MKTX vs. SPY

Last updated Aug 1, 2026

MKTX (MarketAxess Holdings Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MKTX returned 1.02%/yr vs 15.07%/yr for SPY. Their 0.41 correlation means their historical movements had little consistent relationship.

Performance

MKTX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MarketAxess Holdings Inc. (MKTX) 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, MKTX achieves a -9.56% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, MKTX has underperformed SPY with an annualized return of 1.02%, while SPY has yielded a comparatively higher 15.07% annualized return.

MKTX

• 1D: -0.28%
• 1M: 39.28%
• 6M: -3.14%
• YTD: -9.56%
• 1Y: -20.43%
• 3Y*: -13.54%
• 5Y*: -18.28%
• 10Y*: 1.02%
• ALL TIME*: 13.60%

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MKTX MarketAxess Holdings Inc.	$282.10M	$167.19M	$119.48M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

MKTX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MKTX MarketAxess Holdings Inc.	-9.56%	-18.54%	-21.58%	6.11%	-31.50%	-27.51%	51.28%	80.66%	5.63%	38.28%
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 MKTX and SPY is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.12
Correlation (3Y) Balances recent behavior with more history.	0.07
Correlation (5Y) Shows whether the relationship held over a longer period.	0.28
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Nov 5, 2004	0.41

The correlation between MKTX and SPY shifts across timeframes, from -0.12 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MKTX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MKTX

MKTX Risk / Return Rank: 24
MKTX Sharpe Ratio Rank: 23
MKTX Sortino Ratio Rank: 19
MKTX Omega Ratio Rank: 20
MKTX Calmar Ratio Rank: 30
MKTX Martin Ratio Rank: 28

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

MKTX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MarketAxess Holdings Inc. (MKTX) 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.

	MKTX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	1.52	-1.99
Sortino ratio: Return per unit of downside risk	-0.62	2.11	-2.73
Omega ratio: Gain probability vs. loss probability	0.93	1.27	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.42	2.20	-2.62
Martin ratio: Return relative to average drawdown	-0.81	9.40	-10.21

MKTX vs. SPY - Sharpe Ratio Comparison

The current MKTX Sharpe Ratio is -0.47, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of MKTX 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

MKTX vs. SPY - Drawdown Comparison

The maximum MKTX drawdown since its inception was -80.60%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MKTX and SPY.

Drawdown Indicators

	MKTX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-80.60%	-55.19%	-25.41%
Max Drawdown (1Y) Largest decline over 1 year	-46.94%	-8.88%	-38.06%
Max Drawdown (3Y) Largest decline over 3 years	-61.77%	-18.76%	-43.01%
Max Drawdown (5Y) Largest decline over 5 years	-76.38%	-24.50%	-51.88%
Max Drawdown (10Y) Largest decline over 10 years	-80.23%	-33.72%	-46.51%
Current Drawdown Current decline from peak	-70.58%	-1.40%	-69.18%
Average Drawdown Average peak-to-trough decline	-29.03%	-9.01%	-20.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.16%	2.08%	+22.08%

Volatility

MKTX vs. SPY - Volatility Comparison

MarketAxess Holdings Inc. (MKTX) has a higher volatility of 26.38% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that MKTX'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

	MKTX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.38%	3.58%	+22.80%
Volatility (6M) Calculated over the trailing 6-month period	33.85%	10.14%	+23.71%
Volatility (1Y) Calculated over the trailing 1-year period	41.52%	12.89%	+28.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.71%	17.18%	+18.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.96%	17.95%	+16.01%

Dividends

MKTX vs. SPY - Dividend Comparison

MKTX's dividend yield for the trailing twelve months is around 1.90%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MKTX MarketAxess Holdings Inc.	1.90%	1.68%	1.64%	0.98%	1.00%	0.64%	0.42%	0.54%	0.80%	0.65%	0.71%	0.72%
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 MKTX and SPY in my portfolio?

MKTX and SPY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKTX or SPY?

MKTX has higher volatility (26.38%) compared to SPY (3.58%). In terms of maximum drawdown, MKTX dropped -80.60% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs -0.47), 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.