SPRX vs. MSFT

Last updated Jun 9, 2026

SPRX (Spear Alpha ETF) is Technology Equities fund actively managed by Spear, while MSFT (Microsoft Corporation) is a stock. Over the past 3 years, SPRX returned 44.05%/yr vs 8.85%/yr for MSFT. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

SPRX vs. MSFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spear Alpha ETF (SPRX) and Microsoft Corporation (MSFT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPRX achieves a 39.82% return, which is significantly higher than MSFT's -14.48% return.

SPRX

• 1D: 4.65%
• 1M: 17.24%
• YTD: 39.82%
• 6M: 30.97%
• 1Y: 97.11%
• 3Y*: 44.05%
• 5Y*: —
• 10Y*: —

MSFT

• 1D: -1.18%
• 1M: -0.60%
• YTD: -14.48%
• 6M: -15.77%
• 1Y: -11.77%
• 3Y*: 8.85%
• 5Y*: 11.09%
• 10Y*: 24.64%

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

SPRX vs. MSFT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPRX Spear Alpha ETF	39.82%	41.91%	20.58%	88.02%	-44.99%	8.91%
MSFT Microsoft Corporation	-14.48%	15.58%	12.93%	58.19%	-28.02%	17.82%

Correlation

The correlation between SPRX and MSFT is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.59

Over the past year, the correlation between SPRX and MSFT has dropped to 0.32 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

SPRX vs. MSFT — Risk / Return Rank

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

SPRX

SPRX Risk / Return Rank: 71
SPRX Sharpe Ratio Rank: 75
SPRX Sortino Ratio Rank: 60
SPRX Omega Ratio Rank: 62
SPRX Calmar Ratio Rank: 83
SPRX Martin Ratio Rank: 74

MSFT

MSFT Risk / Return Rank: 24
MSFT Sharpe Ratio Rank: 21
MSFT Sortino Ratio Rank: 21
MSFT Omega Ratio Rank: 20
MSFT Calmar Ratio Rank: 31
MSFT Martin Ratio Rank: 28

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.

SPRX vs. MSFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) and Microsoft Corporation (MSFT). 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.

	SPRX	MSFT	Difference
Sharpe ratio: Return per unit of total volatility	2.17	-0.47	+2.64
Sortino ratio: Return per unit of downside risk	2.55	-0.49	+3.04
Omega ratio: Gain probability vs. loss probability	1.34	0.94	+0.40
Calmar ratio: Return relative to maximum drawdown	4.03	-0.35	+4.38
Martin ratio: Return relative to average drawdown	12.67	-0.73	+13.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPRX vs. MSFT - Sharpe Ratio Comparison

The current SPRX Sharpe Ratio is 2.17, which is higher than the MSFT Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of SPRX and MSFT, 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

	SPRX	MSFT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	-0.47	+2.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.74	-0.20

Drawdowns

SPRX vs. MSFT - Drawdown Comparison

The maximum SPRX drawdown since its inception was -51.21%, smaller than the maximum MSFT drawdown of -69.38%. Use the drawdown chart below to compare losses from any high point for SPRX and MSFT.

Drawdown Indicators

	SPRX	MSFT	Difference
Max Drawdown Largest peak-to-trough decline	-51.21%	-69.38%	+18.17%
Max Drawdown (1Y) Largest decline over 1 year	-24.21%	-33.91%	+9.70%
Max Drawdown (3Y) Largest decline over 3 years	-42.12%	-33.91%	-8.21%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.15%	—
Current Drawdown Current decline from peak	-8.41%	-23.56%	+15.15%
Average Drawdown Average peak-to-trough decline	-17.62%	-21.78%	+4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.69%	16.13%	-8.44%

Volatility

SPRX vs. MSFT - Volatility Comparison

Spear Alpha ETF (SPRX) has a higher volatility of 18.67% compared to Microsoft Corporation (MSFT) at 10.25%. This indicates that SPRX's price experiences larger fluctuations and is considered to be riskier than MSFT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPRX	MSFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.67%	10.25%	+8.42%
Volatility (6M) Calculated over the trailing 6-month period	37.41%	22.36%	+15.05%
Volatility (1Y) Calculated over the trailing 1-year period	45.02%	25.31%	+19.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.01%	26.64%	+15.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.01%	27.06%	+14.95%

Dividends

SPRX vs. MSFT - Dividend Comparison

SPRX has not paid dividends to shareholders, while MSFT's dividend yield for the trailing twelve months is around 0.86%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSFT Microsoft Corporation	0.86%	0.70%	0.73%	0.74%	1.06%	0.68%	0.94%	1.20%	1.69%	1.86%	2.37%	2.33%
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPRX and MSFT in my portfolio?

SPRX and MSFT have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPRX or MSFT?

SPRX has higher volatility (18.67%) compared to MSFT (10.25%). In terms of maximum drawdown, SPRX dropped -51.21% vs MSFT's -69.38%.

Which has better risk-adjusted returns?

SPRX currently has the higher Sharpe Ratio (2.17 vs -0.47), 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.