SPY vs. ^SP500TR

Last updated Jun 6, 2026

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 15.16%/yr vs 15.58%/yr for ^SP500TR. With a 0.98 correlation, they move nearly in lockstep.

Performance

SPY vs. ^SP500TR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and S&P 500 Total Return (^SP500TR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY achieves a 8.45% return, which is significantly lower than ^SP500TR's 11.36% return. Both investments have delivered pretty close results over the past 10 years, with SPY having a 15.16% annualized return and ^SP500TR not far ahead at 15.58%.

SPY

• 1D: -2.58%
• 1M: 0.51%
• YTD: 8.45%
• 6M: 8.18%
• 1Y: 25.79%
• 3Y*: 21.43%
• 5Y*: 13.32%
• 10Y*: 15.16%

^SP500TR

• 1D: 0.42%
• 1M: 4.61%
• YTD: 11.36%
• 6M: 11.27%
• 1Y: 28.58%
• 3Y*: 22.72%
• 5Y*: 14.02%
• 10Y*: 15.58%

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

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	8.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
^SP500TR S&P 500 Total Return	11.36%	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 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 1, 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.

Return for Risk

SPY vs. ^SP500TR — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 66
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

^SP500TR

^SP500TR Risk / Return Rank: 84
^SP500TR Sharpe Ratio Rank: 83
^SP500TR Sortino Ratio Rank: 85
^SP500TR Omega Ratio Rank: 83
^SP500TR Calmar Ratio Rank: 80
^SP500TR Martin Ratio Rank: 90

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.

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.

	SPY	^SP500TR	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.42	-0.28
Sortino ratio: Return per unit of downside risk	2.88	3.30	-0.42
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	2.92	3.23	-0.31
Martin ratio: Return relative to average drawdown	13.50	15.09	-1.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY vs. ^SP500TR - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.14, which is comparable to the ^SP500TR Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of SPY and ^SP500TR, 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

	SPY	^SP500TR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.42	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.83	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.87	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.65	-0.06

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.

Drawdown Indicators

	SPY	^SP500TR	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-2.90%	-0.32%	-2.58%
Average Drawdown Average peak-to-trough decline	-9.05%	-8.16%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.90%	+0.01%

Volatility

SPY vs. ^SP500TR - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 3.73% compared to S&P 500 Total Return (^SP500TR) at 2.87%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than ^SP500TR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	^SP500TR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	2.87%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	9.00%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	11.88%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	16.90%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	18.06%	-0.11%

Frequently Asked Questions

Can I hold both SPY and ^SP500TR in my portfolio?

With a correlation of 0.99, 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.

Which is riskier, SPY or ^SP500TR?

SPY has higher volatility (3.73%) compared to ^SP500TR (2.87%). In terms of maximum drawdown, SPY dropped -55.19% vs ^SP500TR's -55.25%.

Which has better risk-adjusted returns?

^SP500TR currently has the higher Sharpe Ratio (2.42 vs 2.14), 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.