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ITB vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ITB vs. SPY

Last updated Aug 2, 2026
Documentation

ITB (iShares U.S. Home Construction ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ITB is a Building & Construction fund tracking the Dow Jones U.S. Select Home Construction Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ITB returned 13.43%/yr vs 15.07%/yr for SPY. Their 0.65 correlation means they have sometimes moved together and sometimes differently. ITB charges 0.38%/yr vs 0.09%/yr for SPY.

Performance

ITB vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Home Construction ETF (ITB) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ITB achieves a -1.69% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, ITB has underperformed SPY with an annualized return of 13.43%, while SPY has yielded a comparatively higher 15.07% annualized return.

ITB

1D
-1.18%
1M
-8.32%
6M
-7.21%
YTD
-1.69%
1Y
-5.06%
3Y*
2.79%
5Y*
6.57%
10Y*
13.43%
ALL TIME*
4.08%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ITB

iShares U.S. Home Construction ETF
$179.18M$195.32M$218.82M

SPY

State Street SPDR S&P 500 ETF
$37.27B$35.99B$39.23B

ITB vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ITB
iShares U.S. Home Construction ETF		-1.69%-5.26%2.06%68.91%-26.26%49.25%26.42%48.70%-30.92%59.65%
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 ITB and SPY is 0.40, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.40

Correlation (3Y)
Balances recent behavior with more history.

0.52

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.62

Correlation (10Y)
Provides a long-term view across more market conditions.

0.60

Correlation (All Time)
Calculated using the full available price history since May 5, 2006

0.65

Over the past year, the correlation between ITB and SPY has dropped to 0.40 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

ITB vs. SPY - Sectors Allocation Comparison

Sectors
ITB
SPY

Consumer Cyclical

74.6%
8.9%

Industrials

16.0%
7.6%

Basic Materials

8.7%
1.9%

Real Estate

0.7%
2.0%

Communication Services

-

9.7%

Consumer Defensive

-

4.8%

Energy

-

3.4%

Financial Services

-

12.5%

Healthcare

-

9.4%

Technology

-

36.9%

Utilities

-

2.6%

Consumer Cyclical

ITB
74.6%
SPY
8.9%

Industrials

ITB
16.0%
SPY
7.6%

Basic Materials

ITB
8.7%
SPY
1.9%

Real Estate

ITB
0.7%
SPY
2.0%

Communication Services

ITB

-

SPY
9.7%

Consumer Defensive

ITB

-

SPY
4.8%

Energy

ITB

-

SPY
3.4%

Financial Services

ITB

-

SPY
12.5%

Healthcare

ITB

-

SPY
9.4%

Technology

ITB

-

SPY
36.9%

Utilities

ITB

-

SPY
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Home Construction ETF

State Street SPDR S&P 500 ETF

Often compared with ITB:
ITB vs. XHBITB vs. NAILITB vs. PKBITB vs. XLREITB vs. FSHOXITB vs. VGTITB vs. DRN
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

ITB vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ITB
ITB Risk / Return Rank: 1010
Overall Rank
ITB Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
ITB Sortino Ratio Rank: 1010
Sortino Ratio Rank
ITB Omega Ratio Rank: 1010
Omega Ratio Rank
ITB Calmar Ratio Rank: 99
Calmar Ratio Rank
ITB Martin Ratio Rank: 99
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6767
Overall Rank
SPY Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6464
Sortino Ratio Rank
SPY Omega Ratio Rank: 6565
Omega Ratio Rank
SPY Calmar Ratio Rank: 6464
Calmar Ratio Rank
SPY Martin Ratio Rank: 7676
Martin Ratio Rank
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.

ITB vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Home Construction ETF (ITB) 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.

ITBSPYDifference
Sharpe ratioReturn per unit of total volatility
-0.09
1.52

-1.61

Sortino ratioReturn per unit of downside risk
0.09
2.11

-2.02

Omega ratioGain probability vs. loss probability

1.01

1.27

-0.26

Calmar ratioReturn relative to maximum drawdown

-0.10

2.20

-2.30

Martin ratioReturn relative to average drawdown

-0.17

9.40

-9.57

ITB vs. SPY - Sharpe Ratio Comparison

The current ITB Sharpe Ratio is -0.09, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of ITB 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.

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Drawdowns

ITB vs. SPY - Drawdown Comparison

The maximum ITB drawdown since its inception was -86.53%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ITB and SPY.

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Drawdown Indicators

ITBSPYDifference

Max Drawdown

Largest peak-to-trough decline

-86.53%

-55.19%

-31.34%

Max Drawdown (1Y)

Largest decline over 1 year

-26.04%

-8.88%

-17.16%

Max Drawdown (3Y)

Largest decline over 3 years

-33.35%

-18.76%

-14.59%

Max Drawdown (5Y)

Largest decline over 5 years

-40.55%

-24.50%

-16.05%

Max Drawdown (10Y)

Largest decline over 10 years

-52.10%

-33.72%

-18.38%

Current Drawdown

Current decline from peak

-25.47%

-1.40%

-24.07%

Average Drawdown

Average peak-to-trough decline

-36.98%

-9.01%

-27.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

14.54%

2.08%

+12.46%

Volatility

ITB vs. SPY - Volatility Comparison

iShares U.S. Home Construction ETF (ITB) has a higher volatility of 8.79% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that ITB'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.

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Volatility by Period

ITBSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.79%

3.58%

+5.21%

Volatility (6M)

Calculated over the trailing 6-month period

22.03%

10.14%

+11.89%

Volatility (1Y)

Calculated over the trailing 1-year period

29.51%

12.89%

+16.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.57%

17.18%

+12.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.20%

17.95%

+12.25%

ITB vs. SPY - Expense Ratio Comparison

ITB has a 0.38% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ITB vs. SPY - Dividend Comparison

ITB's dividend yield for the trailing twelve months is around 0.68%, less than SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
ITB
iShares U.S. Home Construction ETF		0.68%1.67%0.46%0.48%0.86%0.37%0.46%0.50%0.63%0.28%0.43%0.34%
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

ITB and SPY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ITB has higher volatility (8.79%) compared to SPY (3.58%). In terms of maximum drawdown, ITB dropped -86.53% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.07% vs 13.43% for ITB. 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.

Over the 10-year period, SPY has performed better with a 15.07% return vs 13.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.38% for ITB.

SPY has the higher dividend yield at 1.01%, compared with 0.68% for ITB.

ITB is categorized as Building & Construction, while SPY is S&P 500. ITB tracks Dow Jones U.S. Select Home Construction Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.38% for ITB and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (1.52 vs -0.09), 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.

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