PALL vs. SPY

Last updated Jun 4, 2026

PALL (Aberdeen Standard Physical Palladium Shares ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PALL is a Precious Metals fund tracking the Palladium London PM Fix ($/ozt), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PALL returned 8.36%/yr vs 15.49%/yr for SPY. At a 0.30 correlation, their price movements are largely independent. PALL charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

PALL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aberdeen Standard Physical Palladium Shares ETF (PALL) 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, PALL achieves a -18.39% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, PALL has underperformed SPY with an annualized return of 8.36%, while SPY has yielded a comparatively higher 15.49% annualized return.

PALL

• 1D: -4.89%
• 1M: -11.74%
• YTD: -18.39%
• 6M: -11.90%
• 1Y: 28.17%
• 3Y*: -3.26%
• 5Y*: -14.89%
• 10Y*: 8.36%

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)

PALL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PALL Aberdeen Standard Physical Palladium Shares ETF	-18.39%	74.07%	-17.38%	-38.77%	-6.28%	-23.26%	25.27%	53.94%	17.23%	55.73%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between PALL and SPY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 15, 2010	0.30

Return for Risk

PALL vs. SPY — Risk / Return Rank

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

PALL

PALL Risk / Return Rank: 19
PALL Sharpe Ratio Rank: 17
PALL Sortino Ratio Rank: 19
PALL Omega Ratio Rank: 21
PALL Calmar Ratio Rank: 19
PALL Martin Ratio Rank: 17

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.

PALL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aberdeen Standard Physical Palladium Shares ETF (PALL) 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.

	PALL	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.56	2.38	-1.81
Sortino ratio Return per unit of downside risk	1.04	3.24	-2.20
Omega ratio Gain probability vs. loss probability	1.14	1.43	-0.29
Calmar ratio Return relative to maximum drawdown	0.78	3.16	-2.38
Martin ratio Return relative to average drawdown	1.74	14.72	-12.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PALL vs. SPY - Sharpe Ratio Comparison

The current PALL Sharpe Ratio is 0.56, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of PALL 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

	PALL	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	2.38	-1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.35	0.82	-1.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.87	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.59	-0.41

Drawdowns

PALL vs. SPY - Drawdown Comparison

The maximum PALL drawdown since its inception was -73.63%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PALL and SPY.

Drawdown Indicators

	PALL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-73.63%	-55.19%	-18.44%
Max Drawdown (1Y) Largest decline over 1 year	-36.18%	-8.88%	-27.30%
Max Drawdown (3Y) Largest decline over 3 years	-40.47%	-18.76%	-21.71%
Max Drawdown (5Y) Largest decline over 5 years	-73.63%	-24.50%	-49.13%
Max Drawdown (10Y) Largest decline over 10 years	-73.63%	-33.72%	-39.91%
Current Drawdown Current decline from peak	-59.78%	-0.70%	-59.08%
Average Drawdown Average peak-to-trough decline	-26.81%	-9.05%	-17.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.25%	1.91%	+14.34%

Volatility

PALL vs. SPY - Volatility Comparison

Aberdeen Standard Physical Palladium Shares ETF (PALL) has a higher volatility of 10.54% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that PALL'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

	PALL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.54%	2.84%	+7.70%
Volatility (6M) Calculated over the trailing 6-month period	41.87%	8.90%	+32.97%
Volatility (1Y) Calculated over the trailing 1-year period	50.24%	11.83%	+38.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.46%	17.05%	+25.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.91%	17.94%	+19.97%

PALL vs. SPY - Expense Ratio Comparison

PALL has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PALL vs. SPY - Dividend Comparison

PALL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PALL Aberdeen Standard Physical Palladium Shares 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	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 PALL and SPY in my portfolio?

PALL and SPY have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PALL or SPY?

PALL has higher volatility (10.54%) compared to SPY (2.84%). In terms of maximum drawdown, PALL dropped -73.63% vs SPY's -55.19%.

Which ETF is better, PALL or SPY?

On 10-year performance, SPY leads with 15.49% vs 8.36% for PALL. 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, PALL or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 8.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PALL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.60% for PALL.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for PALL.

What is the main difference between PALL and SPY?

PALL is categorized as Precious Metals, while SPY is S&P 500. PALL tracks Palladium London PM Fix ($/ozt), while SPY tracks S&P 500 Index. They also come from different issuers: Aberdeen and State Street. Their fees differ too: 0.60% for PALL and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 0.56), 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.