SPBC vs. SPY

Last updated Jun 4, 2026

SPBC (Simplify US Equity PLUS GBTC ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPBC is a Diversified Portfolio fund actively managed by Simplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. SPBC is actively managed, while SPY is passively managed. Over the past 5 years, SPBC returned 15.96%/yr vs 13.83%/yr for SPY. Their correlation of 0.91 suggests significant overlap in exposure. SPBC charges 0.50%/yr vs 0.09%/yr for SPY.

Performance

SPBC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS GBTC ETF (SPBC) 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, SPBC achieves a 7.71% return, which is significantly lower than SPY's 10.91% return.

SPBC

• 1D: -0.90%
• 1M: 3.04%
• YTD: 7.71%
• 6M: 7.18%
• 1Y: 21.45%
• 3Y*: 28.29%
• 5Y*: 15.96%
• 10Y*: —

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)

SPBC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPBC Simplify US Equity PLUS GBTC ETF	7.71%	16.83%	37.32%	48.04%	-28.00%	14.87%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	14.70%

Correlation

The correlation between SPBC and SPY is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.91

The correlation between SPBC and SPY has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

SPBC vs. SPY - Sectors Allocation Comparison

Sectors	SPBC	SPY
Technology	35.6%	35.9%
Financial Services	11.8%	11.8%
Communication Services	11.2%	11.3%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.5%	8.4%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.6%
Utilities	2.4%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

SPBC vs. SPY — Risk / Return Rank

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

SPBC

SPBC Risk / Return Rank: 40
SPBC Sharpe Ratio Rank: 42
SPBC Sortino Ratio Rank: 40
SPBC Omega Ratio Rank: 40
SPBC Calmar Ratio Rank: 35
SPBC Martin Ratio Rank: 40

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

SPBC vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) 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.

	SPBC	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.38	-0.89
Sortino ratio: Return per unit of downside risk	2.08	3.24	-1.16
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.17
Calmar ratio: Return relative to maximum drawdown	1.76	3.16	-1.40
Martin ratio: Return relative to average drawdown	6.38	14.72	-8.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPBC vs. SPY - Sharpe Ratio Comparison

The current SPBC Sharpe Ratio is 1.49, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SPBC 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.

Sharpe Ratios by Period

	SPBC	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	2.38	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.82	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.59	+0.21

Drawdowns

SPBC vs. SPY - Drawdown Comparison

The maximum SPBC drawdown since its inception was -33.99%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPBC and SPY.

Drawdown Indicators

	SPBC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-55.19%	+21.20%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	-8.88%	-3.36%
Max Drawdown (3Y) Largest decline over 3 years	-21.00%	-18.76%	-2.24%
Max Drawdown (5Y) Largest decline over 5 years	-33.99%	-24.50%	-9.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.28%	-0.70%	-0.58%
Average Drawdown Average peak-to-trough decline	-8.64%	-9.05%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	1.91%	+1.46%

Volatility

SPBC vs. SPY - Volatility Comparison

Simplify US Equity PLUS GBTC ETF (SPBC) has a higher volatility of 3.38% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that SPBC'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

	SPBC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	2.84%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	8.90%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	11.83%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	17.05%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.39%	17.94%	+2.45%

SPBC vs. SPY - Expense Ratio Comparison

SPBC has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SPBC vs. SPY - Dividend Comparison

SPBC's dividend yield for the trailing twelve months is around 0.83%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPBC Simplify US Equity PLUS GBTC ETF	0.83%	0.85%	0.98%	3.79%	0.60%	1.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both SPBC and SPY in my portfolio?

With a correlation of 0.95, SPBC and SPY 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, SPBC or SPY?

SPBC has higher volatility (3.38%) compared to SPY (2.84%). In terms of maximum drawdown, SPBC dropped -33.99% vs SPY's -55.19%.

Which ETF is better, SPBC or SPY?

On 5-year performance, SPBC leads with 15.96% vs 13.83% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBC or SPY?

Over the 5-year period, SPBC has performed better with a 15.96% return vs 13.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBC or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for SPBC.

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

SPY has the higher dividend yield at 0.98%, compared with 0.83% for SPBC.

What is the main difference between SPBC and SPY?

SPBC is categorized as Diversified Portfolio, while SPY is S&P 500. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.50% for SPBC and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.49), 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.