SDY vs. SPYD

Last updated Jun 24, 2026

SDY (SPDR S&P Dividend ETF) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - SDY is a Mid Cap Value Equities fund tracking the S&P High Yield Dividend Aristocrats Index, while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past 10 years, SDY returned 9.56%/yr vs 8.86%/yr for SPYD. Their correlation of 0.91 suggests significant overlap in exposure. SDY charges 0.35%/yr vs 0.07%/yr for SPYD.

Performance

SDY vs. SPYD - Performance Comparison

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

Returns By Period

In the year-to-date period, SDY achieves a 9.15% return, which is significantly lower than SPYD's 12.56% return. Over the past 10 years, SDY has outperformed SPYD with an annualized return of 9.56%, while SPYD has yielded a comparatively lower 8.86% annualized return.

SDY

• 1D: 0.46%
• 1M: 0.67%
• YTD: 9.15%
• 6M: 8.72%
• 1Y: 14.49%
• 3Y*: 10.83%
• 5Y*: 6.94%
• 10Y*: 9.56%

SPYD

• 1D: 0.93%
• 1M: 1.01%
• YTD: 12.56%
• 6M: 12.79%
• 1Y: 18.22%
• 3Y*: 15.16%
• 5Y*: 8.06%
• 10Y*: 8.86%

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

SDY vs. SPYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDY SPDR S&P Dividend ETF	9.15%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	12.56%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%

Correlation

The correlation between SDY and SPYD is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 22, 2015	0.91

The correlation between SDY and SPYD has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

SDY vs. SPYD - Sectors Allocation Comparison

Sectors	SDY	SPYD
Industrials	17.1%	2.3%
Consumer Defensive	16.1%	16.0%
Utilities	14.0%	11.2%
Financial Services	11.9%	11.9%
Technology	11.8%	3.2%
Healthcare	7.4%	5.3%
Basic Materials	5.9%	3.0%
Consumer Cyclical	5.9%	7.3%
Real Estate	4.4%	26.5%
Energy	3.0%	8.5%
Communication Services	2.5%	4.8%

Return for Risk

SDY vs. SPYD — Risk / Return Rank

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

SDY

SDY Risk / Return Rank: 39
SDY Sharpe Ratio Rank: 41
SDY Sortino Ratio Rank: 44
SDY Omega Ratio Rank: 38
SDY Calmar Ratio Rank: 39
SDY Martin Ratio Rank: 35

SPYD

SPYD Risk / Return Rank: 47
SPYD Sharpe Ratio Rank: 46
SPYD Sortino Ratio Rank: 48
SPYD Omega Ratio Rank: 42
SPYD Calmar Ratio Rank: 54
SPYD Martin Ratio Rank: 46

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.

SDY vs. SPYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Dividend ETF (SDY) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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.

	SDY	SPYD	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.54	-0.14
Sortino ratio: Return per unit of downside risk	2.13	2.31	-0.17
Omega ratio: Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	1.90	2.59	-0.70
Martin ratio: Return relative to average drawdown	5.10	7.47	-2.37

SDY vs. SPYD - Sharpe Ratio Comparison

The current SDY Sharpe Ratio is 1.40, which is comparable to the SPYD Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of SDY and SPYD, 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

SDY vs. SPYD - Drawdown Comparison

The maximum SDY drawdown since its inception was -54.75%, which is greater than SPYD's maximum drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for SDY and SPYD.

Drawdown Indicators

	SDY	SPYD	Difference
Max Drawdown Largest peak-to-trough decline	-54.75%	-46.42%	-8.33%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-7.05%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-16.13%	+1.74%
Max Drawdown (5Y) Largest decline over 5 years	-15.21%	-22.25%	+7.04%
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	-46.42%	+9.72%
Current Drawdown Current decline from peak	-2.59%	-1.89%	-0.70%
Average Drawdown Average peak-to-trough decline	-6.20%	-6.14%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.44%	+0.41%

Volatility

SDY vs. SPYD - Volatility Comparison

The current volatility for SPDR S&P Dividend ETF (SDY) is 3.08%, while State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a volatility of 3.68%. This indicates that SDY experiences smaller price fluctuations and is considered to be less risky than SPYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDY	SPYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	3.68%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	8.05%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	10.45%	11.87%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.99%	16.07%	-2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	19.78%	-2.70%

SDY vs. SPYD - Expense Ratio Comparison

SDY has a 0.35% expense ratio, which is higher than SPYD's 0.07% expense ratio.

Dividends

SDY vs. SPYD - Dividend Comparison

SDY's dividend yield for the trailing twelve months is around 2.49%, less than SPYD's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SDY SPDR S&P Dividend ETF	2.49%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.26%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both SDY and SPYD in my portfolio?

With a correlation of 0.91, SDY and SPYD 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, SDY or SPYD?

SPYD has higher volatility (3.68%) compared to SDY (3.08%). In terms of maximum drawdown, SDY dropped -54.75% vs SPYD's -46.42%.

Which ETF is better, SDY or SPYD?

On 10-year performance, SDY leads with 9.56% vs 8.86% for SPYD. On fees, SPYD is cheaper at 0.07% per year. On volatility, SDY has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDY or SPYD?

Over the 10-year period, SDY has performed better with a 9.56% return vs 8.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDY or SPYD?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.35% for SDY.

Which ETF pays a higher dividend yield, SDY or SPYD?

SPYD has the higher dividend yield at 4.26%, compared with 2.49% for SDY.

What is the main difference between SDY and SPYD?

SDY is categorized as Mid Cap Value Equities, while SPYD is S&P 500. SDY tracks S&P High Yield Dividend Aristocrats Index, while SPYD tracks S&P 500 High Dividend Index. Their fees differ too: 0.35% for SDY and 0.07% for SPYD.

Which has better risk-adjusted returns?

SPYD currently has the higher Sharpe Ratio (1.54 vs 1.40), 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.