FRA vs. SPY
FRA (BlackRock Floating Rate Income Strategies Fund Inc) and SPY (State Street SPDR S&P 500 ETF) are both funds - FRA is a Bank Loan fund managed by BlackRock, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FRA returned 6.42%/yr vs 15.07%/yr for SPY. Their 0.33 correlation means their historical movements had little consistent relationship. FRA charges 2.17%/yr vs 0.09%/yr for SPY.
Performance
FRA vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, FRA achieves a -0.76% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, FRA has underperformed SPY with an annualized return of 6.42%, while SPY has yielded a comparatively higher 15.07% annualized return.
FRA
- 1D
- 0.19%
- 1M
- 0.22%
- 6M
- -1.61%
- YTD
- -0.76%
- 1Y
- -6.97%
- 3Y*
- 7.56%
- 5Y*
- 6.42%
- 10Y*
- 6.42%
- ALL TIME*
- 5.12%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.41M | $1.55M | $1.47M | |
| $37.27B | $35.99B | $39.23B |
FRA vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRA BlackRock Floating Rate Income Strategies Fund Inc | -0.76% | -3.75% | 21.56% | 25.46% | -10.59% | 17.81% | -2.38% | 20.82% | -8.27% | 0.76% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between FRA and SPY is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.35 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.37 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.36 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2003 | 0.33 |
The correlation between FRA and SPY shifts across timeframes, from 0.33 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FRA vs. SPY — Risk / Return Rank
FRA
SPY
FRA vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Strategies Fund Inc (FRA) 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.
| FRA | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.27 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 2.20 | -2.67 |
| Martin ratioReturn relative to average drawdown | -0.84 | 9.40 | -10.24 |
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Drawdowns
FRA vs. SPY - Drawdown Comparison
The maximum FRA drawdown since its inception was -51.43%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FRA and SPY.
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Drawdown Indicators
| FRA | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.43% | -55.19% | +3.76% |
Max Drawdown (1Y)Largest decline over 1 year | -15.47% | -8.88% | -6.59% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -18.76% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -18.77% | -24.50% | +5.73% |
Max Drawdown (10Y)Largest decline over 10 years | -42.80% | -33.72% | -9.08% |
Current DrawdownCurrent decline from peak | -9.22% | -1.40% | -7.82% |
Average DrawdownAverage peak-to-trough decline | -7.23% | -9.01% | +1.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 2.08% | +6.36% |
Volatility
FRA vs. SPY - Volatility Comparison
The current volatility for BlackRock Floating Rate Income Strategies Fund Inc (FRA) is 1.88%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that FRA 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
| FRA | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 3.58% | -1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 7.99% | 10.14% | -2.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.05% | 12.89% | -2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 17.18% | -4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.51% | 17.95% | -2.44% |
FRA vs. SPY - Expense Ratio Comparison
FRA has a 2.17% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
FRA vs. SPY - Dividend Comparison
FRA's dividend yield for the trailing twelve months is around 13.73%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRA BlackRock Floating Rate Income Strategies Fund Inc | 13.73% | 12.62% | 10.81% | 10.44% | 6.88% | 5.96% | 7.61% | 6.44% | 6.90% | 5.31% | 5.65% | 6.17% |
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
FRA and SPY have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (3.58%) compared to FRA (1.88%). In terms of maximum drawdown, FRA dropped -51.43% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.71), 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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