IBM vs. SPY
IBM (International Business Machines 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, IBM returned 8.27%/yr vs 15.07%/yr for SPY. Their 0.56 correlation means they have sometimes moved together and sometimes differently.
Performance
IBM vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBM achieves a -23.51% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, IBM has underperformed SPY with an annualized return of 8.27%, while SPY has yielded a comparatively higher 15.07% annualized return.
IBM
- 1D
- 0.86%
- 1M
- -22.75%
- 6M
- -26.12%
- YTD
- -23.51%
- 1Y
- -8.27%
- 3Y*
- 19.79%
- 5Y*
- 15.08%
- 10Y*
- 8.27%
- ALL TIME*
- 7.07%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.40B | $3.19B | $2.85B | |
| $37.27B | $35.99B | $39.23B |
IBM vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBM International Business Machines Corporation | -23.51% | 38.23% | 39.27% | 21.85% | 10.64% | 16.65% | -1.16% | 23.58% | -22.56% | -3.99% |
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 IBM and SPY is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993 | 0.56 |
Over the past year, the correlation between IBM and SPY has dropped to 0.26 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IBM vs. SPY — Risk / Return Rank
IBM
SPY
IBM vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for International Business Machines Corporation (IBM) 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.
| IBM | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.27 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 2.20 | -2.46 |
| Martin ratioReturn relative to average drawdown | -0.59 | 9.40 | -9.99 |
Loading charts...
Drawdowns
IBM vs. SPY - Drawdown Comparison
The maximum IBM drawdown since its inception was -69.40%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IBM and SPY.
Loading charts...
Drawdown Indicators
| IBM | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.40% | -55.19% | -14.21% |
Max Drawdown (1Y)Largest decline over 1 year | -37.50% | -8.88% | -28.62% |
Max Drawdown (3Y)Largest decline over 3 years | -37.50% | -18.76% | -18.74% |
Max Drawdown (5Y)Largest decline over 5 years | -37.50% | -24.50% | -13.00% |
Max Drawdown (10Y)Largest decline over 10 years | -40.59% | -33.72% | -6.87% |
Current DrawdownCurrent decline from peak | -32.07% | -1.40% | -30.67% |
Average DrawdownAverage peak-to-trough decline | -20.13% | -9.01% | -11.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.98% | 2.08% | +13.90% |
Volatility
IBM vs. SPY - Volatility Comparison
International Business Machines Corporation (IBM) has a higher volatility of 31.22% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that IBM'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.
Loading charts...
Volatility by Period
| IBM | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.22% | 3.58% | +27.64% |
Volatility (6M)Calculated over the trailing 6-month period | 46.22% | 10.14% | +36.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.19% | 12.89% | +35.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.02% | 17.18% | +12.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.05% | 17.95% | +10.10% |
Dividends
IBM vs. SPY - Dividend Comparison
IBM's dividend yield for the trailing twelve months is around 3.01%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBM International Business Machines Corporation | 3.01% | 2.27% | 3.03% | 4.05% | 4.68% | 4.74% | 5.17% | 4.80% | 5.46% | 3.85% | 3.31% | 3.63% |
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
IBM and SPY have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBM has higher volatility (31.22%) compared to SPY (3.58%). In terms of maximum drawdown, IBM dropped -69.40% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.20), 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.
Find the right allocation for IBM and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer