FLJJ vs. SPY

Last updated Jun 23, 2026

FLJJ (Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FLJJ is a Options Trading fund actively managed by Allianz, while SPY is a S&P 500 fund tracking the S&P 500 Index. FLJJ is actively managed, while SPY is passively managed. Over the past year, FLJJ returned 15.88% vs 26.65% for SPY. Their correlation of 0.94 suggests significant overlap in exposure. FLJJ charges 0.74%/yr vs 0.09%/yr for SPY.

Performance

FLJJ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF (FLJJ) 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, FLJJ achieves a 5.39% return, which is significantly lower than SPY's 9.74% return.

FLJJ

• 1D: 0.13%
• 1M: 0.93%
• YTD: 5.39%
• 6M: 5.53%
• 1Y: 15.88%
• 3Y*: —
• 5Y*: —
• 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)

FLJJ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLJJ Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF	5.39%	11.35%	14.40%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	22.93%

Correlation

The correlation between FLJJ and SPY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	0.94

The correlation between FLJJ and SPY has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

FLJJ vs. SPY — Risk / Return Rank

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

FLJJ

FLJJ Risk / Return Rank: 92
FLJJ Sharpe Ratio Rank: 93
FLJJ Sortino Ratio Rank: 96
FLJJ Omega Ratio Rank: 95
FLJJ Calmar Ratio Rank: 81
FLJJ Martin Ratio Rank: 92

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.

FLJJ vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF (FLJJ) 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.

	FLJJ	SPY	Difference
Sharpe ratio: Return per unit of total volatility	3.31	2.16	+1.15
Sortino ratio: Return per unit of downside risk	5.17	2.91	+2.26
Omega ratio: Gain probability vs. loss probability	1.71	1.39	+0.32
Calmar ratio: Return relative to maximum drawdown	4.13	3.01	+1.12
Martin ratio: Return relative to average drawdown	21.85	13.54	+8.32

FLJJ vs. SPY - Sharpe Ratio Comparison

The current FLJJ Sharpe Ratio is 3.31, which is higher than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FLJJ 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

FLJJ vs. SPY - Drawdown Comparison

The maximum FLJJ drawdown since its inception was -6.91%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FLJJ and SPY.

Drawdown Indicators

	FLJJ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-6.91%	-55.19%	+48.28%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-8.88%	+5.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-0.77%	-9.04%	+8.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	1.97%	-1.24%

Volatility

FLJJ vs. SPY - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF (FLJJ) is 1.24%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that FLJJ 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

	FLJJ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	4.64%	-3.40%
Volatility (6M) Calculated over the trailing 6-month period	3.76%	9.75%	-5.99%
Volatility (1Y) Calculated over the trailing 1-year period	4.83%	12.43%	-7.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.19%	17.14%	-10.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.19%	17.99%	-11.80%

FLJJ vs. SPY - Expense Ratio Comparison

FLJJ has a 0.74% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FLJJ vs. SPY - Dividend Comparison

FLJJ 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
FLJJ Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF	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 FLJJ and SPY in my portfolio?

With a correlation of 0.94, FLJJ 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, FLJJ or SPY?

SPY has higher volatility (4.64%) compared to FLJJ (1.24%). In terms of maximum drawdown, FLJJ dropped -6.91% vs SPY's -55.19%.

Which ETF is better, FLJJ or SPY?

On 1-year performance, SPY leads with 26.65% vs 15.88% for FLJJ. On fees, SPY is cheaper at 0.09% per year. On volatility, FLJJ has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLJJ or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 15.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLJJ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.74% for FLJJ.

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

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

What is the main difference between FLJJ and SPY?

FLJJ is categorized as Options Trading, while SPY is S&P 500. They also come from different issuers: Allianz and State Street. Their fees differ too: 0.74% for FLJJ and 0.09% for SPY.

Which has better risk-adjusted returns?

FLJJ currently has the higher Sharpe Ratio (3.31 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.