NERD vs. SPY

Last updated Aug 6, 2026

NERD (Roundhill Video Games ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - NERD is a Gaming fund actively managed by Roundhill, while SPY is a S&P 500 fund tracking the S&P 500 Index. NERD is actively managed, while SPY is passively managed. Over the past 5 years, NERD returned -4.20%/yr vs 13.23%/yr for SPY. Their 0.64 correlation means they have sometimes moved together and sometimes differently. NERD charges 0.50%/yr vs 0.09%/yr for SPY.

Performance

NERD vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Video Games ETF (NERD) 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, NERD achieves a -12.44% return, which is significantly lower than SPY's 13.49% return.

NERD

• 1D: -1.37%
• 1M: 1.50%
• 6M: -2.68%
• YTD: -12.44%
• 1Y: -18.02%
• 3Y*: 12.84%
• 5Y*: -4.20%
• 10Y*: —
• ALL TIME*: 5.82%

SPY

• 1D: -0.20%
• 1M: 2.46%
• 6M: 12.78%
• YTD: 13.49%
• 1Y: 23.94%
• 3Y*: 21.38%
• 5Y*: 13.23%
• 10Y*: 15.27%
• ALL TIME*: 10.88%

*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)
NERD Roundhill Video Games ETF	$28.01K	$25.14K	$40.27K
SPY State Street SPDR S&P 500 ETF	$41.99B	$36.81B	$39.78B

NERD vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NERD Roundhill Video Games ETF	-12.44%	23.14%	28.52%	12.94%	-43.30%	-17.57%	89.66%	8.14%
SPY State Street SPDR S&P 500 ETF	13.49%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	18.92%

Correlation

The correlation between NERD and SPY is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (All Time) Calculated using the full available price history since Jun 4, 2019	0.64

The correlation between NERD and SPY shifts across timeframes, from 0.53 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

NERD vs. SPY - Sectors Allocation Comparison

Sectors	NERD	SPY
Communication Services	90.5%	9.7%
Consumer Cyclical	4.3%	8.9%
Technology	4.0%	36.9%
Industrials	1.2%	7.6%
Financial Services	0.0%	12.5%
Basic Materials	-	1.9%
Consumer Defensive	-	4.8%
Energy	-	3.4%
Healthcare	-	9.4%
Real Estate	-	2.0%
Utilities	-	2.6%

Return for Risk

NERD vs. SPY — Risk / Return Rank

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

NERD

NERD Risk / Return Rank: 3
NERD Sharpe Ratio Rank: 2
NERD Sortino Ratio Rank: 3
NERD Omega Ratio Rank: 3
NERD Calmar Ratio Rank: 5
NERD Martin Ratio Rank: 5

SPY

SPY Risk / Return Rank: 71
SPY Sharpe Ratio Rank: 72
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 79

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.

NERD vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Video Games ETF (NERD) 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.

	NERD	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	1.87	-2.76
Sortino ratio: Return per unit of downside risk	-1.18	2.57	-3.75
Omega ratio: Gain probability vs. loss probability	0.86	1.33	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.54	2.71	-3.25
Martin ratio: Return relative to average drawdown	-0.88	11.55	-12.43

NERD vs. SPY - Sharpe Ratio Comparison

The current NERD Sharpe Ratio is -0.89, which is lower than the SPY Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of NERD 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

NERD vs. SPY - Drawdown Comparison

The maximum NERD drawdown since its inception was -65.58%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NERD and SPY.

Drawdown Indicators

	NERD	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-65.58%	-55.19%	-10.39%
Max Drawdown (1Y) Largest decline over 1 year	-33.23%	-8.88%	-24.35%
Max Drawdown (3Y) Largest decline over 3 years	-33.23%	-18.76%	-14.47%
Max Drawdown (5Y) Largest decline over 5 years	-54.10%	-24.50%	-29.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-43.21%	-0.20%	-43.01%
Average Drawdown Average peak-to-trough decline	-36.10%	-9.01%	-27.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.50%	2.08%	+18.42%

Volatility

NERD vs. SPY - Volatility Comparison

Roundhill Video Games ETF (NERD) has a higher volatility of 7.18% compared to State Street SPDR S&P 500 ETF (SPY) at 4.10%. This indicates that NERD'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

	NERD	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.18%	4.10%	+3.08%
Volatility (6M) Calculated over the trailing 6-month period	15.76%	10.32%	+5.44%
Volatility (1Y) Calculated over the trailing 1-year period	20.33%	12.88%	+7.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.63%	17.21%	+7.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.45%	17.96%	+7.49%

NERD vs. SPY - Expense Ratio Comparison

NERD has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

NERD vs. SPY - Dividend Comparison

NERD's dividend yield for the trailing twelve months is around 0.72%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NERD Roundhill Video Games ETF	0.72%	0.63%	1.74%	1.07%	0.69%	0.02%	1.05%	0.31%	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 NERD and SPY in my portfolio?

NERD and SPY have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NERD or SPY?

NERD has higher volatility (7.18%) compared to SPY (4.10%). In terms of maximum drawdown, NERD dropped -65.58% vs SPY's -55.19%.

Which ETF is better, NERD or SPY?

On 5-year performance, SPY leads with 13.23% vs -4.20% for NERD. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NERD or SPY?

Over the 5-year period, SPY has performed better with a 13.23% return vs -4.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NERD or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for NERD.

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

SPY has the higher dividend yield at 0.98%, compared with 0.72% for NERD.

What is the main difference between NERD and SPY?

NERD is categorized as Gaming, while SPY is S&P 500. They also come from different issuers: Roundhill and State Street. Their fees differ too: 0.50% for NERD and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.87 vs -0.89), 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.