ONEY vs. SDY

Last updated Jun 4, 2026

ONEY (SPDR Russell 1000 Yield Focus ETF) and SDY (SPDR S&P Dividend ETF) are both Mid Cap Value Equities funds from State Street - ONEY tracks the Russell 1000 Yield Focused Factor Index while SDY tracks the S&P High Yield Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, ONEY returned 12.04%/yr vs 9.29%/yr for SDY. Their correlation of 0.83 suggests significant overlap in exposure. ONEY charges 0.20%/yr vs 0.35%/yr for SDY.

Performance

ONEY vs. SDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Yield Focus ETF (ONEY) and SPDR S&P Dividend ETF (SDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEY achieves a 14.26% return, which is significantly higher than SDY's 7.49% return. Over the past 10 years, ONEY has outperformed SDY with an annualized return of 12.04%, while SDY has yielded a comparatively lower 9.29% annualized return.

ONEY

• 1D: -0.18%
• 1M: 3.52%
• YTD: 14.26%
• 6M: 14.38%
• 1Y: 23.42%
• 3Y*: 15.65%
• 5Y*: 8.74%
• 10Y*: 12.04%

SDY

• 1D: -0.15%
• 1M: 0.81%
• YTD: 7.49%
• 6M: 7.45%
• 1Y: 12.80%
• 3Y*: 9.83%
• 5Y*: 5.97%
• 10Y*: 9.29%

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

ONEY vs. SDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEY SPDR Russell 1000 Yield Focus ETF	14.26%	7.74%	11.63%	11.12%	-3.60%	37.11%	2.17%	27.45%	-8.71%	15.46%
SDY SPDR S&P Dividend ETF	7.49%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%

Correlation

The correlation between ONEY and SDY is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 4, 2015	0.83

The correlation between ONEY and SDY shifts across timeframes, from 0.83 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.

ONEY vs. SDY - Sectors Allocation Comparison

Sectors	ONEY	SDY
Industrials	13.9%	17.5%
Energy	13.2%	4.6%
Consumer Defensive	12.2%	17.1%
Consumer Cyclical	11.8%	5.2%
Utilities	10.6%	14.8%
Financial Services	10.2%	11.5%
Real Estate	9.7%	4.6%
Basic Materials	8.2%	6.4%
Technology	4.8%	8.7%
Healthcare	3.8%	6.2%
Communication Services	1.6%	3.5%

Return for Risk

ONEY vs. SDY — Risk / Return Rank

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

ONEY

ONEY Risk / Return Rank: 58
ONEY Sharpe Ratio Rank: 55
ONEY Sortino Ratio Rank: 60
ONEY Omega Ratio Rank: 54
ONEY Calmar Ratio Rank: 62
ONEY Martin Ratio Rank: 62

SDY

SDY Risk / Return Rank: 33
SDY Sharpe Ratio Rank: 33
SDY Sortino Ratio Rank: 36
SDY Omega Ratio Rank: 31
SDY Calmar Ratio Rank: 33
SDY Martin Ratio Rank: 31

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.

ONEY vs. SDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Yield Focus ETF (ONEY) and SPDR S&P Dividend ETF (SDY). 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.

	ONEY	SDY	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.25	+0.66
Sortino ratio: Return per unit of downside risk	2.86	1.92	+0.94
Omega ratio: Gain probability vs. loss probability	1.34	1.22	+0.12
Calmar ratio: Return relative to maximum drawdown	3.09	1.68	+1.42
Martin ratio: Return relative to average drawdown	11.15	4.60	+6.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEY vs. SDY - Sharpe Ratio Comparison

The current ONEY Sharpe Ratio is 1.90, which is higher than the SDY Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of ONEY and SDY, 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

	ONEY	SDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.25	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.43	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.55	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.47	+0.15

Drawdowns

ONEY vs. SDY - Drawdown Comparison

The maximum ONEY drawdown since its inception was -46.80%, smaller than the maximum SDY drawdown of -54.75%. Use the drawdown chart below to compare losses from any high point for ONEY and SDY.

Drawdown Indicators

	ONEY	SDY	Difference
Max Drawdown Largest peak-to-trough decline	-46.80%	-54.75%	+7.95%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-7.67%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-17.50%	-14.39%	-3.11%
Max Drawdown (5Y) Largest decline over 5 years	-18.93%	-15.21%	-3.72%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-36.70%	-10.10%
Current Drawdown Current decline from peak	-0.18%	-4.07%	+3.89%
Average Drawdown Average peak-to-trough decline	-4.98%	-6.21%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	2.79%	-0.68%

Volatility

ONEY vs. SDY - Volatility Comparison

SPDR Russell 1000 Yield Focus ETF (ONEY) has a higher volatility of 2.78% compared to SPDR S&P Dividend ETF (SDY) at 2.47%. This indicates that ONEY's price experiences larger fluctuations and is considered to be riskier than SDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEY	SDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.47%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	8.42%	7.43%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	12.39%	10.33%	+2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	14.03%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	17.08%	+2.79%

ONEY vs. SDY - Expense Ratio Comparison

ONEY has a 0.20% expense ratio, which is lower than SDY's 0.35% expense ratio.

Dividends

ONEY vs. SDY - Dividend Comparison

ONEY's dividend yield for the trailing twelve months is around 2.81%, more than SDY's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEY SPDR Russell 1000 Yield Focus ETF	2.81%	3.15%	3.18%	3.14%	3.17%	2.46%	2.74%	3.17%	3.72%	10.73%	6.31%	0.29%
SDY SPDR S&P Dividend ETF	2.48%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both ONEY and SDY in my portfolio?

ONEY and SDY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEY or SDY?

ONEY has higher volatility (2.78%) compared to SDY (2.47%). In terms of maximum drawdown, ONEY dropped -46.80% vs SDY's -54.75%.

Which ETF is better, ONEY or SDY?

On 10-year performance, ONEY leads with 12.04% vs 9.29% for SDY. On fees, ONEY is cheaper at 0.20% per year. On volatility, SDY has been the lower-risk option at 2.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEY or SDY?

Over the 10-year period, ONEY has performed better with a 12.04% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEY or SDY?

ONEY is cheaper with a 0.20% expense ratio, compared with 0.35% for SDY.

Which ETF pays a higher dividend yield, ONEY or SDY?

ONEY has the higher dividend yield at 2.81%, compared with 2.48% for SDY.

What is the main difference between ONEY and SDY?

ONEY tracks Russell 1000 Yield Focused Factor Index, while SDY tracks S&P High Yield Dividend Aristocrats Index. Their fees differ too: 0.20% for ONEY and 0.35% for SDY.

Which has better risk-adjusted returns?

ONEY currently has the higher Sharpe Ratio (1.90 vs 1.25), 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.