FRA vs. SPYG
FRA (BlackRock Floating Rate Income Strategies Fund Inc) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both funds - FRA is a Bank Loan fund managed by BlackRock, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Over the past 10 years, FRA returned 6.42%/yr vs 17.38%/yr for SPYG. Their 0.32 correlation means their historical movements had little consistent relationship. FRA charges 2.17%/yr vs 0.04%/yr for SPYG.
Performance
FRA vs. SPYG - 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 SPYG's 10.06% return. Over the past 10 years, FRA has underperformed SPYG with an annualized return of 6.42%, while SPYG has yielded a comparatively higher 17.38% 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%
SPYG
- 1D
- 1.45%
- 1M
- -0.05%
- 6M
- 9.50%
- YTD
- 10.06%
- 1Y
- 21.72%
- 3Y*
- 24.04%
- 5Y*
- 13.28%
- 10Y*
- 17.38%
- ALL TIME*
- 7.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.41M | $1.55M | $1.47M | |
| $321.11M | $273.47M | $308.09M |
FRA vs. SPYG - 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% |
SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 10.06% | 22.09% | 35.99% | 30.02% | -29.41% | 32.01% | 33.46% | 30.84% | -0.12% | 27.24% |
Correlation
The correlation between FRA and SPYG is 0.42, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.42 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.34 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2003 | 0.32 |
The correlation between FRA and SPYG shifts across timeframes, from 0.32 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FRA vs. SPYG — Risk / Return Rank
FRA
SPYG
FRA vs. SPYG - 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 Portfolio S&P 500 Growth ETF (SPYG). 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 | SPYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.19 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 1.42 | -1.88 |
| Martin ratioReturn relative to average drawdown | -0.84 | 5.17 | -6.01 |
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Drawdowns
FRA vs. SPYG - Drawdown Comparison
The maximum FRA drawdown since its inception was -51.43%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for FRA and SPYG.
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Drawdown Indicators
| FRA | SPYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.43% | -67.63% | +16.20% |
Max Drawdown (1Y)Largest decline over 1 year | -15.47% | -13.76% | -1.71% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -22.14% | +3.37% |
Max Drawdown (5Y)Largest decline over 5 years | -18.77% | -32.67% | +13.90% |
Max Drawdown (10Y)Largest decline over 10 years | -42.80% | -32.67% | -10.13% |
Current DrawdownCurrent decline from peak | -9.22% | -4.33% | -4.89% |
Average DrawdownAverage peak-to-trough decline | -7.23% | -24.20% | +16.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 3.78% | +4.66% |
Volatility
FRA vs. SPYG - Volatility Comparison
The current volatility for BlackRock Floating Rate Income Strategies Fund Inc (FRA) is 1.88%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 6.08%. This indicates that FRA experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRA | SPYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 6.08% | -4.20% |
Volatility (6M)Calculated over the trailing 6-month period | 7.99% | 14.85% | -6.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.05% | 18.18% | -8.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 21.50% | -8.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.51% | 20.79% | -5.28% |
FRA vs. SPYG - Expense Ratio Comparison
FRA has a 2.17% expense ratio, which is higher than SPYG's 0.04% expense ratio.
Dividends
FRA vs. SPYG - Dividend Comparison
FRA's dividend yield for the trailing twelve months is around 13.73%, more than SPYG's 0.49% 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% |
SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 0.49% | 0.52% | 0.60% | 1.15% | 1.03% | 0.62% | 0.90% | 1.37% | 1.51% | 1.41% | 1.55% | 1.57% |
Frequently Asked Questions
FRA and SPYG have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYG has higher volatility (6.08%) compared to FRA (1.88%). In terms of maximum drawdown, FRA dropped -51.43% vs SPYG's -67.63%.
SPYG currently has the higher Sharpe Ratio (1.08 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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