%
• 5Y*: 11.01%
• 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)

FFEB vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FFEB FT Vest U.S. Equity Buffer ETF - February	7.48%	13.76%	16.64%	19.95%	-7.51%	16.26%	9.36%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	14.21%

Correlation

The correlation between FFEB and SPY is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 24, 2020	0.95

The correlation between FFEB and SPY has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

FFEB vs. SPY - Sectors Allocation Comparison

Sectors	FFEB	SPY
Technology	39.0%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

FFEB vs. SPY — Risk / Return Rank

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

FFEB

FFEB Risk / Return Rank: 84
FFEB Sharpe Ratio Rank: 86
FFEB Sortino Ratio Rank: 88
FFEB Omega Ratio Rank: 89
FFEB Calmar Ratio Rank: 70
FFEB Martin Ratio Rank: 87

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

FFEB vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - February (FFEB) 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.

	FFEB	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.16	+0.53
Sortino ratio: Return per unit of downside risk	3.86	2.91	+0.95
Omega ratio: Gain probability vs. loss probability	1.54	1.39	+0.15
Calmar ratio: Return relative to maximum drawdown	3.39	3.01	+0.38
Martin ratio: Return relative to average drawdown	17.79	13.54	+4.26

FFEB vs. SPY - Sharpe Ratio Comparison

The current FFEB Sharpe Ratio is 2.69, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FFEB 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

FFEB vs. SPY - Drawdown Comparison

The maximum FFEB drawdown since its inception was -23.14%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FFEB and SPY.

Drawdown Indicators

	FFEB	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-23.14%	-55.19%	+32.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	-8.88%	+3.15%
Max Drawdown (3Y) Largest decline over 3 years	-11.89%	-18.76%	+6.87%
Max Drawdown (5Y) Largest decline over 5 years	-13.85%	-24.50%	+10.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.46%	-1.75%	+1.29%
Average Drawdown Average peak-to-trough decline	-2.41%	-9.04%	+6.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	1.97%	-0.88%

Volatility

FFEB vs. SPY - Volatility Comparison

The current volatility for FT Vest U.S. Equity Buffer ETF - February (FFEB) is 2.20%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that FFEB 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

	FFEB	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	4.64%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	5.88%	9.75%	-3.87%
Volatility (1Y) Calculated over the trailing 1-year period	7.25%	12.43%	-5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.83%	17.14%	-6.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.72%	17.99%	-4.27%

FFEB vs. SPY - Expense Ratio Comparison

FFEB has a 0.85% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FFEB vs. SPY - Dividend Comparison

FFEB has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFEB FT Vest U.S. Equity Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both FFEB and SPY in my portfolio?

With a correlation of 0.97, FFEB 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, FFEB or SPY?

SPY has higher volatility (4.64%) compared to FFEB (2.20%). In terms of maximum drawdown, FFEB dropped -23.14% vs SPY's -55.19%.

Which ETF is better, FFEB or SPY?

On 5-year performance, SPY leads with 13.51% vs 11.01% for FFEB. On fees, SPY is cheaper at 0.09% per year. On volatility, FFEB has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFEB or SPY?

Over the 5-year period, SPY has performed better with a 13.51% return vs 11.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFEB or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.85% for FFEB.

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

SPY has the higher dividend yield at 1.01%, compared with 0.00% for FFEB.

What is the main difference between FFEB and SPY?

FFEB is categorized as Defined Outcome, while SPY is S&P 500. They also come from different issuers: FT Vest and State Street. Their fees differ too: 0.85% for FFEB and 0.09% for SPY.

Which has better risk-adjusted returns?

FFEB currently has the higher Sharpe Ratio (2.69 vs 2.16), 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.