SIO vs. SPY

Last updated Jun 23, 2026

SIO (Touchstone Strategic Income Opportunities ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SIO is a Multisector Bonds fund actively managed by Touchstone, while SPY is a S&P 500 fund tracking the S&P 500 Index. SIO is actively managed, while SPY is passively managed. Over the past 3 years, SIO returned 7.31%/yr vs 21.27%/yr for SPY. At a 0.37 correlation, their price movements are largely independent. SIO charges 0.65%/yr vs 0.09%/yr for SPY.

Performance

SIO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Strategic Income Opportunities ETF (SIO) 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, SIO achieves a 0.99% return, which is significantly lower than SPY's 9.74% return.

SIO

• 1D: -0.21%
• 1M: 0.58%
• YTD: 0.99%
• 6M: 1.26%
• 1Y: 6.00%
• 3Y*: 7.31%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

SIO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SIO Touchstone Strategic Income Opportunities ETF	0.99%	9.29%	6.15%	8.48%	0.70%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-2.36%

Correlation

The correlation between SIO and SPY is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jul 25, 2022	0.37

Return for Risk

SIO vs. SPY — Risk / Return Rank

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

SIO

SIO Risk / Return Rank: 42
SIO Sharpe Ratio Rank: 40
SIO Sortino Ratio Rank: 41
SIO Omega Ratio Rank: 39
SIO Calmar Ratio Rank: 47
SIO Martin Ratio Rank: 43

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

SIO vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Strategic Income Opportunities ETF (SIO) 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.

	SIO	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.16	-0.78
Sortino ratio: Return per unit of downside risk	2.03	2.91	-0.88
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.14
Calmar ratio: Return relative to maximum drawdown	2.29	3.01	-0.72
Martin ratio: Return relative to average drawdown	6.82	13.54	-6.71

SIO vs. SPY - Sharpe Ratio Comparison

The current SIO Sharpe Ratio is 1.37, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SIO 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

SIO vs. SPY - Drawdown Comparison

The maximum SIO drawdown since its inception was -6.94%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SIO and SPY.

Drawdown Indicators

	SIO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-6.94%	-55.19%	+48.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.62%	-8.88%	+6.26%
Max Drawdown (3Y) Largest decline over 3 years	-4.34%	-18.76%	+14.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.94%	-1.75%	+0.81%
Average Drawdown Average peak-to-trough decline	-1.24%	-9.04%	+7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.97%	-1.09%

Volatility

SIO vs. SPY - Volatility Comparison

The current volatility for Touchstone Strategic Income Opportunities ETF (SIO) is 1.00%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that SIO 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

	SIO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	4.64%	-3.64%
Volatility (6M) Calculated over the trailing 6-month period	2.99%	9.75%	-6.76%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	12.43%	-8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.98%	17.14%	-12.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	17.99%	-13.01%

SIO vs. SPY - Expense Ratio Comparison

SIO has a 0.65% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SIO vs. SPY - Dividend Comparison

SIO's dividend yield for the trailing twelve months is around 6.92%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SIO Touchstone Strategic Income Opportunities ETF	6.92%	6.80%	5.30%	5.37%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 SIO and SPY in my portfolio?

SIO and SPY have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIO or SPY?

SPY has higher volatility (4.64%) compared to SIO (1.00%). In terms of maximum drawdown, SIO dropped -6.94% vs SPY's -55.19%.

Which ETF is better, SIO or SPY?

On 3-year performance, SPY leads with 21.27% vs 7.31% for SIO. On fees, SPY is cheaper at 0.09% per year. On volatility, SIO has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIO or SPY?

Over the 3-year period, SPY has performed better with a 21.27% return vs 7.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIO or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.65% for SIO.

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

SIO has the higher dividend yield at 6.92%, compared with 1.01% for SPY.

What is the main difference between SIO and SPY?

SIO is categorized as Multisector Bonds, while SPY is S&P 500. They also come from different issuers: Touchstone and State Street. Their fees differ too: 0.65% for SIO and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.37), 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.