LBWIX vs. SPY

Last updated Jun 23, 2026

LBWIX (BrandywineGLOBAL - Diversified US Large Cap Value Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - LBWIX is a Large Cap Value Equities fund managed by Franklin Templeton, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, LBWIX returned 12.27%/yr vs 15.70%/yr for SPY. Their correlation of 0.87 suggests significant overlap in exposure. LBWIX charges 0.84%/yr vs 0.09%/yr for SPY.

Performance

LBWIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BrandywineGLOBAL - Diversified US Large Cap Value Fund (LBWIX) 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, LBWIX achieves a 11.63% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, LBWIX has underperformed SPY with an annualized return of 12.27%, while SPY has yielded a comparatively higher 15.70% annualized return.

LBWIX

• 1D: 0.17%
• 1M: 2.01%
• YTD: 11.63%
• 6M: 10.67%
• 1Y: 27.52%
• 3Y*: 18.60%
• 5Y*: 12.64%
• 10Y*: 12.27%

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)

LBWIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LBWIX BrandywineGLOBAL - Diversified US Large Cap Value Fund	11.63%	17.38%	18.59%	7.42%	-1.56%	29.74%	-1.41%	25.66%	-9.05%	17.79%
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 LBWIX and SPY is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.87

Over the past year, the correlation between LBWIX and SPY has dropped to 0.64 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

LBWIX vs. SPY — Risk / Return Rank

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

LBWIX

LBWIX Risk / Return Rank: 85
LBWIX Sharpe Ratio Rank: 86
LBWIX Sortino Ratio Rank: 86
LBWIX Omega Ratio Rank: 77
LBWIX Calmar Ratio Rank: 88
LBWIX Martin Ratio Rank: 85

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.

LBWIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BrandywineGLOBAL - Diversified US Large Cap Value Fund (LBWIX) 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.

	LBWIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.16	+0.44
Sortino ratio: Return per unit of downside risk	3.77	2.91	+0.86
Omega ratio: Gain probability vs. loss probability	1.46	1.39	+0.07
Calmar ratio: Return relative to maximum drawdown	4.15	3.01	+1.13
Martin ratio: Return relative to average drawdown	14.75	13.54	+1.21

LBWIX vs. SPY - Sharpe Ratio Comparison

The current LBWIX Sharpe Ratio is 2.60, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of LBWIX 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

LBWIX vs. SPY - Drawdown Comparison

The maximum LBWIX drawdown since its inception was -38.22%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for LBWIX and SPY.

Drawdown Indicators

	LBWIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-38.22%	-55.19%	+16.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.80%	-8.88%	+2.08%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-18.76%	+4.71%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-24.50%	+6.63%
Max Drawdown (10Y) Largest decline over 10 years	-38.22%	-33.72%	-4.50%
Current Drawdown Current decline from peak	-0.85%	-1.75%	+0.90%
Average Drawdown Average peak-to-trough decline	-3.94%	-9.04%	+5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.97%	-0.06%

Volatility

LBWIX vs. SPY - Volatility Comparison

The current volatility for BrandywineGLOBAL - Diversified US Large Cap Value Fund (LBWIX) is 3.34%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that LBWIX 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

	LBWIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	4.64%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	9.75%	-1.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.87%	12.43%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	17.14%	-2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.85%	17.99%	-0.14%

LBWIX vs. SPY - Expense Ratio Comparison

LBWIX has a 0.84% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

LBWIX vs. SPY - Dividend Comparison

LBWIX's dividend yield for the trailing twelve months is around 11.15%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LBWIX BrandywineGLOBAL - Diversified US Large Cap Value Fund	11.15%	12.45%	11.18%	1.90%	13.87%	16.48%	2.89%	11.13%	11.30%	6.47%	6.95%	6.82%
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 LBWIX and SPY in my portfolio?

LBWIX and SPY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LBWIX or SPY?

SPY has higher volatility (4.64%) compared to LBWIX (3.34%). In terms of maximum drawdown, LBWIX dropped -38.22% vs SPY's -55.19%.

Which has better risk-adjusted returns?

LBWIX currently has the higher Sharpe Ratio (2.60 vs 2.16), 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.