IRONX vs. SPY

Last updated Jun 23, 2026

IRONX (Ironclad Managed Risk Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - IRONX is a Options Trading fund managed by BlackRock, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, IRONX returned 26.68%/yr vs 15.70%/yr for SPY. Their correlation of 0.86 suggests significant overlap in exposure. IRONX charges 1.25%/yr vs 0.09%/yr for SPY.

Performance

IRONX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ironclad Managed Risk Fund (IRONX) 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, IRONX achieves a 4.23% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, IRONX has outperformed SPY with an annualized return of 26.68%, while SPY has yielded a comparatively lower 15.70% annualized return.

IRONX

• 1D: 0.36%
• 1M: -0.64%
• YTD: 4.23%
• 6M: 3.77%
• 1Y: 13.48%
• 3Y*: 11.13%
• 5Y*: 9.66%
• 10Y*: 26.68%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

IRONX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRONX Ironclad Managed Risk Fund	4.23%	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	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between IRONX and SPY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 14, 2010	0.86

The correlation between IRONX and SPY shifts across timeframes, from 0.86 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IRONX vs. SPY — Risk / Return Rank

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

IRONX

IRONX Risk / Return Rank: 36
IRONX Sharpe Ratio Rank: 36
IRONX Sortino Ratio Rank: 33
IRONX Omega Ratio Rank: 34
IRONX Calmar Ratio Rank: 38
IRONX Martin Ratio Rank: 40

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

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.

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.

	IRONX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.16	-0.55
Sortino ratio: Return per unit of downside risk	2.22	2.91	-0.69
Omega ratio: Gain probability vs. loss probability	1.28	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	2.21	3.01	-0.80
Martin ratio: Return relative to average drawdown	8.18	13.54	-5.35

IRONX vs. SPY - Sharpe Ratio Comparison

The current IRONX Sharpe Ratio is 1.61, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of IRONX 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

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.

Drawdown Indicators

	IRONX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-55.19%	+41.48%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	-8.88%	+2.89%
Max Drawdown (3Y) Largest decline over 3 years	-11.68%	-18.76%	+7.08%
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 Drawdown Current decline from peak	-1.20%	-1.75%	+0.55%
Average Drawdown Average peak-to-trough decline	-1.78%	-9.04%	+7.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.97%	-0.35%

Volatility

IRONX vs. SPY - Volatility Comparison

The current volatility for Ironclad Managed Risk Fund (IRONX) is 2.15%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. 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.

Volatility by Period

	IRONX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	4.64%	-2.49%
Volatility (6M) Calculated over the trailing 6-month period	6.08%	9.75%	-3.67%
Volatility (1Y) Calculated over the trailing 1-year period	8.26%	12.43%	-4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.47%	17.14%	-7.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.74%	17.99%	+22.75%

IRONX vs. SPY - Expense Ratio Comparison

IRONX has a 1.25% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

IRONX vs. SPY - Dividend Comparison

IRONX's dividend yield for the trailing twelve months is around 0.06%, less than SPY's 1.01% yield.

Position	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	1.01%	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 IRONX and SPY in my portfolio?

With a correlation of 0.97, IRONX and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IRONX or SPY?

SPY has higher volatility (4.64%) compared to IRONX (2.15%). In terms of maximum drawdown, IRONX dropped -13.71% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.60), 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.