SPLP vs. SPY

Last updated Jun 3, 2026

SPLP (Steel Partners Holdings L.P.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, SPLP returned 14.26%/yr vs 15.57%/yr for SPY. At a 0.13 correlation, their price movements are largely independent.

Performance

SPLP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Steel Partners Holdings L.P. (SPLP) 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, SPLP achieves a 16.25% return, which is significantly higher than SPY's 11.69% return. Over the past 10 years, SPLP has underperformed SPY with an annualized return of 14.26%, while SPY has yielded a comparatively higher 15.57% annualized return.

SPLP

• 1D: 0.00%
• 1M: 0.00%
• YTD: 16.25%
• 6M: 17.37%
• 1Y: 25.00%
• 3Y*: 4.45%
• 5Y*: 12.57%
• 10Y*: 14.26%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

SPLP vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPLP Steel Partners Holdings L.P.	16.25%	1.06%	6.40%	-6.54%	1.90%	290.70%	-11.16%	-9.70%	-28.34%	28.68%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SPLP and SPY is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Apr 11, 2012	0.13

The correlation between SPLP and SPY shifts across timeframes, from 0.01 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPLP vs. SPY — Risk / Return Rank

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

SPLP

SPLP Risk / Return Rank: 71
SPLP Sharpe Ratio Rank: 63
SPLP Sortino Ratio Rank: 58
SPLP Omega Ratio Rank: 77
SPLP Calmar Ratio Rank: 75
SPLP Martin Ratio Rank: 84

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

SPLP vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Steel Partners Holdings L.P. (SPLP) 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.

	SPLP	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.72	2.52	-1.80
Sortino ratio Return per unit of downside risk	1.24	3.42	-2.18
Omega ratio Gain probability vs. loss probability	1.28	1.46	-0.18
Calmar ratio Return relative to maximum drawdown	2.05	3.42	-1.37
Martin ratio Return relative to average drawdown	8.47	15.93	-7.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPLP vs. SPY - Sharpe Ratio Comparison

The current SPLP Sharpe Ratio is 0.72, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of SPLP 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

	SPLP	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	2.52	-1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.84	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.87	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.59	-0.24

Drawdowns

SPLP vs. SPY - Drawdown Comparison

The maximum SPLP drawdown since its inception was -77.36%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPLP and SPY.

Drawdown Indicators

	SPLP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-77.36%	-55.19%	-22.17%
Max Drawdown (1Y) Largest decline over 1 year	-15.11%	-8.88%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	-35.36%	-18.76%	-16.60%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-24.50%	-10.86%
Max Drawdown (10Y) Largest decline over 10 years	-77.36%	-33.72%	-43.64%
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-16.45%	-9.05%	-7.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	1.91%	+1.74%

Volatility

SPLP vs. SPY - Volatility Comparison

The current volatility for Steel Partners Holdings L.P. (SPLP) is 0.00%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.75%. This indicates that SPLP 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.

Volatility by Period

	SPLP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	2.75%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	31.45%	8.89%	+22.56%
Volatility (1Y) Calculated over the trailing 1-year period	37.92%	11.81%	+26.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.27%	17.05%	+19.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.41%	17.94%	+19.47%

Dividends

SPLP vs. SPY - Dividend Comparison

SPLP has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLP Steel Partners Holdings L.P.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.60%	1.92%	0.97%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	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 SPLP and SPY in my portfolio?

SPLP and SPY have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPLP or SPY?

SPY has higher volatility (2.75%) compared to SPLP (0.00%). In terms of maximum drawdown, SPLP dropped -77.36% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 0.72), 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.