IGTR vs. SPGM

Last updated Jun 24, 2026

IGTR (Innovator Gradient Tactical Rotation Strategy ETF) and SPGM (SPDR Portfolio MSCI Global Stock Market ETF) are both Global Equities funds. IGTR is actively managed, while SPGM is passively managed. Over the past 3 years, IGTR returned 16.10%/yr vs 20.39%/yr for SPGM. Their correlation of 0.81 suggests significant overlap in exposure. IGTR charges 0.80%/yr vs 0.09%/yr for SPGM.

Performance

IGTR vs. SPGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Gradient Tactical Rotation Strategy ETF (IGTR) and SPDR Portfolio MSCI Global Stock Market ETF (SPGM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IGTR achieves a 18.74% return, which is significantly higher than SPGM's 10.79% return.

IGTR

• 1D: -8.46%
• 1M: 4.92%
• YTD: 18.74%
• 6M: 18.36%
• 1Y: 40.84%
• 3Y*: 16.10%
• 5Y*: —
• 10Y*: —

SPGM

• 1D: -1.85%
• 1M: -0.09%
• YTD: 10.79%
• 6M: 9.88%
• 1Y: 28.37%
• 3Y*: 20.39%
• 5Y*: 11.06%
• 10Y*: 13.23%

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

IGTR vs. SPGM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IGTR Innovator Gradient Tactical Rotation Strategy ETF	18.74%	15.25%	4.02%	-0.31%	-2.18%
SPGM SPDR Portfolio MSCI Global Stock Market ETF	10.79%	23.62%	16.75%	21.34%	-1.68%

Correlation

The correlation between IGTR and SPGM is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Nov 17, 2022	0.81

The correlation between IGTR and SPGM has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

IGTR vs. SPGM - Sectors Allocation Comparison

Sectors	IGTR	SPGM
Technology	46.5%	30.7%
Industrials	14.9%	12.5%
Consumer Cyclical	12.8%	9.0%
Financial Services	12.5%	15.7%
Healthcare	5.0%	7.9%
Communication Services	2.6%	8.2%
Basic Materials	2.4%	3.8%
Utilities	2.4%	2.0%
Energy	1.7%	4.0%
Consumer Defensive	0.9%	4.5%
Real Estate	0.4%	1.8%

Return for Risk

IGTR vs. SPGM — Risk / Return Rank

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

IGTR

IGTR Risk / Return Rank: 59
IGTR Sharpe Ratio Rank: 50
IGTR Sortino Ratio Rank: 45
IGTR Omega Ratio Rank: 57
IGTR Calmar Ratio Rank: 74
IGTR Martin Ratio Rank: 71

SPGM

SPGM Risk / Return Rank: 66
SPGM Sharpe Ratio Rank: 67
SPGM Sortino Ratio Rank: 64
SPGM Omega Ratio Rank: 66
SPGM Calmar Ratio Rank: 63
SPGM Martin Ratio Rank: 73

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.

IGTR vs. SPGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Gradient Tactical Rotation Strategy ETF (IGTR) and SPDR Portfolio MSCI Global Stock Market ETF (SPGM). 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.

	IGTR	SPGM	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.08	-0.49
Sortino ratio: Return per unit of downside risk	2.08	2.82	-0.74
Omega ratio: Gain probability vs. loss probability	1.32	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	3.46	3.00	+0.46
Martin ratio: Return relative to average drawdown	11.95	13.18	-1.23

IGTR vs. SPGM - Sharpe Ratio Comparison

The current IGTR Sharpe Ratio is 1.58, which is comparable to the SPGM Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of IGTR and SPGM, 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

IGTR vs. SPGM - Drawdown Comparison

The maximum IGTR drawdown since its inception was -20.06%, smaller than the maximum SPGM drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for IGTR and SPGM.

Drawdown Indicators

	IGTR	SPGM	Difference
Max Drawdown Largest peak-to-trough decline	-20.06%	-33.97%	+13.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.85%	-9.50%	-2.35%
Max Drawdown (3Y) Largest decline over 3 years	-20.06%	-16.90%	-3.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.97%	—
Current Drawdown Current decline from peak	-8.46%	-2.70%	-5.76%
Average Drawdown Average peak-to-trough decline	-6.93%	-4.79%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.16%	+1.27%

Volatility

IGTR vs. SPGM - Volatility Comparison

Innovator Gradient Tactical Rotation Strategy ETF (IGTR) has a higher volatility of 18.48% compared to SPDR Portfolio MSCI Global Stock Market ETF (SPGM) at 5.64%. This indicates that IGTR's price experiences larger fluctuations and is considered to be riskier than SPGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGTR	SPGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.48%	5.64%	+12.84%
Volatility (6M) Calculated over the trailing 6-month period	22.47%	11.44%	+11.03%
Volatility (1Y) Calculated over the trailing 1-year period	25.92%	13.74%	+12.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	16.16%	+2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	17.50%	+1.56%

IGTR vs. SPGM - Expense Ratio Comparison

IGTR has a 0.80% expense ratio, which is higher than SPGM's 0.09% expense ratio.

Dividends

IGTR vs. SPGM - Dividend Comparison

IGTR's dividend yield for the trailing twelve months is around 0.67%, less than SPGM's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGTR Innovator Gradient Tactical Rotation Strategy ETF	0.67%	0.80%	2.40%	0.87%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPGM SPDR Portfolio MSCI Global Stock Market ETF	1.83%	1.89%	1.98%	2.09%	2.37%	1.94%	1.45%	2.46%	1.89%	2.29%	1.87%	3.70%

Frequently Asked Questions

Can I hold both IGTR and SPGM in my portfolio?

IGTR and SPGM have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGTR or SPGM?

IGTR has higher volatility (18.48%) compared to SPGM (5.64%). In terms of maximum drawdown, IGTR dropped -20.06% vs SPGM's -33.97%.

Which ETF is better, IGTR or SPGM?

On 3-year performance, SPGM leads with 20.39% vs 16.10% for IGTR. On fees, SPGM is cheaper at 0.09% per year. On volatility, SPGM has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGTR or SPGM?

Over the 3-year period, SPGM has performed better with a 20.39% return vs 16.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGTR or SPGM?

SPGM is cheaper with a 0.09% expense ratio, compared with 0.80% for IGTR.

Which ETF pays a higher dividend yield, IGTR or SPGM?

SPGM has the higher dividend yield at 1.83%, compared with 0.67% for IGTR.

What is the main difference between IGTR and SPGM?

They also come from different issuers: Innovator and State Street. Their fees differ too: 0.80% for IGTR and 0.09% for SPGM.

Which has better risk-adjusted returns?

SPGM currently has the higher Sharpe Ratio (2.08 vs 1.58), 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.