ITOT vs. SPY

Last updated Jun 3, 2026

ITOT (iShares Core S&P Total U.S. Stock Market ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ITOT is a Large Cap Growth Equities fund tracking the S&P Composite 1500 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ITOT returned 15.10%/yr vs 15.57%/yr for SPY. With a 0.98 correlation, they move nearly in lockstep. ITOT charges 0.03%/yr vs 0.09%/yr for SPY.

Performance

ITOT vs. SPY - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ITOT having a 12.07% return and SPY slightly lower at 11.69%. Both investments have delivered pretty close results over the past 10 years, with ITOT having a 15.10% annualized return and SPY not far ahead at 15.57%.

ITOT

• 1D: 0.25%
• 1M: 5.39%
• YTD: 12.07%
• 6M: 12.47%
• 1Y: 29.98%
• 3Y*: 22.39%
• 5Y*: 13.05%
• 10Y*: 15.10%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

ITOT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITOT iShares Core S&P Total U.S. Stock Market ETF	12.07%	17.00%	23.80%	26.12%	-19.47%	25.68%	20.71%	30.67%	-5.33%	21.37%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ITOT and SPY is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 26, 2004	0.98

The correlation between ITOT and SPY has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

ITOT vs. SPY - Sectors Allocation Comparison

Sectors	ITOT	SPY
Technology	33.8%	35.9%
Financial Services	12.1%	11.8%
Communication Services	10.3%	11.3%
Consumer Cyclical	10.1%	10.3%
Industrials	9.5%	7.8%
Healthcare	9.0%	8.4%
Consumer Defensive	4.7%	4.8%
Energy	3.7%	3.6%
Real Estate	2.4%	1.9%
Utilities	2.3%	2.4%
Basic Materials	2.1%	1.8%

Return for Risk

ITOT vs. SPY — Risk / Return Rank

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

ITOT

ITOT Risk / Return Rank: 74
ITOT Sharpe Ratio Rank: 75
ITOT Sortino Ratio Rank: 73
ITOT Omega Ratio Rank: 74
ITOT Calmar Ratio Rank: 69
ITOT Martin Ratio Rank: 80

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

ITOT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Total U.S. Stock Market ETF (ITOT) 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.

	ITOT	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.47	2.52	-0.05
Sortino ratio Return per unit of downside risk	3.36	3.42	-0.05
Omega ratio Gain probability vs. loss probability	1.44	1.46	-0.01
Calmar ratio Return relative to maximum drawdown	3.45	3.42	+0.03
Martin ratio Return relative to average drawdown	15.85	15.93	-0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITOT vs. SPY - Sharpe Ratio Comparison

The current ITOT Sharpe Ratio is 2.47, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of ITOT 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.

Sharpe Ratios by Period

	ITOT	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.52	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.84	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.87	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.59	-0.01

Drawdowns

ITOT vs. SPY - Drawdown Comparison

The maximum ITOT drawdown since its inception was -55.20%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ITOT and SPY.

Drawdown Indicators

	ITOT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.20%	-55.19%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-8.88%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.44%	-18.76%	-0.68%
Max Drawdown (5Y) Largest decline over 5 years	-25.36%	-24.50%	-0.86%
Max Drawdown (10Y) Largest decline over 10 years	-35.00%	-33.72%	-1.28%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.97%	-9.05%	+2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.91%	+0.02%

Volatility

ITOT vs. SPY - Volatility Comparison

iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a higher volatility of 2.89% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that ITOT'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

	ITOT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	2.75%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	8.89%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.18%	11.81%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	17.05%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	17.94%	+0.33%

ITOT vs. SPY - Expense Ratio Comparison

ITOT has a 0.03% 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

ITOT vs. SPY - Dividend Comparison

ITOT's dividend yield for the trailing twelve months is around 0.97%, which matches SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.97%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%
SPY State Street SPDR S&P 500 ETF	0.97%	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 ITOT and SPY in my portfolio?

With a correlation of 0.99, ITOT 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, ITOT or SPY?

ITOT has higher volatility (2.89%) compared to SPY (2.75%). In terms of maximum drawdown, ITOT dropped -55.20% vs SPY's -55.19%.

Which ETF is better, ITOT or SPY?

On 10-year performance, SPY leads with 15.57% vs 15.10% for ITOT. On fees, ITOT is cheaper at 0.03% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ITOT or SPY?

Over the 10-year period, SPY has performed better with a 15.57% return vs 15.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITOT or SPY?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.09% for SPY.

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

ITOT and SPY have nearly identical dividend yields, around 0.97%.

What is the main difference between ITOT and SPY?

ITOT is categorized as Large Cap Growth Equities, while SPY is S&P 500. ITOT tracks S&P Composite 1500 Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.03% for ITOT and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.47), 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.