IPKW vs. SPY

Last updated Aug 2, 2026

IPKW (Invesco International BuyBack Achievers™ ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IPKW is a Global Equities fund tracking the NASDAQ International BuyBack Achievers Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IPKW returned 11.92%/yr vs 15.07%/yr for SPY. Their 0.69 correlation means they have sometimes moved together and sometimes differently. IPKW charges 0.55%/yr vs 0.09%/yr for SPY.

Performance

IPKW vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International BuyBack Achievers™ ETF (IPKW) 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, IPKW achieves a 11.03% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, IPKW has underperformed SPY with an annualized return of 11.92%, while SPY has yielded a comparatively higher 15.07% annualized return.

IPKW

• 1D: -0.74%
• 1M: 5.81%
• 6M: 5.67%
• YTD: 11.03%
• 1Y: 28.03%
• 3Y*: 23.55%
• 5Y*: 11.05%
• 10Y*: 11.92%
• ALL TIME*: 10.62%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IPKW Invesco International BuyBack Achievers™ ETF	$2.21M	$2.03M	$2.36M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

IPKW vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPKW Invesco International BuyBack Achievers™ ETF	11.03%	45.50%	10.56%	15.12%	-12.81%	11.41%	16.18%	20.26%	-21.59%	34.21%
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 IPKW and SPY is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Feb 27, 2014	0.69

The correlation between IPKW and SPY shifts across timeframes, from 0.58 (3 years) to 0.69 (all time), reflecting how their relationship changes across market environments.

IPKW vs. SPY - Sectors Allocation Comparison

Sectors	IPKW	SPY
Financial Services	36.7%	12.5%
Consumer Cyclical	18.1%	8.9%
Energy	16.1%	3.4%
Industrials	12.0%	7.6%
Communication Services	4.8%	9.7%
Technology	3.7%	36.9%
Utilities	3.2%	2.6%
Basic Materials	2.8%	1.9%
Healthcare	1.1%	9.4%
Real Estate	1.0%	2.0%
Consumer Defensive	0.4%	4.8%

Return for Risk

IPKW vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IPKW

IPKW Risk / Return Rank: 79
IPKW Sharpe Ratio Rank: 80
IPKW Sortino Ratio Rank: 80
IPKW Omega Ratio Rank: 79
IPKW Calmar Ratio Rank: 82
IPKW Martin Ratio Rank: 75

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IPKW vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International BuyBack Achievers™ ETF (IPKW) 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.

	IPKW	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.52	+0.31
Sortino ratio: Return per unit of downside risk	2.59	2.11	+0.48
Omega ratio: Gain probability vs. loss probability	1.33	1.27	+0.06
Calmar ratio: Return relative to maximum drawdown	2.98	2.20	+0.78
Martin ratio: Return relative to average drawdown	9.39	9.40	-0.01

IPKW vs. SPY - Sharpe Ratio Comparison

The current IPKW Sharpe Ratio is 1.83, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of IPKW 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

IPKW vs. SPY - Drawdown Comparison

The maximum IPKW drawdown since its inception was -47.24%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IPKW and SPY.

Drawdown Indicators

	IPKW	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-47.24%	-55.19%	+7.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.14%	-8.88%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-17.77%	-18.76%	+0.99%
Max Drawdown (5Y) Largest decline over 5 years	-32.56%	-24.50%	-8.06%
Max Drawdown (10Y) Largest decline over 10 years	-47.24%	-33.72%	-13.52%
Current Drawdown Current decline from peak	-0.74%	-1.40%	+0.66%
Average Drawdown Average peak-to-trough decline	-8.91%	-9.01%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.08%	+0.82%

Volatility

IPKW vs. SPY - Volatility Comparison

Invesco International BuyBack Achievers™ ETF (IPKW) has a higher volatility of 3.94% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that IPKW'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

	IPKW	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	3.58%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	10.14%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	12.89%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	17.18%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.75%	17.95%	-0.20%

IPKW vs. SPY - Expense Ratio Comparison

IPKW has a 0.55% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

IPKW vs. SPY - Dividend Comparison

IPKW's dividend yield for the trailing twelve months is around 3.38%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPKW Invesco International BuyBack Achievers™ ETF	3.38%	3.55%	4.12%	2.66%	3.77%	7.37%	1.45%	2.41%	2.61%	0.93%	2.82%	1.31%
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

Can I hold both IPKW and SPY in my portfolio?

IPKW and SPY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPKW or SPY?

IPKW has higher volatility (3.94%) compared to SPY (3.58%). In terms of maximum drawdown, IPKW dropped -47.24% vs SPY's -55.19%.

Which ETF is better, IPKW or SPY?

On 10-year performance, SPY leads with 15.07% vs 11.92% for IPKW. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPKW or SPY?

Over the 10-year period, SPY has performed better with a 15.07% return vs 11.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPKW or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.55% for IPKW.

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

IPKW has the higher dividend yield at 3.38%, compared with 1.01% for SPY.

What is the main difference between IPKW and SPY?

IPKW is categorized as Global Equities, while SPY is S&P 500. IPKW tracks NASDAQ International BuyBack Achievers Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.55% for IPKW and 0.09% for SPY.

Which has better risk-adjusted returns?

IPKW currently has the higher Sharpe Ratio (1.83 vs 1.52), 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.