HRB vs. SPY

Last updated Jul 14, 2026

HRB (H&R Block, Inc.) 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, HRB returned 9.53%/yr vs 15.08%/yr for SPY. At a 0.41 correlation, their price movements are largely independent.

Performance

HRB vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in H&R Block, Inc. (HRB) 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, HRB achieves a -3.93% return, which is significantly lower than SPY's 10.45% return. Over the past 10 years, HRB has underperformed SPY with an annualized return of 9.53%, while SPY has yielded a comparatively higher 15.08% annualized return.

HRB

• 1D: 3.21%
• 1M: 11.88%
• 6M: -4.67%
• YTD: -3.93%
• 1Y: -24.04%
• 3Y*: 11.39%
• 5Y*: 15.05%
• 10Y*: 9.53%

SPY

• 1D: -0.77%
• 1M: 1.26%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.46%
• 3Y*: 20.07%
• 5Y*: 12.94%
• 10Y*: 15.08%

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

HRB vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HRB H&R Block, Inc.	-3.93%	-14.88%	12.03%	36.87%	59.94%	55.43%	-27.97%	-3.55%	0.49%	18.22%
SPY State Street SPDR S&P 500 ETF	10.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between HRB and SPY is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.41

The correlation between HRB and SPY shifts across timeframes, from -0.06 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HRB vs. SPY — Risk / Return Rank

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

HRB

HRB Risk / Return Rank: 22
HRB Sharpe Ratio Rank: 19
HRB Sortino Ratio Rank: 18
HRB Omega Ratio Rank: 19
HRB Calmar Ratio Rank: 27
HRB Martin Ratio Rank: 28

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 72

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.

HRB vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for H&R Block, Inc. (HRB) 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.

	HRB	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	1.71	-2.29
Sortino ratio: Return per unit of downside risk	-0.74	2.37	-3.11
Omega ratio: Gain probability vs. loss probability	0.92	1.31	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.49	2.43	-2.92
Martin ratio: Return relative to average drawdown	-0.85	10.57	-11.42

HRB vs. SPY - Sharpe Ratio Comparison

The current HRB Sharpe Ratio is -0.58, which is lower than the SPY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of HRB 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

HRB vs. SPY - Drawdown Comparison

The maximum HRB drawdown since its inception was -62.08%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HRB and SPY.

Drawdown Indicators

	HRB	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-62.08%	-55.19%	-6.89%
Max Drawdown (1Y) Largest decline over 1 year	-49.05%	-8.88%	-40.17%
Max Drawdown (3Y) Largest decline over 3 years	-55.54%	-18.76%	-36.78%
Max Drawdown (5Y) Largest decline over 5 years	-55.54%	-24.50%	-31.04%
Max Drawdown (10Y) Largest decline over 10 years	-57.72%	-33.72%	-24.00%
Current Drawdown Current decline from peak	-34.32%	-1.12%	-33.20%
Average Drawdown Average peak-to-trough decline	-18.68%	-9.02%	-9.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.39%	2.03%	+26.36%

Volatility

HRB vs. SPY - Volatility Comparison

H&R Block, Inc. (HRB) has a higher volatility of 11.33% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that HRB'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

	HRB	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.33%	4.26%	+7.07%
Volatility (6M) Calculated over the trailing 6-month period	36.31%	10.01%	+26.30%
Volatility (1Y) Calculated over the trailing 1-year period	41.77%	12.60%	+29.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.16%	17.17%	+15.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.91%	17.93%	+17.98%

Dividends

HRB vs. SPY - Dividend Comparison

HRB's dividend yield for the trailing twelve months is around 4.11%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRB H&R Block, Inc.	4.11%	3.65%	2.63%	2.52%	3.07%	4.54%	6.56%	4.39%	3.90%	3.59%	3.74%	2.40%
SPY State Street SPDR S&P 500 ETF	1.00%	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 HRB and SPY in my portfolio?

HRB and SPY have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRB or SPY?

HRB has higher volatility (11.33%) compared to SPY (4.26%). In terms of maximum drawdown, HRB dropped -62.08% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.71 vs -0.58), 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.