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SPAB vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPAB vs. SPY

Last updated Jun 4, 2026

SPAB (SPDR Portfolio Aggregate Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPAB is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPAB returned 1.54%/yr vs 15.49%/yr for SPY. At a correlation of -0.12, they often move in opposite directions. SPAB charges 0.03%/yr vs 0.09%/yr for SPY.

Performance

SPAB vs. SPY - Performance Comparison

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

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Returns By Period

In the year-to-date period, SPAB achieves a 0.29% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, SPAB has underperformed SPY with an annualized return of 1.54%, while SPY has yielded a comparatively higher 15.49% annualized return.

SPAB

1D
-0.12%
1M
0.31%
YTD
0.29%
6M
0.14%
1Y
5.24%
3Y*
3.93%
5Y*
0.07%
10Y*
1.54%

SPY

1D
-0.70%
1M
5.05%
YTD
10.91%
6M
10.91%
1Y
27.98%
3Y*
22.35%
5Y*
13.83%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPAB vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPAB
SPDR Portfolio Aggregate Bond ETF		0.29%7.25%1.25%5.56%-13.04%-1.77%7.39%8.67%-0.18%3.71%
SPY
State Street SPDR S&P 500 ETF		10.91%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between SPAB and SPY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.05

Correlation (All Time)
Calculated using the full available price history since May 31, 2007

-0.12

The correlation between SPAB and SPY shifts across timeframes, from -0.12 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Portfolio Aggregate Bond ETF

State Street SPDR S&P 500 ETF

Often compared with SPAB:
SPAB vs. BNDSPAB vs. SCHZSPAB vs. AGGSPAB vs. FBNDSPAB vs. VCLTSPAB vs. CMBSSPAB vs. SCHP
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

SPAB vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPAB
SPAB Risk / Return Rank: 3838
Overall Rank
SPAB Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
SPAB Sortino Ratio Rank: 4141
Sortino Ratio Rank
SPAB Omega Ratio Rank: 3737
Omega Ratio Rank
SPAB Calmar Ratio Rank: 3838
Calmar Ratio Rank
SPAB Martin Ratio Rank: 3636
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPY Omega Ratio Rank: 7070
Omega Ratio Rank
SPY Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
Martin Ratio Rank
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.

SPAB vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Aggregate Bond ETF (SPAB) 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.

SPABSPYDifference
Sharpe ratioReturn per unit of total volatility
1.40
2.38

-0.98

Sortino ratioReturn per unit of downside risk
2.11
3.24

-1.13

Omega ratioGain probability vs. loss probability

1.25

1.43

-0.18

Calmar ratioReturn relative to maximum drawdown

1.92

3.16

-1.24

Martin ratioReturn relative to average drawdown

5.72

14.72

-8.99

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPAB vs. SPY - Sharpe Ratio Comparison

The current SPAB Sharpe Ratio is 1.40, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SPAB 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.

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Sharpe Ratios by Period

SPABSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.40

2.38

-0.98

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.01

0.82

-0.80

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.28

0.87

-0.59

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.59

-0.08

Drawdowns

SPAB vs. SPY - Drawdown Comparison

The maximum SPAB drawdown since its inception was -18.56%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPAB and SPY.

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Drawdown Indicators

SPABSPYDifference

Max Drawdown

Largest peak-to-trough decline

-18.56%

-55.19%

+36.63%

Max Drawdown (1Y)

Largest decline over 1 year

-2.74%

-8.88%

+6.14%

Max Drawdown (3Y)

Largest decline over 3 years

-6.08%

-18.76%

+12.68%

Max Drawdown (5Y)

Largest decline over 5 years

-17.96%

-24.50%

+6.54%

Max Drawdown (10Y)

Largest decline over 10 years

-18.56%

-33.72%

+15.16%

Current Drawdown

Current decline from peak

-2.27%

-0.70%

-1.57%

Average Drawdown

Average peak-to-trough decline

-3.08%

-9.05%

+5.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.92%

1.91%

-0.99%

Volatility

SPAB vs. SPY - Volatility Comparison

The current volatility for SPDR Portfolio Aggregate Bond ETF (SPAB) is 1.15%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that SPAB 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

SPABSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.15%

2.84%

-1.69%

Volatility (6M)

Calculated over the trailing 6-month period

2.57%

8.90%

-6.33%

Volatility (1Y)

Calculated over the trailing 1-year period

3.77%

11.83%

-8.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.92%

17.05%

-11.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.54%

17.94%

-12.40%

SPAB vs. SPY - Expense Ratio Comparison

SPAB has a 0.03% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPAB vs. SPY - Dividend Comparison

SPAB's dividend yield for the trailing twelve months is around 4.05%, more than SPY's 0.98% yield.

PositionTTM20252024202320222021202020192018201720162015
SPAB
SPDR Portfolio Aggregate Bond ETF		4.05%3.97%3.86%3.34%2.59%2.11%2.43%2.92%2.96%2.67%2.63%2.59%
SPY
State Street SPDR S&P 500 ETF		0.98%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

SPAB and SPY have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPY has higher volatility (2.84%) compared to SPAB (1.15%). In terms of maximum drawdown, SPAB dropped -18.56% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.49% vs 1.54% for SPAB. On fees, SPAB is cheaper at 0.03% per year. On volatility, SPAB has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.49% return vs 1.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPAB is cheaper with a 0.03% expense ratio, compared with 0.09% for SPY.

SPAB has the higher dividend yield at 4.05%, compared with 0.98% for SPY.

SPAB is categorized as Total Bond Market, while SPY is S&P 500. SPAB tracks Bloomberg U.S. Aggregate Bond Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.03% for SPAB and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.38 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.

Portfolio Optimizer

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