GREK vs. SPY

Last updated Aug 2, 2026

GREK (Global X MSCI Greece ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GREK is a Emerging Markets Equities fund tracking the MSCI All Greece Select 25/50 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GREK returned 17.36%/yr vs 15.07%/yr for SPY. Their 0.48 correlation means their historical movements had little consistent relationship. GREK charges 0.56%/yr vs 0.09%/yr for SPY.

Performance

GREK vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Greece ETF (GREK) 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, GREK achieves a 22.60% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, GREK has outperformed SPY with an annualized return of 17.36%, while SPY has yielded a comparatively lower 15.07% annualized return.

GREK

• 1D: -0.62%
• 1M: 5.48%
• 6M: 9.57%
• YTD: 22.60%
• 1Y: 36.74%
• 3Y*: 32.40%
• 5Y*: 27.82%
• 10Y*: 17.36%
• ALL TIME*: 6.26%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GREK Global X MSCI Greece ETF	$9.46M	$9.35M	$7.83M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

GREK vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GREK Global X MSCI Greece ETF	22.60%	76.11%	9.53%	42.72%	3.64%	6.14%	-13.89%	50.20%	-31.25%	34.80%
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 GREK and SPY is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (10Y) Provides a long-term view across more market conditions.	0.52
Correlation (All Time) Calculated using the full available price history since Dec 8, 2011	0.48

The correlation between GREK and SPY has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.

GREK vs. SPY - Sectors Allocation Comparison

Sectors	GREK	SPY
Financial Services	48.8%	12.5%
Utilities	14.3%	2.6%
Industrials	12.5%	7.6%
Consumer Cyclical	8.7%	8.9%
Energy	6.8%	3.4%
Communication Services	4.1%	9.7%
Basic Materials	3.0%	1.9%
Real Estate	1.0%	2.0%
Consumer Defensive	1.0%	4.8%
Healthcare	-	9.4%
Technology	-	36.9%

Return for Risk

GREK vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GREK

GREK Risk / Return Rank: 58
GREK Sharpe Ratio Rank: 65
GREK Sortino Ratio Rank: 69
GREK Omega Ratio Rank: 62
GREK Calmar Ratio Rank: 48
GREK Martin Ratio Rank: 46

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GREK vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Greece ETF (GREK) 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.

	GREK	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.52	-0.04
Sortino ratio: Return per unit of downside risk	2.24	2.11	+0.13
Omega ratio: Gain probability vs. loss probability	1.27	1.27	-0.01
Calmar ratio: Return relative to maximum drawdown	1.71	2.20	-0.49
Martin ratio: Return relative to average drawdown	5.27	9.40	-4.13

GREK vs. SPY - Sharpe Ratio Comparison

The current GREK Sharpe Ratio is 1.48, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of GREK 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

GREK vs. SPY - Drawdown Comparison

The maximum GREK drawdown since its inception was -79.50%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GREK and SPY.

Drawdown Indicators

	GREK	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-79.50%	-55.19%	-24.31%
Max Drawdown (1Y) Largest decline over 1 year	-21.32%	-8.88%	-12.44%
Max Drawdown (3Y) Largest decline over 3 years	-21.32%	-18.76%	-2.56%
Max Drawdown (5Y) Largest decline over 5 years	-30.46%	-24.50%	-5.96%
Max Drawdown (10Y) Largest decline over 10 years	-57.04%	-33.72%	-23.32%
Current Drawdown Current decline from peak	-0.62%	-1.40%	+0.78%
Average Drawdown Average peak-to-trough decline	-44.86%	-9.01%	-35.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.92%	2.08%	+4.84%

Volatility

GREK vs. SPY - Volatility Comparison

Global X MSCI Greece ETF (GREK) has a higher volatility of 7.63% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that GREK's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GREK	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.63%	3.58%	+4.05%
Volatility (6M) Calculated over the trailing 6-month period	21.24%	10.14%	+11.10%
Volatility (1Y) Calculated over the trailing 1-year period	24.67%	12.89%	+11.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.49%	17.18%	+7.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.85%	17.95%	+10.90%

GREK vs. SPY - Expense Ratio Comparison

GREK has a 0.56% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GREK vs. SPY - Dividend Comparison

GREK's dividend yield for the trailing twelve months is around 2.43%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GREK Global X MSCI Greece ETF	2.43%	3.46%	4.63%	2.61%	2.82%	2.16%	2.62%	2.25%	2.41%	2.13%	1.95%	1.52%
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 GREK and SPY in my portfolio?

GREK and SPY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GREK or SPY?

GREK has higher volatility (7.63%) compared to SPY (3.58%). In terms of maximum drawdown, GREK dropped -79.50% vs SPY's -55.19%.

Which ETF is better, GREK or SPY?

On 10-year performance, GREK leads with 17.36% vs 15.07% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GREK or SPY?

Over the 10-year period, GREK has performed better with a 17.36% return vs 15.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GREK or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.56% for GREK.

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

GREK has the higher dividend yield at 2.43%, compared with 1.01% for SPY.

What is the main difference between GREK and SPY?

GREK is categorized as Emerging Markets Equities, while SPY is S&P 500. GREK tracks MSCI All Greece Select 25/50 Index, while SPY tracks S&P 500 Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.56% for GREK and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.48), 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.