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HEI-A vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEI-A vs. SPY

Last updated Jun 24, 2026

HEI-A (HEICO Corporation) is a stock, 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, HEI-A returned 25.39%/yr vs 15.53%/yr for SPY. At a 0.49 correlation, their price movements are largely independent.

Performance

HEI-A vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HEICO Corporation (HEI-A) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEI-A achieves a -2.41% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, HEI-A has outperformed SPY with an annualized return of 25.39%, while SPY has yielded a comparatively lower 15.53% annualized return.

HEI-A

1D
1.70%
1M
9.91%
YTD
-2.41%
6M
-6.39%
1Y
-2.31%
3Y*
21.07%
5Y*
13.51%
10Y*
25.39%

SPY

1D
-1.45%
1M
-1.36%
YTD
8.15%
6M
7.20%
1Y
23.59%
3Y*
20.68%
5Y*
13.05%
10Y*
15.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEI-A vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEI-A
HEICO Corporation		-2.41%35.80%30.81%19.03%-6.60%9.94%30.98%42.21%24.78%45.72%
SPY
State Street SPDR S&P 500 ETF		8.15%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between HEI-A and SPY is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.50

Correlation (3Y)
Calculated over the trailing 3-year period

0.47

Correlation (5Y)
Calculated over the trailing 5-year period

0.54

Correlation (10Y)
Calculated over the trailing 10-year period

0.49

Correlation (All Time)
Calculated using the full available price history since Jan 4, 2016

0.49

The correlation between HEI-A and SPY has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

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HEICO Corporation

State Street SPDR S&P 500 ETF

Often compared with HEI-A:
HEI-A vs. HEIHEI-A vs. HWMHEI-A vs. COSTHEI-A vs. LMTHEI-A vs. CWHEI-A vs. CMGHEI-A vs. MSFT
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

HEI-A vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEI-A
HEI-A Risk / Return Rank: 3737
Overall Rank
HEI-A Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
HEI-A Sortino Ratio Rank: 3535
Sortino Ratio Rank
HEI-A Omega Ratio Rank: 3535
Omega Ratio Rank
HEI-A Calmar Ratio Rank: 3939
Calmar Ratio Rank
HEI-A Martin Ratio Rank: 3939
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 5959
Overall Rank
SPY Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 5656
Sortino Ratio Rank
SPY Omega Ratio Rank: 5757
Omega Ratio Rank
SPY Calmar Ratio Rank: 5656
Calmar Ratio Rank
SPY Martin Ratio Rank: 6767
Martin Ratio Rank
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.

HEI-A vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HEICO Corporation (HEI-A) 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.

HEI-ASPYDifference
Sharpe ratioReturn per unit of total volatility
-0.07
1.90

-1.97

Sortino ratioReturn per unit of downside risk
0.12
2.58

-2.46

Omega ratioGain probability vs. loss probability

1.02

1.34

-0.33

Calmar ratioReturn relative to maximum drawdown

-0.09

2.67

-2.75

Martin ratioReturn relative to average drawdown

-0.20

11.92

-12.11

HEI-A vs. SPY - Sharpe Ratio Comparison

The current HEI-A Sharpe Ratio is -0.07, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of HEI-A 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.

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Drawdowns

HEI-A vs. SPY - Drawdown Comparison

The maximum HEI-A drawdown since its inception was -49.70%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HEI-A and SPY.

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Drawdown Indicators

HEI-ASPYDifference

Max Drawdown

Largest peak-to-trough decline

-49.70%

-55.19%

+5.49%

Max Drawdown (1Y)

Largest decline over 1 year

-27.11%

-8.88%

-18.23%

Max Drawdown (3Y)

Largest decline over 3 years

-27.11%

-18.76%

-8.35%

Max Drawdown (5Y)

Largest decline over 5 years

-27.11%

-24.50%

-2.61%

Max Drawdown (10Y)

Largest decline over 10 years

-49.70%

-33.72%

-15.98%

Current Drawdown

Current decline from peak

-10.82%

-3.17%

-7.65%

Average Drawdown

Average peak-to-trough decline

-7.67%

-9.04%

+1.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.86%

1.98%

+9.88%

Volatility

HEI-A vs. SPY - Volatility Comparison

HEICO Corporation (HEI-A) has a higher volatility of 14.99% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that HEI-A'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.

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Volatility by Period

HEI-ASPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.99%

4.87%

+10.12%

Volatility (6M)

Calculated over the trailing 6-month period

24.91%

9.85%

+15.06%

Volatility (1Y)

Calculated over the trailing 1-year period

31.45%

12.50%

+18.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.69%

17.15%

+10.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.59%

17.95%

+12.64%

Dividends

HEI-A vs. SPY - Dividend Comparison

HEI-A's dividend yield for the trailing twelve months is around 0.10%, less than SPY's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
HEI-A
HEICO Corporation		0.10%0.09%0.11%0.14%0.15%0.13%0.14%0.08%0.18%0.10%0.25%0.00%
SPY
State Street SPDR S&P 500 ETF		1.03%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

HEI-A and SPY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HEI-A has higher volatility (14.99%) compared to SPY (4.87%). In terms of maximum drawdown, HEI-A dropped -49.70% vs SPY's -55.19%.

SPY currently has the higher Sharpe Ratio (1.90 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.

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