IPAC vs. SPY

Last updated Jun 24, 2026

IPAC (iShares Core MSCI Pacific ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IPAC is a Asia Pacific Equities fund tracking the MSCI Pacific Investable Market Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IPAC returned 9.27%/yr vs 15.53%/yr for SPY. A 0.74 correlation means they provide meaningful diversification when combined. IPAC charges 0.09%/yr vs 0.09%/yr for SPY.

Performance

IPAC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Pacific ETF (IPAC) 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, IPAC achieves a 12.43% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, IPAC has underperformed SPY with an annualized return of 9.27%, while SPY has yielded a comparatively higher 15.53% annualized return.

IPAC

• 1D: -3.27%
• 1M: 0.51%
• YTD: 12.43%
• 6M: 11.54%
• 1Y: 27.68%
• 3Y*: 17.02%
• 5Y*: 7.72%
• 10Y*: 9.27%

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)

IPAC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPAC iShares Core MSCI Pacific ETF	12.43%	25.16%	6.18%	14.51%	-13.68%	3.09%	12.39%	19.44%	-12.78%	25.97%
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 IPAC and SPY is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.74

The correlation between IPAC and SPY has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

IPAC vs. SPY - Sectors Allocation Comparison

Sectors	IPAC	SPY
Financial Services	22.7%	11.1%
Industrials	19.2%	7.8%
Technology	17.0%	39.0%
Consumer Cyclical	9.8%	9.9%
Basic Materials	8.7%	1.7%
Healthcare	5.0%	8.3%
Communication Services	4.7%	10.6%
Real Estate	4.5%	1.8%
Consumer Defensive	3.5%	4.5%
Energy	1.6%	3.1%
Utilities	1.5%	2.1%

Return for Risk

IPAC vs. SPY — Risk / Return Rank

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

IPAC

IPAC Risk / Return Rank: 50
IPAC Sharpe Ratio Rank: 48
IPAC Sortino Ratio Rank: 47
IPAC Omega Ratio Rank: 50
IPAC Calmar Ratio Rank: 52
IPAC Martin Ratio Rank: 52

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

IPAC vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Pacific ETF (IPAC) 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.

	IPAC	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.90	-0.29
Sortino ratio: Return per unit of downside risk	2.26	2.58	-0.33
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	2.42	2.67	-0.25
Martin ratio: Return relative to average drawdown	8.62	11.92	-3.30

IPAC vs. SPY - Sharpe Ratio Comparison

The current IPAC Sharpe Ratio is 1.61, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of IPAC 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

IPAC vs. SPY - Drawdown Comparison

The maximum IPAC drawdown since its inception was -30.99%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IPAC and SPY.

Drawdown Indicators

	IPAC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-30.99%	-55.19%	+24.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-8.88%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	-18.76%	+3.31%
Max Drawdown (5Y) Largest decline over 5 years	-29.64%	-24.50%	-5.14%
Max Drawdown (10Y) Largest decline over 10 years	-30.99%	-33.72%	+2.73%
Current Drawdown Current decline from peak	-3.27%	-3.17%	-0.10%
Average Drawdown Average peak-to-trough decline	-7.46%	-9.04%	+1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	1.98%	+1.24%

Volatility

IPAC vs. SPY - Volatility Comparison

iShares Core MSCI Pacific ETF (IPAC) has a higher volatility of 6.43% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that IPAC'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

	IPAC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	4.87%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	14.30%	9.85%	+4.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.29%	12.50%	+4.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	17.15%	-0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.60%	17.95%	-1.35%

IPAC vs. SPY - Expense Ratio Comparison

IPAC has a 0.09% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IPAC vs. SPY - Dividend Comparison

IPAC's dividend yield for the trailing twelve months is around 3.93%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPAC iShares Core MSCI Pacific ETF	3.93%	4.32%	3.43%	3.16%	2.76%	4.03%	1.68%	3.37%	2.95%	2.98%	2.66%	2.60%
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

Can I hold both IPAC and SPY in my portfolio?

IPAC and SPY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPAC or SPY?

IPAC has higher volatility (6.43%) compared to SPY (4.87%). In terms of maximum drawdown, IPAC dropped -30.99% vs SPY's -55.19%.

Which ETF is better, IPAC or SPY?

On 10-year performance, SPY leads with 15.53% vs 9.27% for IPAC. On fees, IPAC is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAC or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 9.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAC or SPY?

IPAC is cheaper with a 0.09% expense ratio, compared with 0.09% for SPY.

Which ETF pays a higher dividend yield, IPAC or SPY?

IPAC has the higher dividend yield at 3.93%, compared with 1.03% for SPY.

What is the main difference between IPAC and SPY?

IPAC is categorized as Asia Pacific Equities, while SPY is S&P 500. IPAC tracks MSCI Pacific Investable Market Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.09% for IPAC and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.61), 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.