SIXH vs. SPY
SIXH (6 Meridian Hedged Equity-Index Option Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SIXH is a Volatility Hedged Equity fund actively managed by Exchange Traded Concepts, while SPY is a S&P 500 fund tracking the S&P 500 Index. SIXH is actively managed, while SPY is passively managed. Over the past 5 years, SIXH returned 9.64%/yr vs 13.51%/yr for SPY. At a 0.44 correlation, their price movements are largely independent. SIXH charges 0.87%/yr vs 0.09%/yr for SPY.
Performance
SIXH vs. SPY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SIXH having a 9.61% return and SPY slightly higher at 9.74%.
SIXH
- 1D
- 0.55%
- 1M
- 0.87%
- YTD
- 9.61%
- 6M
- 9.61%
- 1Y
- 13.50%
- 3Y*
- 13.19%
- 5Y*
- 9.64%
- 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%
SIXH vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF | 9.61% | 9.47% | 12.06% | 4.93% | 6.90% | 18.37% | 6.49% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 29.47% |
Correlation
The correlation between SIXH and SPY is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since May 11, 2020 | 0.44 |
Over the past year, the correlation between SIXH and SPY has dropped to 0.10 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.
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Return for Risk
SIXH vs. SPY — Risk / Return Rank
SIXH
SPY
SIXH vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 6 Meridian Hedged Equity-Index Option Strategy ETF (SIXH) 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.
| SIXH | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 3.01 | +0.10 |
| Martin ratioReturn relative to average drawdown | 7.88 | 13.54 | -5.66 |
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Drawdowns
SIXH vs. SPY - Drawdown Comparison
The maximum SIXH drawdown since its inception was -11.68%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SIXH and SPY.
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Drawdown Indicators
| SIXH | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.68% | -55.19% | +43.51% |
Max Drawdown (1Y)Largest decline over 1 year | -4.36% | -8.88% | +4.52% |
Max Drawdown (3Y)Largest decline over 3 years | -9.10% | -18.76% | +9.66% |
Max Drawdown (5Y)Largest decline over 5 years | -11.68% | -24.50% | +12.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -0.47% | -1.75% | +1.28% |
Average DrawdownAverage peak-to-trough decline | -1.84% | -9.04% | +7.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 1.97% | -0.25% |
Volatility
SIXH vs. SPY - Volatility Comparison
The current volatility for 6 Meridian Hedged Equity-Index Option Strategy ETF (SIXH) is 2.33%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that SIXH 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.
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Volatility by Period
| SIXH | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 4.64% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 6.07% | 9.75% | -3.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.68% | 12.43% | -4.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.37% | 17.14% | -6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.13% | 17.99% | -7.86% |
SIXH vs. SPY - Expense Ratio Comparison
SIXH has a 0.87% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
SIXH vs. SPY - Dividend Comparison
SIXH's dividend yield for the trailing twelve months is around 1.85%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF | 1.85% | 2.23% | 1.55% | 2.04% | 2.06% | 1.65% | 1.10% | 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
SIXH and SPY have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to SIXH (2.33%). In terms of maximum drawdown, SIXH dropped -11.68% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.51% vs 9.64% for SIXH. On fees, SPY is cheaper at 0.09% per year. On volatility, SIXH has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.51% return vs 9.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.87% for SIXH.
SIXH has the higher dividend yield at 1.85%, compared with 1.01% for SPY.
SIXH is categorized as Volatility Hedged Equity, while SPY is S&P 500. They also come from different issuers: Exchange Traded Concepts and State Street. Their fees differ too: 0.87% for SIXH and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 1.77), 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.
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