NZAC vs. SPYX
NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) and SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) are both exchange-traded funds - NZAC is a Global Equities fund tracking the MSCI ACWI Climate Paris Aligned Index, while SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index. Both are passively managed. Over the past 10 years, NZAC returned 12.28%/yr vs 15.50%/yr for SPYX. Their correlation of 0.87 suggests significant overlap in exposure. NZAC charges 0.12%/yr vs 0.20%/yr for SPYX.
Performance
NZAC vs. SPYX - Performance Comparison
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Returns By Period
In the year-to-date period, NZAC achieves a 6.77% return, which is significantly lower than SPYX's 8.26% return. Over the past 10 years, NZAC has underperformed SPYX with an annualized return of 12.28%, while SPYX has yielded a comparatively higher 15.50% annualized return.
NZAC
- 1D
- 0.27%
- 1M
- -0.64%
- YTD
- 6.77%
- 6M
- 7.70%
- 1Y
- 22.02%
- 3Y*
- 17.54%
- 5Y*
- 9.39%
- 10Y*
- 12.28%
SPYX
- 1D
- 0.53%
- 1M
- -0.85%
- YTD
- 8.26%
- 6M
- 8.62%
- 1Y
- 24.90%
- 3Y*
- 20.78%
- 5Y*
- 12.96%
- 10Y*
- 15.50%
NZAC vs. SPYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 6.77% | 20.55% | 16.67% | 23.22% | -19.77% | 18.35% | 17.21% | 28.24% | -9.80% | 22.93% |
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 8.26% | 17.87% | 25.46% | 26.38% | -19.59% | 28.06% | 19.87% | 31.62% | -4.26% | 23.25% |
Correlation
The correlation between NZAC and SPYX is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2015 | 0.87 |
The correlation between NZAC and SPYX has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.
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Return for Risk
NZAC vs. SPYX — Risk / Return Rank
NZAC
SPYX
NZAC vs. SPYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX). 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.
| NZAC | SPYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.34 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 2.40 | -0.36 |
| Martin ratioReturn relative to average drawdown | 8.62 | 10.78 | -2.16 |
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Drawdowns
NZAC vs. SPYX - Drawdown Comparison
The maximum NZAC drawdown since its inception was -33.72%, roughly equal to the maximum SPYX drawdown of -32.84%. Use the drawdown chart below to compare losses from any high point for NZAC and SPYX.
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Drawdown Indicators
| NZAC | SPYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.72% | -32.84% | -0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -10.10% | -9.84% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -18.74% | +2.55% |
Max Drawdown (5Y)Largest decline over 5 years | -28.31% | -26.14% | -2.17% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -32.84% | -0.88% |
Current DrawdownCurrent decline from peak | -2.70% | -2.38% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -5.32% | -4.53% | -0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.39% | 2.19% | +0.20% |
Volatility
NZAC vs. SPYX - Volatility Comparison
SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a higher volatility of 5.07% compared to State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) at 4.52%. This indicates that NZAC's price experiences larger fluctuations and is considered to be riskier than SPYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NZAC | SPYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.07% | 4.52% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 11.12% | 9.92% | +1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.56% | 12.61% | +0.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.90% | 17.12% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.17% | 18.04% | -0.87% |
NZAC vs. SPYX - Expense Ratio Comparison
NZAC has a 0.12% expense ratio, which is lower than SPYX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
NZAC vs. SPYX - Dividend Comparison
NZAC's dividend yield for the trailing twelve months is around 2.08%, more than SPYX's 0.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 2.08% | 1.90% | 1.88% | 1.65% | 1.81% | 1.62% | 1.59% | 2.17% | 2.53% | 2.20% | 2.00% | 2.40% |
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 0.86% | 0.91% | 1.05% | 1.21% | 1.41% | 1.04% | 1.33% | 1.56% | 1.92% | 1.68% | 1.91% | 0.16% |
Frequently Asked Questions
With a correlation of 0.96, NZAC and SPYX 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.
NZAC has higher volatility (5.07%) compared to SPYX (4.52%). In terms of maximum drawdown, NZAC dropped -33.72% vs SPYX's -32.84%.
On 10-year performance, SPYX leads with 15.50% vs 12.28% for NZAC. On fees, NZAC is cheaper at 0.12% per year. On volatility, SPYX has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPYX has performed better with a 15.50% return vs 12.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NZAC is cheaper with a 0.12% expense ratio, compared with 0.20% for SPYX.
NZAC has the higher dividend yield at 2.08%, compared with 0.86% for SPYX.
NZAC is categorized as Global Equities, while SPYX is S&P 500. NZAC tracks MSCI ACWI Climate Paris Aligned Index, while SPYX tracks S&P 500 Fossil Fuel Reserves Free Index. Their fees differ too: 0.12% for NZAC and 0.20% for SPYX.
SPYX currently has the higher Sharpe Ratio (1.87 vs 1.52), 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.
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