MON100.NS vs. SPY

Last updated Jun 5, 2026

MON100.NS (Motilal Oswal NASDAQ 100 ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MON100.NS is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MON100.NS returned 27.88%/yr vs 15.48%/yr for SPY. At a 0.06 correlation, their price movements are largely independent. MON100.NS charges 0.58%/yr vs 0.09%/yr for SPY.

Performance

MON100.NS vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Motilal Oswal NASDAQ 100 ETF (MON100.NS) 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, MON100.NS achieves a 47.10% return, which is significantly higher than SPY's 11.33% return. Over the past 10 years, MON100.NS has outperformed SPY with an annualized return of 27.88%, while SPY has yielded a comparatively lower 15.48% annualized return.

MON100.NS

• 1D: 0.77%
• 1M: 12.11%
• YTD: 47.10%
• 6M: 45.21%
• 1Y: 88.63%
• 3Y*: 43.35%
• 5Y*: 28.48%
• 10Y*: 27.88%

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

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

MON100.NS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MON100.NS Motilal Oswal NASDAQ 100 ETF	47.10%	8.64%	56.36%	53.45%	-26.09%	30.21%	50.75%	39.89%	-9.38%	36.62%
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MON100.NS and SPY is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Apr 1, 2011	0.06

The correlation between MON100.NS and SPY shifts across timeframes, from 0.04 (1 year) to 0.15 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MON100.NS vs. SPY — Risk / Return Rank

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

MON100.NS

MON100.NS Risk / Return Rank: 94
MON100.NS Sharpe Ratio Rank: 97
MON100.NS Sortino Ratio Rank: 97
MON100.NS Omega Ratio Rank: 96
MON100.NS Calmar Ratio Rank: 94
MON100.NS Martin Ratio Rank: 86

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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.

MON100.NS vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Motilal Oswal NASDAQ 100 ETF (MON100.NS) 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.

	MON100.NS	SPY	Difference
Sharpe ratio: Return per unit of total volatility	4.42	2.42	+2.00
Sortino ratio: Return per unit of downside risk	6.36	3.29	+3.07
Omega ratio: Gain probability vs. loss probability	1.79	1.44	+0.35
Calmar ratio: Return relative to maximum drawdown	7.01	3.22	+3.79
Martin ratio: Return relative to average drawdown	18.11	14.99	+3.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MON100.NS vs. SPY - Sharpe Ratio Comparison

The current MON100.NS Sharpe Ratio is 4.42, which is higher than the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of MON100.NS 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

	MON100.NS	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.42	2.42	+2.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.41	0.82	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.23	0.87	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.59	+0.46

Drawdowns

MON100.NS vs. SPY - Drawdown Comparison

The maximum MON100.NS drawdown since its inception was -36.27%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MON100.NS and SPY.

Drawdown Indicators

	MON100.NS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-36.27%	-55.19%	+18.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-8.88%	-4.18%
Max Drawdown (3Y) Largest decline over 3 years	-25.76%	-18.76%	-7.00%
Max Drawdown (5Y) Largest decline over 5 years	-28.34%	-24.50%	-3.84%
Max Drawdown (10Y) Largest decline over 10 years	-36.27%	-33.72%	-2.55%
Current Drawdown Current decline from peak	0.00%	-0.33%	+0.33%
Average Drawdown Average peak-to-trough decline	-7.26%	-9.05%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.00%	1.91%	+3.09%

Volatility

MON100.NS vs. SPY - Volatility Comparison

Motilal Oswal NASDAQ 100 ETF (MON100.NS) has a higher volatility of 4.73% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that MON100.NS'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

	MON100.NS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	2.79%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	15.94%	8.91%	+7.03%
Volatility (1Y) Calculated over the trailing 1-year period	20.73%	11.82%	+8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	17.05%	+3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	17.93%	+5.24%

MON100.NS vs. SPY - Expense Ratio Comparison

MON100.NS has a 0.58% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MON100.NS vs. SPY - Dividend Comparison

MON100.NS has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MON100.NS Motilal Oswal NASDAQ 100 ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	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 MON100.NS and SPY in my portfolio?

MON100.NS and SPY have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MON100.NS or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MON100.NS or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.58% for MON100.NS.

What is the main difference between MON100.NS and SPY?

MON100.NS is categorized as Nasdaq-100, while SPY is S&P 500. MON100.NS tracks NASDAQ-100 Index, while SPY tracks S&P 500 Index. They also come from different issuers: Motilal Oswal and State Street. Their fees differ too: 0.58% for MON100.NS and 0.09% for SPY.