ONOF vs. SPY

Last updated Jun 4, 2026

ONOF (Global X Adaptive U.S. Risk Management ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ONOF is a Tactical Allocation fund tracking the Adaptive Wealth Strategies U.S. Risk Management Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, ONOF returned 9.34%/yr vs 13.83%/yr for SPY. Their correlation of 0.85 suggests significant overlap in exposure. ONOF charges 0.39%/yr vs 0.09%/yr for SPY.

Performance

ONOF vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Adaptive U.S. Risk Management ETF (ONOF) 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, ONOF achieves a 7.32% return, which is significantly lower than SPY's 10.91% return.

ONOF

• 1D: -0.68%
• 1M: 5.26%
• YTD: 7.32%
• 6M: 7.29%
• 1Y: 23.60%
• 3Y*: 13.72%
• 5Y*: 9.34%
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

ONOF vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ONOF Global X Adaptive U.S. Risk Management ETF	7.32%	8.90%	19.45%	11.57%	-11.89%	25.18%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	26.73%

Correlation

The correlation between ONOF and SPY 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	0.84
Correlation (All Time) Calculated using the full available price history since Jan 14, 2021	0.85

The correlation between ONOF and SPY shifts across timeframes, from 0.84 (5 years) to 0.96 (1 year), reflecting how their relationship changes across market environments.

ONOF vs. SPY - Sectors Allocation Comparison

Sectors	ONOF	SPY
Technology	35.6%	35.9%
Communication Services	11.6%	11.3%
Financial Services	11.5%	11.8%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.6%	8.4%
Industrials	8.3%	7.8%
Consumer Defensive	4.8%	4.8%
Energy	3.6%	3.6%
Utilities	2.3%	2.4%
Basic Materials	1.8%	1.8%
Real Estate	1.8%	1.9%

Return for Risk

ONOF vs. SPY — Risk / Return Rank

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

ONOF

ONOF Risk / Return Rank: 64
ONOF Sharpe Ratio Rank: 63
ONOF Sortino Ratio Rank: 61
ONOF Omega Ratio Rank: 61
ONOF Calmar Ratio Rank: 69
ONOF Martin Ratio Rank: 65

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

ONOF vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Adaptive U.S. Risk Management ETF (ONOF) 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.

	ONOF	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.38	-0.27
Sortino ratio: Return per unit of downside risk	2.86	3.24	-0.38
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.06
Calmar ratio: Return relative to maximum drawdown	3.45	3.16	+0.29
Martin ratio: Return relative to average drawdown	11.88	14.72	-2.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONOF vs. SPY - Sharpe Ratio Comparison

The current ONOF Sharpe Ratio is 2.11, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of ONOF 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

	ONOF	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.38	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.82	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.59	+0.15

Drawdowns

ONOF vs. SPY - Drawdown Comparison

The maximum ONOF drawdown since its inception was -26.21%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ONOF and SPY.

Drawdown Indicators

	ONOF	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-26.21%	-55.19%	+28.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-8.88%	+2.02%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-18.76%	-2.91%
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	-24.50%	-1.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.68%	-0.70%	+0.02%
Average Drawdown Average peak-to-trough decline	-6.15%	-9.05%	+2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.91%	+0.08%

Volatility

ONOF vs. SPY - Volatility Comparison

Global X Adaptive U.S. Risk Management ETF (ONOF) has a higher volatility of 3.03% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that ONOF'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

	ONOF	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	2.84%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	8.90%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	11.83%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.30%	17.05%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	17.94%	-3.61%

ONOF vs. SPY - Expense Ratio Comparison

ONOF has a 0.39% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ONOF vs. SPY - Dividend Comparison

ONOF's dividend yield for the trailing twelve months is around 1.29%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONOF Global X Adaptive U.S. Risk Management ETF	1.29%	1.38%	0.93%	1.37%	1.92%	0.69%	0.00%	0.00%	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 ONOF and SPY in my portfolio?

With a correlation of 0.96, ONOF and SPY 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.

Which is riskier, ONOF or SPY?

ONOF has higher volatility (3.03%) compared to SPY (2.84%). In terms of maximum drawdown, ONOF dropped -26.21% vs SPY's -55.19%.

Which ETF is better, ONOF or SPY?

On 5-year performance, SPY leads with 13.83% vs 9.34% for ONOF. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONOF or SPY?

Over the 5-year period, SPY has performed better with a 13.83% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONOF or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.39% for ONOF.

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

ONOF has the higher dividend yield at 1.29%, compared with 0.98% for SPY.

What is the main difference between ONOF and SPY?

ONOF is categorized as Tactical Allocation, while SPY is S&P 500. ONOF tracks Adaptive Wealth Strategies U.S. Risk Management Index, while SPY tracks S&P 500 Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.39% for ONOF and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.11), 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.