MODL vs. SPY

Last updated Jun 23, 2026

MODL (Victoryshares Westend U.S. Sector ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MODL is a Large Cap Blend Equities fund actively managed by Victory, while SPY is a S&P 500 fund tracking the S&P 500 Index. MODL is actively managed, while SPY is passively managed. Over the past 3 years, MODL returned 19.18%/yr vs 20.68%/yr for SPY. With a 0.96 correlation, they move nearly in lockstep. MODL charges 0.46%/yr vs 0.09%/yr for SPY.

Performance

MODL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victoryshares Westend U.S. Sector ETF (MODL) 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, MODL achieves a 6.63% return, which is significantly lower than SPY's 8.15% return.

MODL

• 1D: -0.32%
• 1M: 0.14%
• YTD: 6.63%
• 6M: 6.25%
• 1Y: 23.06%
• 3Y*: 19.18%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

MODL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MODL Victoryshares Westend U.S. Sector ETF	6.63%	18.99%	24.73%	23.74%	6.45%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	7.39%

Correlation

The correlation between MODL 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	0.96
Correlation (All Time) Calculated using the full available price history since Oct 12, 2022	0.96

The correlation between MODL and SPY has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

MODL vs. SPY - Sectors Allocation Comparison

Sectors	MODL	SPY
Technology	32.6%	39.0%
Financial Services	18.3%	11.1%
Communication Services	15.5%	10.6%
Healthcare	14.8%	8.3%
Consumer Cyclical	5.1%	9.9%
Utilities	4.3%	2.1%
Basic Materials	4.2%	1.7%
Industrials	4.1%	7.8%
Energy	0.0%	3.1%
Consumer Defensive	0.0%	4.5%
Real Estate	-	1.8%

Return for Risk

MODL vs. SPY — Risk / Return Rank

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

MODL

MODL Risk / Return Rank: 59
MODL Sharpe Ratio Rank: 62
MODL Sortino Ratio Rank: 61
MODL Omega Ratio Rank: 60
MODL Calmar Ratio Rank: 51
MODL Martin Ratio Rank: 62

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

MODL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victoryshares Westend U.S. Sector ETF (MODL) 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.

	MODL	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.90	+0.09
Sortino ratio: Return per unit of downside risk	2.79	2.58	+0.21
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	2.45	2.67	-0.22
Martin ratio: Return relative to average drawdown	10.81	11.92	-1.11

MODL vs. SPY - Sharpe Ratio Comparison

The current MODL Sharpe Ratio is 1.99, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of MODL 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

MODL vs. SPY - Drawdown Comparison

The maximum MODL drawdown since its inception was -17.60%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MODL and SPY.

Drawdown Indicators

	MODL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-17.60%	-55.19%	+37.59%
Max Drawdown (1Y) Largest decline over 1 year	-9.46%	-8.88%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-17.60%	-18.76%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.27%	-3.17%	+1.90%
Average Drawdown Average peak-to-trough decline	-2.03%	-9.04%	+7.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.98%	+0.16%

Volatility

MODL vs. SPY - Volatility Comparison

The current volatility for Victoryshares Westend U.S. Sector ETF (MODL) is 4.27%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that MODL 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

	MODL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	4.87%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	9.85%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	12.50%	-0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.64%	17.15%	-2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.64%	17.95%	-3.31%

MODL vs. SPY - Expense Ratio Comparison

MODL has a 0.46% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MODL vs. SPY - Dividend Comparison

MODL's dividend yield for the trailing twelve months is around 0.72%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MODL Victoryshares Westend U.S. Sector ETF	0.72%	0.67%	0.83%	1.02%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	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 MODL and SPY in my portfolio?

With a correlation of 0.97, MODL 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, MODL or SPY?

SPY has higher volatility (4.87%) compared to MODL (4.27%). In terms of maximum drawdown, MODL dropped -17.60% vs SPY's -55.19%.

Which ETF is better, MODL or SPY?

On 3-year performance, SPY leads with 20.68% vs 19.18% for MODL. On fees, SPY is cheaper at 0.09% per year. On volatility, MODL has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MODL or SPY?

Over the 3-year period, SPY has performed better with a 20.68% return vs 19.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MODL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.46% for MODL.

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

SPY has the higher dividend yield at 1.03%, compared with 0.72% for MODL.

What is the main difference between MODL and SPY?

MODL is categorized as Large Cap Blend Equities, while SPY is S&P 500. They also come from different issuers: Victory and State Street. Their fees differ too: 0.46% for MODL and 0.09% for SPY.

Which has better risk-adjusted returns?

MODL currently has the higher Sharpe Ratio (1.99 vs 1.90), 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.