SPY vs. ^SP500TR
SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index, while ^SP500TR (S&P 500 Total Return) is an index. Over the past 10 years, SPY returned 15.07%/yr vs 15.17%/yr for ^SP500TR. Their 0.98 correlation means they have historically moved very closely together.
Performance
SPY vs. ^SP500TR - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPY having a 10.13% return and ^SP500TR slightly higher at 10.14%. Both investments have delivered pretty close results over the past 10 years, with SPY having a 15.07% annualized return and ^SP500TR not far ahead at 15.17%.
SPY
- 1D
- 0.72%
- 1M
- 0.17%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 19.50%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
^SP500TR
- 1D
- 0.71%
- 1M
- 0.15%
- 6M
- 8.56%
- YTD
- 10.14%
- 1Y
- 19.56%
- 3Y*
- 19.43%
- 5Y*
- 12.86%
- 10Y*
- 15.17%
- ALL TIME*
- 11.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
^SP500TR S&P 500 Total Return | $0.00 | $0.00 | $0.00 |
| $37.27B | $35.99B | $39.23B |
SPY vs. ^SP500TR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
^SP500TR S&P 500 Total Return | 10.14% | 17.88% | 25.02% | 26.29% | -18.11% | 28.71% | 18.40% | 31.49% | -4.38% | 21.83% |
Correlation
The correlation between SPY and ^SP500TR is 1.00 - 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. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993 | 0.98 |
The correlation between SPY and ^SP500TR has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.
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Return for Risk
SPY vs. ^SP500TR — Risk / Return Rank
SPY
^SP500TR
SPY vs. ^SP500TR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and S&P 500 Total Return (^SP500TR). 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 | ^SP500TR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 2.21 | -0.01 |
| Martin ratioReturn relative to average drawdown | 9.40 | 9.49 | -0.09 |
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Drawdowns
SPY vs. ^SP500TR - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, roughly equal to the maximum ^SP500TR drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for SPY and ^SP500TR.
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Drawdown Indicators
| SPY | ^SP500TR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -55.25% | +0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -8.89% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -18.75% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -24.49% | -0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -33.79% | +0.07% |
Current DrawdownCurrent decline from peak | -1.40% | -1.41% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -9.01% | -8.14% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.08% | 2.07% | +0.01% |
Volatility
SPY vs. ^SP500TR - Volatility Comparison
State Street SPDR S&P 500 ETF (SPY) and S&P 500 Total Return (^SP500TR) have volatilities of 3.58% and 3.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPY | ^SP500TR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.58% | 3.52% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 10.14% | 10.11% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.89% | 12.87% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.18% | 17.01% | +0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.95% | 18.07% | -0.12% |
Frequently Asked Questions
With a correlation of 1.00, SPY and ^SP500TR 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.
SPY has higher volatility (3.58%) compared to ^SP500TR (3.52%). In terms of maximum drawdown, SPY dropped -55.19% vs ^SP500TR's -55.25%.
^SP500TR currently has the higher Sharpe Ratio (1.53 vs 1.52), 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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