POMIX vs. SPY

Last updated Aug 1, 2026

POMIX (T. Rowe Price Total Equity Market Index Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - POMIX is a Large Cap Blend Equities fund tracking the S&P Total Market Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, POMIX returned 14.12%/yr vs 15.07%/yr for SPY. Their 0.97 correlation means they have historically moved very closely together. POMIX charges 0.19%/yr vs 0.09%/yr for SPY.

Performance

POMIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Total Equity Market Index Fund (POMIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with POMIX having a 10.01% return and SPY slightly higher at 10.13%. Over the past 10 years, POMIX has underperformed SPY with an annualized return of 14.12%, while SPY has yielded a comparatively higher 15.07% annualized return.

POMIX

• 1D: 1.61%
• 1M: -0.76%
• 6M: 7.71%
• YTD: 10.01%
• 1Y: 21.38%
• 3Y*: 18.58%
• 5Y*: 11.60%
• 10Y*: 14.12%
• ALL TIME*: 8.65%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
POMIX T. Rowe Price Total Equity Market Index Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

POMIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
POMIX T. Rowe Price Total Equity Market Index Fund	10.01%	17.09%	23.48%	26.38%	-19.64%	25.39%	19.82%	30.95%	-5.57%	19.09%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between POMIX and SPY is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	0.97

The correlation between POMIX and SPY has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

POMIX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

POMIX

POMIX Risk / Return Rank: 68
POMIX Sharpe Ratio Rank: 65
POMIX Sortino Ratio Rank: 63
POMIX Omega Ratio Rank: 61
POMIX Calmar Ratio Rank: 70
POMIX Martin Ratio Rank: 81

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

POMIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Total Equity Market Index Fund (POMIX) 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.

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.

	POMIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.52	-0.02
Sortino ratio: Return per unit of downside risk	2.14	2.11	+0.03
Omega ratio: Gain probability vs. loss probability	1.27	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	2.22	2.20	+0.01
Martin ratio: Return relative to average drawdown	9.63	9.40	+0.23

POMIX vs. SPY - Sharpe Ratio Comparison

The current POMIX Sharpe Ratio is 1.50, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of POMIX 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.

Drawdowns

POMIX vs. SPY - Drawdown Comparison

The maximum POMIX drawdown since its inception was -55.54%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for POMIX and SPY.

Drawdown Indicators

	POMIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-55.19%	-0.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.83%	-8.88%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-19.67%	-18.76%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-24.50%	-1.06%
Max Drawdown (10Y) Largest decline over 10 years	-35.05%	-33.72%	-1.33%
Current Drawdown Current decline from peak	-1.78%	-1.40%	-0.38%
Average Drawdown Average peak-to-trough decline	-10.59%	-9.01%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.08%	-0.07%

Volatility

POMIX vs. SPY - Volatility Comparison

The current volatility for T. Rowe Price Total Equity Market Index Fund (POMIX) is 3.38%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that POMIX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	POMIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	3.58%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	10.31%	10.14%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	12.89%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	17.18%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	17.95%	+0.56%

POMIX vs. SPY - Expense Ratio Comparison

POMIX has a 0.19% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

POMIX vs. SPY - Dividend Comparison

POMIX's dividend yield for the trailing twelve months is around 1.93%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
POMIX T. Rowe Price Total Equity Market Index Fund	1.93%	2.13%	1.76%	1.46%	1.49%	1.53%	1.55%	1.91%	2.89%	0.20%	2.41%	2.08%
SPY State Street SPDR S&P 500 ETF	1.01%	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 POMIX and SPY in my portfolio?

With a correlation of 0.95, POMIX 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, POMIX or SPY?

SPY has higher volatility (3.58%) compared to POMIX (3.38%). In terms of maximum drawdown, POMIX dropped -55.54% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.50), 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.