FISR vs. SPY
FISR (SPDR SSGA Fixed Income Sector Rotation ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FISR is a Intermediate Core-Plus Bond fund actively managed by State Street, while SPY is a S&P 500 fund tracking the S&P 500 Index. FISR is actively managed, while SPY is passively managed. Over the past 5 years, FISR returned -0.80%/yr vs 13.51%/yr for SPY. At a 0.16 correlation, their price movements are largely independent. FISR charges 0.50%/yr vs 0.09%/yr for SPY.
Performance
FISR vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, FISR achieves a 0.26% return, which is significantly lower than SPY's 9.74% return.
FISR
- 1D
- -0.23%
- 1M
- 0.68%
- YTD
- 0.26%
- 6M
- 0.46%
- 1Y
- 4.21%
- 3Y*
- 3.42%
- 5Y*
- -0.80%
- 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%
FISR vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FISR SPDR SSGA Fixed Income Sector Rotation ETF | 0.26% | 6.32% | 1.01% | 5.28% | -15.73% | -1.70% | 5.86% | 6.74% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 14.18% |
Correlation
The correlation between FISR and SPY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019 | 0.16 |
The correlation between FISR and SPY shifts across timeframes, from 0.16 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FISR vs. SPY — Risk / Return Rank
FISR
SPY
FISR vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Fixed Income Sector Rotation ETF (FISR) 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.
| FISR | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.39 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 3.01 | -1.63 |
| Martin ratioReturn relative to average drawdown | 3.79 | 13.54 | -9.75 |
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Drawdowns
FISR vs. SPY - Drawdown Comparison
The maximum FISR drawdown since its inception was -20.27%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FISR and SPY.
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Drawdown Indicators
| FISR | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.27% | -55.19% | +34.92% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -8.88% | +5.82% |
Max Drawdown (3Y)Largest decline over 3 years | -6.60% | -18.76% | +12.16% |
Max Drawdown (5Y)Largest decline over 5 years | -20.10% | -24.50% | +4.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -6.11% | -1.75% | -4.36% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -9.04% | +1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 1.97% | -0.86% |
Volatility
FISR vs. SPY - Volatility Comparison
The current volatility for SPDR SSGA Fixed Income Sector Rotation ETF (FISR) is 1.45%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that FISR 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
| FISR | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 4.64% | -3.19% |
Volatility (6M)Calculated over the trailing 6-month period | 3.40% | 9.75% | -6.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.38% | 12.43% | -8.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 17.14% | -10.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.35% | 17.99% | -11.64% |
FISR vs. SPY - Expense Ratio Comparison
FISR has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
FISR vs. SPY - Dividend Comparison
FISR's dividend yield for the trailing twelve months is around 4.18%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FISR SPDR SSGA Fixed Income Sector Rotation ETF | 4.18% | 3.97% | 3.59% | 3.50% | 2.19% | 1.87% | 2.47% | 2.99% | 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
FISR and SPY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to FISR (1.45%). In terms of maximum drawdown, FISR dropped -20.27% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.51% vs -0.80% for FISR. On fees, SPY is cheaper at 0.09% per year. On volatility, FISR has been the lower-risk option at 1.45%. 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 -0.80%. 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 0.50% for FISR.
FISR has the higher dividend yield at 4.18%, compared with 1.01% for SPY.
FISR is categorized as Intermediate Core-Plus Bond, while SPY is S&P 500. Their fees differ too: 0.50% for FISR and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 0.97), 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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