MUSA vs. SPY

Last updated Jun 3, 2026

MUSA (Murphy USA 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, MUSA returned 22.80%/yr vs 15.57%/yr for SPY. At a 0.32 correlation, their price movements are largely independent.

Performance

MUSA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Murphy USA Inc. (MUSA) 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, MUSA achieves a 30.75% return, which is significantly higher than SPY's 11.69% return. Over the past 10 years, MUSA has outperformed SPY with an annualized return of 22.80%, while SPY has yielded a comparatively lower 15.57% annualized return.

MUSA

• 1D: 2.03%
• 1M: -11.76%
• YTD: 30.75%
• 6M: 36.15%
• 1Y: 24.51%
• 3Y*: 22.65%
• 5Y*: 31.89%
• 10Y*: 22.80%

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)

MUSA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUSA Murphy USA Inc.	30.75%	-19.15%	41.27%	28.20%	41.02%	53.33%	12.06%	52.66%	-4.63%	30.73%
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 MUSA and SPY is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Aug 20, 2013	0.32

The correlation between MUSA and SPY shifts across timeframes, from -0.07 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MUSA vs. SPY — Risk / Return Rank

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

MUSA

MUSA Risk / Return Rank: 60
MUSA Sharpe Ratio Rank: 62
MUSA Sortino Ratio Rank: 55
MUSA Omega Ratio Rank: 57
MUSA Calmar Ratio Rank: 64
MUSA Martin Ratio Rank: 63

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.

MUSA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Murphy USA Inc. (MUSA) 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.

	MUSA	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.65	2.52	-1.87
Sortino ratio Return per unit of downside risk	1.09	3.42	-2.32
Omega ratio Gain probability vs. loss probability	1.15	1.46	-0.31
Calmar ratio Return relative to maximum drawdown	1.22	3.42	-2.20
Martin ratio Return relative to average drawdown	2.52	15.93	-13.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUSA vs. SPY - Sharpe Ratio Comparison

The current MUSA Sharpe Ratio is 0.65, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of MUSA 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

	MUSA	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	2.52	-1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	0.84	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.87	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.59	+0.18

Drawdowns

MUSA vs. SPY - Drawdown Comparison

The maximum MUSA drawdown since its inception was -35.54%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MUSA and SPY.

Drawdown Indicators

	MUSA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-35.54%	-55.19%	+19.65%
Max Drawdown (1Y) Largest decline over 1 year	-19.72%	-8.88%	-10.84%
Max Drawdown (3Y) Largest decline over 3 years	-35.54%	-18.76%	-16.78%
Max Drawdown (5Y) Largest decline over 5 years	-35.54%	-24.50%	-11.04%
Max Drawdown (10Y) Largest decline over 10 years	-35.54%	-33.72%	-1.82%
Current Drawdown Current decline from peak	-12.87%	0.00%	-12.87%
Average Drawdown Average peak-to-trough decline	-9.98%	-9.05%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.53%	1.91%	+7.62%

Volatility

MUSA vs. SPY - Volatility Comparison

Murphy USA Inc. (MUSA) has a higher volatility of 8.54% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that MUSA'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

	MUSA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	2.75%	+5.79%
Volatility (6M) Calculated over the trailing 6-month period	28.69%	8.89%	+19.80%
Volatility (1Y) Calculated over the trailing 1-year period	37.98%	11.81%	+26.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.10%	17.05%	+13.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.18%	17.94%	+13.24%

Dividends

MUSA vs. SPY - Dividend Comparison

MUSA's dividend yield for the trailing twelve months is around 0.46%, less than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUSA Murphy USA Inc.	0.46%	0.53%	0.36%	0.43%	0.45%	0.52%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%
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 MUSA and SPY in my portfolio?

MUSA and SPY have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUSA or SPY?

MUSA has higher volatility (8.54%) compared to SPY (2.75%). In terms of maximum drawdown, MUSA dropped -35.54% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 0.65), 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.