SPFFX vs. SPY

Last updated Aug 1, 2026

SPFFX (Sphere 500 Climate Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - SPFFX is a Large Cap Blend Equities fund managed by Sphere, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 3 years, SPFFX returned 19.38%/yr vs 19.32%/yr for SPY. Their 0.99 correlation means they have historically moved very closely together. SPFFX charges 0.11%/yr vs 0.09%/yr for SPY.

Performance

SPFFX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sphere 500 Climate Fund (SPFFX) 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, SPFFX achieves a 8.82% return, which is significantly lower than SPY's 10.13% return.

SPFFX

• 1D: 1.92%
• 1M: -1.08%
• 6M: 8.14%
• YTD: 8.82%
• 1Y: 20.32%
• 3Y*: 19.38%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.19%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPFFX Sphere 500 Climate Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

SPFFX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPFFX Sphere 500 Climate Fund	8.82%	18.12%	25.13%	29.48%	-20.03%	9.04%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	11.20%

Correlation

The correlation between SPFFX and SPY is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021	0.99

The correlation between SPFFX and SPY has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

SPFFX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPFFX

SPFFX Risk / Return Rank: 44
SPFFX Sharpe Ratio Rank: 45
SPFFX Sortino Ratio Rank: 43
SPFFX Omega Ratio Rank: 42
SPFFX Calmar Ratio Rank: 42
SPFFX Martin Ratio Rank: 49

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPFFX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sphere 500 Climate Fund (SPFFX) 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.

	SPFFX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.52	-0.28
Sortino ratio: Return per unit of downside risk	1.75	2.11	-0.36
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.66	2.20	-0.54
Martin ratio: Return relative to average drawdown	6.68	9.40	-2.72

SPFFX vs. SPY - Sharpe Ratio Comparison

The current SPFFX Sharpe Ratio is 1.24, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of SPFFX 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

SPFFX vs. SPY - Drawdown Comparison

The maximum SPFFX drawdown since its inception was -25.11%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPFFX and SPY.

Drawdown Indicators

	SPFFX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-25.11%	-55.19%	+30.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.75%	-8.88%	-1.87%
Max Drawdown (3Y) Largest decline over 3 years	-19.97%	-18.76%	-1.21%
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	-3.00%	-1.40%	-1.60%
Average Drawdown Average peak-to-trough decline	-6.26%	-9.01%	+2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.08%	+0.59%

Volatility

SPFFX vs. SPY - Volatility Comparison

Sphere 500 Climate Fund (SPFFX) has a higher volatility of 4.03% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that SPFFX'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

	SPFFX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	3.58%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	11.54%	10.14%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	12.89%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	17.18%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	17.95%	-0.79%

SPFFX vs. SPY - Expense Ratio Comparison

SPFFX has a 0.11% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPFFX vs. SPY - Dividend Comparison

SPFFX's dividend yield for the trailing twelve months is around 6.25%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPFFX Sphere 500 Climate Fund	6.25%	6.80%	1.06%	1.32%	0.73%	0.14%	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 SPFFX and SPY in my portfolio?

With a correlation of 0.99, SPFFX 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, SPFFX or SPY?

SPFFX has higher volatility (4.03%) compared to SPY (3.58%). In terms of maximum drawdown, SPFFX dropped -25.11% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.24), 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.