SPY vs. ^NDX
SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index, while ^NDX (NASDAQ 100 Index) is an index. Over the past 10 years, SPY returned 15.48%/yr vs 21.32%/yr for ^NDX. Their correlation of 0.83 suggests significant overlap in exposure.
Performance
SPY vs. ^NDX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPY achieves a 10.09% return, which is significantly lower than ^NDX's 20.42% return. Over the past 10 years, SPY has underperformed ^NDX with an annualized return of 15.48%, while ^NDX has yielded a comparatively higher 21.32% annualized return.
SPY
- 1D
- 1.04%
- 1M
- 2.04%
- YTD
- 10.09%
- 6M
- 11.30%
- 1Y
- 26.75%
- 3Y*
- 20.82%
- 5Y*
- 14.00%
- 10Y*
- 15.48%
^NDX
- 1D
- 2.48%
- 1M
- 5.51%
- YTD
- 20.42%
- 6M
- 21.53%
- 1Y
- 39.99%
- 3Y*
- 26.32%
- 5Y*
- 16.70%
- 10Y*
- 21.32%
SPY vs. ^NDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 10.09% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
^NDX NASDAQ 100 Index | 20.42% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 47.58% | 37.96% | -1.04% | 31.52% |
Correlation
The correlation between SPY and ^NDX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993 | 0.83 |
The correlation between SPY and ^NDX shifts across timeframes, from 0.83 (all time) to 0.94 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPY vs. ^NDX — Risk / Return Rank
SPY
^NDX
SPY vs. ^NDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and NASDAQ 100 Index (^NDX). 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.
| SPY | ^NDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.39 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 3.31 | -0.29 |
| Martin ratioReturn relative to average drawdown | 13.61 | 12.29 | +1.32 |
Loading charts...
Drawdowns
SPY vs. ^NDX - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum ^NDX drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for SPY and ^NDX.
Loading charts...
Drawdown Indicators
| SPY | ^NDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -82.90% | +27.71% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -12.12% | +3.24% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -22.93% | +4.17% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -35.56% | +11.06% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -35.56% | +1.84% |
Current DrawdownCurrent decline from peak | -1.44% | -0.83% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -24.60% | +15.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 3.26% | -1.29% |
Volatility
SPY vs. ^NDX - Volatility Comparison
The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.73%, while NASDAQ 100 Index (^NDX) has a volatility of 8.49%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPY | ^NDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 8.49% | -3.76% |
Volatility (6M)Calculated over the trailing 6-month period | 9.81% | 14.35% | -4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.41% | 17.71% | -5.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.15% | 22.84% | -5.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.98% | 22.65% | -4.67% |
Frequently Asked Questions
With a correlation of 0.94, SPY and ^NDX 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.
^NDX has higher volatility (8.49%) compared to SPY (4.73%). In terms of maximum drawdown, SPY dropped -55.19% vs ^NDX's -82.90%.
^NDX currently has the higher Sharpe Ratio (2.27 vs 2.17), 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.
Find the right allocation for SPY and ^NDX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer