GBPUSD=X vs. SPY

Last updated Jun 3, 2026

GBPUSD=X (GBP/USD) is a currency, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, GBPUSD=X returned -0.75%/yr vs 15.57%/yr for SPY. At a 0.25 correlation, their price movements are largely independent.

Performance

GBPUSD=X vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GBP/USD (GBPUSD=X) 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, GBPUSD=X achieves a 0.07% return, which is significantly lower than SPY's 11.69% return. Over the past 10 years, GBPUSD=X has underperformed SPY with an annualized return of -0.75%, while SPY has yielded a comparatively higher 15.57% annualized return.

GBPUSD=X

• 1D: 0.08%
• 1M: -0.92%
• YTD: 0.07%
• 6M: 1.94%
• 1Y: -0.57%
• 3Y*: 2.66%
• 5Y*: -0.92%
• 10Y*: -0.75%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GBPUSD=X vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBPUSD=X GBP/USD	0.07%	7.55%	-1.67%	5.28%	-10.69%	-0.91%	3.06%	4.01%	-5.66%	9.52%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between GBPUSD=X and SPY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jun 29, 2007	0.25

The correlation between GBPUSD=X and SPY shifts across timeframes, from 0.25 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GBPUSD=X vs. SPY — Risk / Return Rank

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

GBPUSD=X

GBPUSD=X Risk / Return Rank: 45
GBPUSD=X Sharpe Ratio Rank: 46
GBPUSD=X Sortino Ratio Rank: 46
GBPUSD=X Omega Ratio Rank: 46
GBPUSD=X Calmar Ratio Rank: 42
GBPUSD=X Martin Ratio Rank: 43

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

GBPUSD=X vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GBP/USD (GBPUSD=X) 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.

	GBPUSD=X	SPY	Difference
Sharpe ratio Return per unit of total volatility	-0.07	2.52	-2.60
Sortino ratio Return per unit of downside risk	-0.06	3.42	-3.48
Omega ratio Gain probability vs. loss probability	0.99	1.46	-0.47
Calmar ratio Return relative to maximum drawdown	-0.05	3.42	-3.47
Martin ratio Return relative to average drawdown	-0.10	15.93	-16.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBPUSD=X vs. SPY - Sharpe Ratio Comparison

The current GBPUSD=X Sharpe Ratio is -0.07, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of GBPUSD=X 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.

Sharpe Ratios by Period

	GBPUSD=X	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.07	2.52	-2.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	0.84	-0.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	0.87	-0.95
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	0.59	-0.80

Drawdowns

GBPUSD=X vs. SPY - Drawdown Comparison

The maximum GBPUSD=X drawdown since its inception was -49.29%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GBPUSD=X and SPY.

Drawdown Indicators

	GBPUSD=X	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-49.29%	-55.19%	+5.90%
Max Drawdown (1Y) Largest decline over 1 year	-5.26%	-8.88%	+3.62%
Max Drawdown (3Y) Largest decline over 3 years	-9.34%	-18.76%	+9.42%
Max Drawdown (5Y) Largest decline over 5 years	-24.62%	-24.50%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	-27.99%	-33.72%	+5.73%
Current Drawdown Current decline from peak	-36.10%	0.00%	-36.10%
Average Drawdown Average peak-to-trough decline	-31.12%	-9.05%	-22.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	1.91%	+0.58%

Volatility

GBPUSD=X vs. SPY - Volatility Comparison

The current volatility for GBP/USD (GBPUSD=X) is 1.73%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.75%. This indicates that GBPUSD=X 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

	GBPUSD=X	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	2.75%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	4.93%	8.89%	-3.96%
Volatility (1Y) Calculated over the trailing 1-year period	6.24%	11.81%	-5.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.25%	17.05%	-8.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	17.94%	-8.84%

Frequently Asked Questions

Can I hold both GBPUSD=X and SPY in my portfolio?

GBPUSD=X and SPY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBPUSD=X or SPY?

SPY has higher volatility (2.75%) compared to GBPUSD=X (1.73%). In terms of maximum drawdown, GBPUSD=X dropped -49.29% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs -0.07), 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.