GYLD vs. SPY
GYLD (Arrow Dow Jones Global Yield ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GYLD is a Diversified Portfolio fund tracking the DJ Brookfield Global Infrastructure Composite Yield, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GYLD returned 4.80%/yr vs 15.70%/yr for SPY. At a 0.42 correlation, their price movements are largely independent. GYLD charges 0.75%/yr vs 0.09%/yr for SPY.
Performance
GYLD vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, GYLD achieves a 8.04% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, GYLD has underperformed SPY with an annualized return of 4.80%, while SPY has yielded a comparatively higher 15.70% annualized return.
GYLD
- 1D
- 0.67%
- 1M
- -0.72%
- YTD
- 8.04%
- 6M
- 10.01%
- 1Y
- 16.66%
- 3Y*
- 15.35%
- 5Y*
- 6.19%
- 10Y*
- 4.80%
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%
GYLD vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GYLD Arrow Dow Jones Global Yield ETF | 8.04% | 19.85% | 3.83% | 10.36% | -7.73% | 18.03% | -11.17% | 13.29% | -9.97% | 4.33% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between GYLD and SPY is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since May 8, 2012 | 0.42 |
Over the past year, the correlation between GYLD and SPY has dropped to 0.20 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.
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Return for Risk
GYLD vs. SPY — Risk / Return Rank
GYLD
SPY
GYLD vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Arrow Dow Jones Global Yield ETF (GYLD) 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.
| GYLD | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.39 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 3.01 | +0.43 |
| Martin ratioReturn relative to average drawdown | 9.80 | 13.54 | -3.74 |
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Drawdowns
GYLD vs. SPY - Drawdown Comparison
The maximum GYLD drawdown since its inception was -55.03%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GYLD and SPY.
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Drawdown Indicators
| GYLD | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.03% | -55.19% | +0.16% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -8.88% | +4.02% |
Max Drawdown (3Y)Largest decline over 3 years | -8.37% | -18.76% | +10.39% |
Max Drawdown (5Y)Largest decline over 5 years | -19.37% | -24.50% | +5.13% |
Max Drawdown (10Y)Largest decline over 10 years | -47.89% | -33.72% | -14.17% |
Current DrawdownCurrent decline from peak | -1.59% | -1.75% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -14.37% | -9.04% | -5.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 1.97% | -0.26% |
Volatility
GYLD vs. SPY - Volatility Comparison
The current volatility for Arrow Dow Jones Global Yield ETF (GYLD) is 3.21%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that GYLD 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
| GYLD | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.21% | 4.64% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 9.42% | 9.75% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.34% | 12.43% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.80% | 17.14% | -3.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.53% | 17.99% | -1.46% |
GYLD vs. SPY - Expense Ratio Comparison
GYLD has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
GYLD vs. SPY - Dividend Comparison
GYLD's dividend yield for the trailing twelve months is around 7.50%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GYLD Arrow Dow Jones Global Yield ETF | 7.50% | 8.43% | 12.90% | 7.13% | 4.64% | 5.50% | 7.42% | 5.83% | 8.17% | 6.78% | 7.29% | 10.35% |
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
GYLD and SPY have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to GYLD (3.21%). In terms of maximum drawdown, GYLD dropped -55.03% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs 4.80% for GYLD. On fees, SPY is cheaper at 0.09% per year. On volatility, GYLD has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs 4.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for GYLD.
GYLD has the higher dividend yield at 7.50%, compared with 1.01% for SPY.
GYLD is categorized as Diversified Portfolio, while SPY is S&P 500. GYLD tracks DJ Brookfield Global Infrastructure Composite Yield, while SPY tracks S&P 500 Index. They also come from different issuers: Arrow Funds and State Street. Their fees differ too: 0.75% for GYLD and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 1.36), 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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