ORR vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Militia Long/Short Equity ETF (ORR) and State Street SPDR S&P 500 ETF (SPY).

ORR and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ORR is an actively managed fund by Militia Investments. It was launched on Jan 14, 2025. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

ORR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Militia Long/Short Equity ETF (ORR) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

ORR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
ORR Militia Long/Short Equity ETF	6.70%	32.15%
SPY State Street SPDR S&P 500 ETF	-4.37%	16.39%

Returns By Period

In the year-to-date period, ORR achieves a 6.70% return, which is significantly higher than SPY's -4.37% return.

ORR

• 1D: 1.42%
• 1M: -6.73%
• YTD: 6.70%
• 6M: 15.81%
• 1Y: 30.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

ORR vs. SPY - Expense Ratio Comparison

ORR has a 14.19% expense ratio, which is higher than SPY's 0.09% expense ratio.

ORR

Militia Long/Short Equity ETF

SPY

State Street SPDR S&P 500 ETF

Return for Risk

ORR vs. SPY — Risk / Return Rank

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

ORR

ORR Risk / Return Rank: 92
ORR Sharpe Ratio Rank: 91
ORR Sortino Ratio Rank: 93
ORR Omega Ratio Rank: 91
ORR Calmar Ratio Rank: 94
ORR Martin Ratio Rank: 92

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
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.

ORR vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Militia Long/Short Equity ETF (ORR) 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.

	ORR	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.01	0.93	+1.09
Sortino ratio Return per unit of downside risk	2.80	1.45	+1.34
Omega ratio Gain probability vs. loss probability	1.39	1.22	+0.16
Calmar ratio Return relative to maximum drawdown	3.57	1.53	+2.05
Martin ratio Return relative to average drawdown	12.39	7.30	+5.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ORR vs. SPY - Sharpe Ratio Comparison

The current ORR Sharpe Ratio is 2.01, which is higher than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of ORR and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ORR	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	0.93	+1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.22	0.56	+1.65

Correlation

The correlation between ORR and SPY is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ORR vs. SPY - Dividend Comparison

ORR has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.14%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ORR Militia Long/Short Equity ETF	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	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

ORR vs. SPY - Drawdown Comparison

The maximum ORR drawdown since its inception was -8.64%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ORR and SPY.

Drawdown Indicators

	ORR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-8.64%	-55.19%	+46.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-12.05%	+3.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-6.73%	-6.24%	-0.49%
Average Drawdown Average peak-to-trough decline	-1.52%	-9.09%	+7.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.52%	-0.09%

Volatility

ORR vs. SPY - Volatility Comparison

Militia Long/Short Equity ETF (ORR) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 5.51% and 5.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	5.31%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	9.47%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	19.05%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	17.06%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.01%	17.92%	-2.91%