REGL vs. SPY

Last updated Aug 2, 2026

REGL (ProShares S&P MidCap 400 Dividend Aristocrats ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - REGL is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Dividend Aristocrats Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, REGL returned 9.70%/yr vs 15.07%/yr for SPY. Their 0.69 correlation means they have sometimes moved together and sometimes differently. REGL charges 0.40%/yr vs 0.09%/yr for SPY.

Performance

REGL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) 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, REGL achieves a 12.54% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, REGL has underperformed SPY with an annualized return of 9.70%, while SPY has yielded a comparatively higher 15.07% annualized return.

REGL

• 1D: -0.09%
• 1M: 1.53%
• 6M: 7.57%
• YTD: 12.54%
• 1Y: 17.58%
• 3Y*: 11.47%
• 5Y*: 8.17%
• 10Y*: 9.70%
• ALL TIME*: 10.00%

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)
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF	$11.86M	$8.77M	$5.92M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

REGL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF	12.54%	6.89%	12.26%	5.41%	-0.62%	20.38%	7.50%	18.79%	-3.25%	10.17%
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 REGL and SPY is 0.36, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.36
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015	0.69

Over the past year, the correlation between REGL and SPY has dropped to 0.36 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

REGL vs. SPY - Sectors Allocation Comparison

Sectors	REGL	SPY
Financial Services	32.0%	12.5%
Industrials	15.5%	7.6%
Utilities	13.4%	2.6%
Consumer Cyclical	10.7%	8.9%
Basic Materials	8.7%	1.9%
Real Estate	7.6%	2.0%
Healthcare	4.6%	9.4%
Energy	3.1%	3.4%
Consumer Defensive	2.6%	4.8%
Technology	1.7%	36.9%
Communication Services	-	9.7%

Return for Risk

REGL vs. SPY — Risk / Return Rank

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

REGL

REGL Risk / Return Rank: 50
REGL Sharpe Ratio Rank: 52
REGL Sortino Ratio Rank: 56
REGL Omega Ratio Rank: 48
REGL Calmar Ratio Rank: 47
REGL Martin Ratio Rank: 47

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.

REGL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) 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.

	REGL	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.52	-0.27
Sortino ratio: Return per unit of downside risk	1.94	2.11	-0.17
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.70	2.20	-0.50
Martin ratio: Return relative to average drawdown	5.31	9.40	-4.09

REGL vs. SPY - Sharpe Ratio Comparison

The current REGL Sharpe Ratio is 1.25, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of REGL 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

REGL vs. SPY - Drawdown Comparison

The maximum REGL drawdown since its inception was -36.37%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for REGL and SPY.

Drawdown Indicators

	REGL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-36.37%	-55.19%	+18.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-8.88%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	-16.96%	-18.76%	+1.80%
Max Drawdown (5Y) Largest decline over 5 years	-16.96%	-24.50%	+7.54%
Max Drawdown (10Y) Largest decline over 10 years	-36.37%	-33.72%	-2.65%
Current Drawdown Current decline from peak	-1.92%	-1.40%	-0.52%
Average Drawdown Average peak-to-trough decline	-4.05%	-9.01%	+4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	2.08%	+1.01%

Volatility

REGL vs. SPY - Volatility Comparison

ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) has a higher volatility of 4.14% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that REGL'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

	REGL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	3.58%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	10.14%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	12.89%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	17.18%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	17.95%	+0.36%

REGL vs. SPY - Expense Ratio Comparison

REGL has a 0.40% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

REGL vs. SPY - Dividend Comparison

REGL's dividend yield for the trailing twelve months is around 2.17%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF	2.17%	2.32%	2.28%	2.40%	2.32%	2.50%	2.41%	1.96%	2.09%	1.63%	1.20%	1.66%
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 REGL and SPY in my portfolio?

REGL and SPY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, REGL or SPY?

REGL has higher volatility (4.14%) compared to SPY (3.58%). In terms of maximum drawdown, REGL dropped -36.37% vs SPY's -55.19%.

Which ETF is better, REGL or SPY?

On 10-year performance, SPY leads with 15.07% vs 9.70% for REGL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, REGL or SPY?

Over the 10-year period, SPY has performed better with a 15.07% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, REGL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.40% for REGL.

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

REGL has the higher dividend yield at 2.17%, compared with 1.01% for SPY.

What is the main difference between REGL and SPY?

REGL is categorized as Mid Cap Value Equities, while SPY is S&P 500. REGL tracks S&P MidCap 400 Dividend Aristocrats Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.40% for REGL and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.25), 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.