IRONX vs. SPY
Compare and contrast key facts about Ironclad Managed Risk Fund (IRONX) and State Street SPDR S&P 500 ETF (SPY).
IRONX is managed by BlackRock. It was launched on Oct 14, 2010. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
IRONX vs. SPY - Performance Comparison
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IRONX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IRONX Ironclad Managed Risk Fund | -4.38% | 10.57% | 14.78% | 10.61% | 0.26% | 13.24% | 5.91% | 458.33% | 1.99% | 3.33% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
The year-to-date returns for both investments are quite close, with IRONX having a -4.38% return and SPY slightly higher at -4.37%. Over the past 10 years, IRONX has outperformed SPY with an annualized return of 25.71%, while SPY has yielded a comparatively lower 13.98% annualized return.
IRONX
- 1D
- 0.08%
- 1M
- -4.52%
- YTD
- -4.38%
- 6M
- -3.46%
- 1Y
- 7.13%
- 3Y*
- 9.45%
- 5Y*
- 8.38%
- 10Y*
- 25.71%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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IRONX vs. SPY - Expense Ratio Comparison
IRONX has a 1.25% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
IRONX vs. SPY — Risk / Return Rank
IRONX
SPY
IRONX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ironclad Managed Risk Fund (IRONX) 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.
| IRONX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.65 | 0.93 | -0.28 |
Sortino ratioReturn per unit of downside risk | 0.99 | 1.45 | -0.46 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.22 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.70 | 1.53 | -0.82 |
Martin ratioReturn relative to average drawdown | 3.08 | 7.30 | -4.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IRONX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.65 | 0.93 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.90 | 0.69 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | 0.78 | -0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.56 | -0.01 |
Correlation
The correlation between IRONX and SPY is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
IRONX vs. SPY - Dividend Comparison
IRONX's dividend yield for the trailing twelve months is around 0.06%, less than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IRONX Ironclad Managed Risk Fund | 0.06% | 0.06% | 0.19% | 5.17% | 2.97% | 13.84% | 4.16% | 121.75% | 8.85% | 9.93% | 1.42% | 0.38% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
IRONX vs. SPY - Drawdown Comparison
The maximum IRONX drawdown since its inception was -13.71%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IRONX and SPY.
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Drawdown Indicators
| IRONX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.71% | -55.19% | +41.48% |
Max Drawdown (1Y)Largest decline over 1 year | -8.63% | -12.05% | +3.42% |
Max Drawdown (5Y)Largest decline over 5 years | -11.68% | -24.50% | +12.82% |
Max Drawdown (10Y)Largest decline over 10 years | -13.71% | -33.72% | +20.01% |
Current DrawdownCurrent decline from peak | -5.92% | -6.24% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -1.79% | -9.09% | +7.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 2.52% | -0.55% |
Volatility
IRONX vs. SPY - Volatility Comparison
The current volatility for Ironclad Managed Risk Fund (IRONX) is 2.59%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that IRONX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IRONX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 5.31% | -2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 6.40% | 9.47% | -3.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.62% | 19.05% | -7.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.40% | 17.06% | -7.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.74% | 17.92% | +22.82% |