SPGM vs. INKM
SPGM (SPDR Portfolio MSCI Global Stock Market ETF) and INKM (SPDR SSgA Income Allocation ETF) are both Global Equities funds from State Street. SPGM is passively managed, while INKM is actively managed. Over the past 10 years, SPGM returned 12.68%/yr vs 5.35%/yr for INKM. Their 0.67 correlation means they have sometimes moved together and sometimes differently. SPGM charges 0.09%/yr vs 0.50%/yr for INKM.
Performance
SPGM vs. INKM - Performance Comparison
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Returns By Period
In the year-to-date period, SPGM achieves a 11.77% return, which is significantly higher than INKM's 6.55% return. Over the past 10 years, SPGM has outperformed INKM with an annualized return of 12.68%, while INKM has yielded a comparatively lower 5.35% annualized return.
SPGM
- 1D
- 0.22%
- 1M
- -0.02%
- 6M
- 8.38%
- YTD
- 11.77%
- 1Y
- 25.45%
- 3Y*
- 18.71%
- 5Y*
- 11.13%
- 10Y*
- 12.68%
- ALL TIME*
- 11.23%
INKM
- 1D
- -0.08%
- 1M
- -0.01%
- 6M
- 3.84%
- YTD
- 6.55%
- 1Y
- 11.75%
- 3Y*
- 9.41%
- 5Y*
- 4.22%
- 10Y*
- 5.35%
- ALL TIME*
- 5.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $294.57K | $201.29K | $258.16K | |
| $10.27M | $14.25M | $20.66M |
SPGM vs. INKM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGM SPDR Portfolio MSCI Global Stock Market ETF | 11.77% | 23.62% | 16.75% | 21.34% | -17.53% | 21.13% | 15.28% | 26.58% | -10.12% | 23.26% |
INKM SPDR SSgA Income Allocation ETF | 6.55% | 11.86% | 5.70% | 10.26% | -12.58% | 8.52% | 3.11% | 17.12% | -5.32% | 13.95% |
Correlation
The correlation between SPGM and INKM is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.67 |
The correlation between SPGM and INKM has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.
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Return for Risk
SPGM vs. INKM — Risk / Return Rank
SPGM
INKM
SPGM vs. INKM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and SPDR SSgA Income Allocation ETF (INKM). 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.
| SPGM | INKM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.37 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.58 | -0.04 |
| Martin ratioReturn relative to average drawdown | 10.70 | 10.16 | +0.53 |
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Drawdowns
SPGM vs. INKM - Drawdown Comparison
The maximum SPGM drawdown since its inception was -33.97%, which is greater than INKM's maximum drawdown of -28.58%. Use the drawdown chart below to compare losses from any high point for SPGM and INKM.
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Drawdown Indicators
| SPGM | INKM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.97% | -28.58% | -5.39% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -4.55% | -4.95% |
Max Drawdown (3Y)Largest decline over 3 years | -16.90% | -7.36% | -9.54% |
Max Drawdown (5Y)Largest decline over 5 years | -25.93% | -19.18% | -6.75% |
Max Drawdown (10Y)Largest decline over 10 years | -33.97% | -28.58% | -5.39% |
Current DrawdownCurrent decline from peak | -1.83% | -0.45% | -1.38% |
Average DrawdownAverage peak-to-trough decline | -4.77% | -3.66% | -1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 1.15% | +1.10% |
Volatility
SPGM vs. INKM - Volatility Comparison
SPDR Portfolio MSCI Global Stock Market ETF (SPGM) has a higher volatility of 3.94% compared to SPDR SSgA Income Allocation ETF (INKM) at 1.25%. This indicates that SPGM's price experiences larger fluctuations and is considered to be riskier than INKM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPGM | INKM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.94% | 1.25% | +2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 11.76% | 4.70% | +7.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.05% | 6.01% | +8.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.18% | 8.31% | +7.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.35% | 9.74% | +7.61% |
SPGM vs. INKM - Expense Ratio Comparison
SPGM has a 0.09% expense ratio, which is lower than INKM's 0.50% expense ratio.
Dividends
SPGM vs. INKM - Dividend Comparison
SPGM's dividend yield for the trailing twelve months is around 1.81%, less than INKM's 4.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INKM SPDR SSgA Income Allocation ETF | 4.78% | 5.82% | 4.83% | 4.56% | 5.03% | 3.74% | 3.88% | 4.38% | 4.08% | 3.10% | 3.39% | 3.45% |
SPGM SPDR Portfolio MSCI Global Stock Market ETF | 1.81% | 1.89% | 1.98% | 2.09% | 2.37% | 1.94% | 1.45% | 2.46% | 1.89% | 2.29% | 1.87% | 3.70% |
Frequently Asked Questions
SPGM and INKM have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPGM has higher volatility (3.94%) compared to INKM (1.25%). In terms of maximum drawdown, SPGM dropped -33.97% vs INKM's -28.58%.
On 10-year performance, SPGM leads with 12.68% vs 5.35% for INKM. On fees, SPGM is cheaper at 0.09% per year. On volatility, INKM has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPGM has performed better with a 12.68% return vs 5.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPGM is cheaper with a 0.09% expense ratio, compared with 0.50% for INKM.
INKM has the higher dividend yield at 4.78%, compared with 1.81% for SPGM.
Their fees differ too: 0.09% for SPGM and 0.50% for INKM.
INKM currently has the higher Sharpe Ratio (1.96 vs 1.72), 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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