NOTE vs. SPY

Last updated Aug 1, 2026

NOTE (FiscalNote 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 5 years, NOTE returned -74.24%/yr vs 13.05%/yr for SPY. Their 0.25 correlation means their historical movements had little consistent relationship.

Performance

NOTE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FiscalNote Holdings Inc. (NOTE) 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, NOTE achieves a -91.02% return, which is significantly lower than SPY's 11.70% return.

NOTE

• 1D: 10.37%
• 1M: 10.09%
• 6M: -89.44%
• YTD: -91.02%
• 1Y: -98.04%
• 3Y*: -85.00%
• 5Y*: -74.24%
• 10Y*: —
• ALL TIME*: -69.94%

SPY

• 1D: 1.42%
• 1M: 1.73%
• 6M: 9.53%
• YTD: 11.70%
• 1Y: 23.22%
• 3Y*: 20.74%
• 5Y*: 13.05%
• 10Y*: 15.09%
• ALL TIME*: 10.83%

*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)
NOTE FiscalNote Holdings Inc.	$16.77K	$23.19K	$41.39K
SPY State Street SPDR S&P 500 ETF	$38.19B	$36.17B	$39.59B

NOTE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NOTE FiscalNote Holdings Inc.	-91.02%	-88.55%	-6.14%	-81.99%	-36.19%	-0.40%	2.30%
SPY State Street SPDR S&P 500 ETF	11.70%	17.72%	24.89%	26.18%	-18.18%	28.73%	1.52%

Correlation

The correlation between NOTE and SPY is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.25
Correlation (All Time) Calculated using the full available price history since Dec 7, 2020	0.25

Return for Risk

NOTE vs. SPY — Risk / Return Rank

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

NOTE

NOTE Risk / Return Rank: 5
NOTE Sharpe Ratio Rank: 8
NOTE Sortino Ratio Rank: 0
NOTE Omega Ratio Rank: 1
NOTE Calmar Ratio Rank: 2
NOTE Martin Ratio Rank: 13

SPY

SPY Risk / Return Rank: 78
SPY Sharpe Ratio Rank: 78
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 77
SPY Calmar Ratio Rank: 74
SPY Martin Ratio Rank: 83

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.

NOTE vs. SPY - Risk-Adjusted Trends Comparison

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

	NOTE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	1.82	-2.66
Sortino ratio: Return per unit of downside risk	-3.19	2.50	-5.69
Omega ratio: Gain probability vs. loss probability	0.60	1.32	-0.72
Calmar ratio: Return relative to maximum drawdown	-0.99	2.62	-3.62
Martin ratio: Return relative to average drawdown	-1.25	11.20	-12.45

NOTE vs. SPY - Sharpe Ratio Comparison

The current NOTE Sharpe Ratio is -0.84, which is lower than the SPY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of NOTE 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

NOTE vs. SPY - Drawdown Comparison

The maximum NOTE drawdown since its inception was -99.94%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NOTE and SPY.

Drawdown Indicators

	NOTE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-55.19%	-44.75%
Max Drawdown (1Y) Largest decline over 1 year	-98.89%	-8.88%	-90.01%
Max Drawdown (3Y) Largest decline over 3 years	-99.79%	-18.76%	-81.03%
Max Drawdown (5Y) Largest decline over 5 years	-99.93%	-24.50%	-75.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-99.90%	0.00%	-99.90%
Average Drawdown Average peak-to-trough decline	-61.93%	-9.01%	-52.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.27%	2.08%	+76.19%

Volatility

NOTE vs. SPY - Volatility Comparison

FiscalNote Holdings Inc. (NOTE) has a higher volatility of 36.51% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. This indicates that NOTE'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

	NOTE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.51%	3.84%	+32.67%
Volatility (6M) Calculated over the trailing 6-month period	119.00%	10.23%	+108.77%
Volatility (1Y) Calculated over the trailing 1-year period	116.74%	12.87%	+103.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.38%	17.19%	+88.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.25%	17.96%	+81.29%

Dividends

NOTE vs. SPY - Dividend Comparison

NOTE has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.99%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOTE FiscalNote Holdings Inc.	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	0.99%	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 NOTE and SPY in my portfolio?

NOTE and SPY have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOTE or SPY?

NOTE has higher volatility (36.51%) compared to SPY (3.84%). In terms of maximum drawdown, NOTE dropped -99.94% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.82 vs -0.84), 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.