PAY vs. SPYM

Last updated Jul 18, 2026

PAY (Paymentus Holdings, Inc.) is a stock, while SPYM (State Street SPDR Portfolio S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, PAY returned -1.77%/yr vs 13.09%/yr for SPYM. At a 0.44 correlation, their price movements are largely independent.

Performance

PAY vs. SPYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Paymentus Holdings, Inc. (PAY) and State Street SPDR Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAY achieves a -5.73% return, which is significantly lower than SPYM's 9.62% return.

PAY

• 1D: 0.47%
• 1M: 42.22%
• 6M: 2.34%
• YTD: -5.73%
• 1Y: 0.95%
• 3Y*: 40.05%
• 5Y*: -1.77%
• 10Y*: —

SPYM

• 1D: -1.01%
• 1M: 0.55%
• 6M: 8.06%
• YTD: 9.62%
• 1Y: 19.78%
• 3Y*: 19.42%
• 5Y*: 13.09%
• 10Y*: 15.10%

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

PAY vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PAY Paymentus Holdings, Inc.	-5.73%	-3.31%	82.82%	123.10%	-77.10%	21.63%
SPYM State Street SPDR Portfolio S&P 500 ETF	9.62%	17.79%	25.00%	26.24%	-18.09%	14.68%

Correlation

The correlation between PAY and SPYM is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.44

Over the past year, the correlation between PAY and SPYM has dropped to 0.23 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

PAY vs. SPYM — Risk / Return Rank

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

PAY

PAY Risk / Return Rank: 45
PAY Sharpe Ratio Rank: 46
PAY Sortino Ratio Rank: 45
PAY Omega Ratio Rank: 44
PAY Calmar Ratio Rank: 46
PAY Martin Ratio Rank: 46

SPYM

SPYM Risk / Return Rank: 59
SPYM Sharpe Ratio Rank: 58
SPYM Sortino Ratio Rank: 57
SPYM Omega Ratio Rank: 58
SPYM Calmar Ratio Rank: 55
SPYM Martin Ratio Rank: 68

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.

PAY vs. SPYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Paymentus Holdings, Inc. (PAY) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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.

	PAY	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	0.02	1.58	-1.56
Sortino ratio: Return per unit of downside risk	0.43	2.20	-1.77
Omega ratio: Gain probability vs. loss probability	1.05	1.29	-0.23
Calmar ratio: Return relative to maximum drawdown	0.02	2.23	-2.21
Martin ratio: Return relative to average drawdown	0.03	9.71	-9.68

PAY vs. SPYM - Sharpe Ratio Comparison

The current PAY Sharpe Ratio is 0.02, which is lower than the SPYM Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of PAY and SPYM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PAY vs. SPYM - Drawdown Comparison

The maximum PAY drawdown since its inception was -80.78%, which is greater than SPYM's maximum drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for PAY and SPYM.

Drawdown Indicators

	PAY	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-80.78%	-54.46%	-26.32%
Max Drawdown (1Y) Largest decline over 1 year	-48.09%	-8.90%	-39.19%
Max Drawdown (3Y) Largest decline over 3 years	-49.27%	-18.72%	-30.55%
Max Drawdown (5Y) Largest decline over 5 years	-80.00%	-24.48%	-55.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.87%	—
Current Drawdown Current decline from peak	-25.25%	-1.88%	-23.37%
Average Drawdown Average peak-to-trough decline	-41.56%	-7.12%	-34.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.25%	2.04%	+25.21%

Volatility

PAY vs. SPYM - Volatility Comparison

Paymentus Holdings, Inc. (PAY) has a higher volatility of 15.76% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 3.65%. This indicates that PAY's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAY	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.76%	3.65%	+12.11%
Volatility (6M) Calculated over the trailing 6-month period	34.19%	10.04%	+24.15%
Volatility (1Y) Calculated over the trailing 1-year period	52.74%	12.58%	+40.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.40%	16.92%	+45.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.40%	18.00%	+44.40%

Dividends

PAY vs. SPYM - Dividend Comparison

PAY has not paid dividends to shareholders, while SPYM's dividend yield for the trailing twelve months is around 1.04%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAY Paymentus Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.04%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both PAY and SPYM in my portfolio?

PAY and SPYM have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAY or SPYM?

PAY has higher volatility (15.76%) compared to SPYM (3.65%). In terms of maximum drawdown, PAY dropped -80.78% vs SPYM's -54.46%.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (1.58 vs 0.02), 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.