SPY vs. BTC-USD
SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, SPY returned 14.97%/yr vs 57.64%/yr for BTC-USD. At a 0.13 correlation, their price movements are largely independent.
Performance
SPY vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, SPY achieves a 9.58% return, which is significantly higher than BTC-USD's -27.00% return. Over the past 10 years, SPY has underperformed BTC-USD with an annualized return of 14.97%, while BTC-USD has yielded a comparatively higher 57.64% annualized return.
SPY
- 1D
- -0.99%
- 1M
- 0.57%
- 6M
- 8.04%
- YTD
- 9.58%
- 1Y
- 19.66%
- 3Y*
- 19.32%
- 5Y*
- 13.02%
- 10Y*
- 14.97%
BTC-USD
- 1D
- 0.16%
- 1M
- -0.89%
- 6M
- -33.12%
- YTD
- -27.00%
- 1Y
- -46.45%
- 3Y*
- 28.84%
- 5Y*
- 14.98%
- 10Y*
- 57.64%
SPY vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 9.58% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
BTC-USD Bitcoin | -27.00% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between SPY and BTC-USD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2012 | 0.13 |
Over the past year, SPY and BTC-USD have become more correlated (0.37) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
SPY vs. BTC-USD — Risk / Return Rank
SPY
BTC-USD
SPY vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.65 | ||
| Sortino ratioReturn per unit of downside risk | +3.82 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.83 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | -0.88 | +3.10 |
| Martin ratioReturn relative to average drawdown | 9.66 | -1.41 | +11.07 |
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Drawdowns
SPY vs. BTC-USD - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for SPY and BTC-USD.
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Drawdown Indicators
| SPY | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -85.30% | +30.11% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -53.08% | +44.20% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -53.08% | +34.32% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -76.67% | +52.17% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -83.80% | +50.08% |
Current DrawdownCurrent decline from peak | -1.89% | -48.79% | +46.90% |
Average DrawdownAverage peak-to-trough decline | -9.02% | -42.59% | +33.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 29.41% | -27.37% |
Volatility
SPY vs. BTC-USD - Volatility Comparison
The current volatility for State Street SPDR S&P 500 ETF (SPY) is 3.67%, while Bitcoin (BTC-USD) has a volatility of 9.63%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPY | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 9.63% | -5.96% |
Volatility (6M)Calculated over the trailing 6-month period | 10.06% | 34.90% | -24.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.63% | 35.73% | -23.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.17% | 43.96% | -26.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.93% | 56.33% | -38.40% |
Frequently Asked Questions
SPY and BTC-USD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (9.63%) compared to SPY (3.67%). In terms of maximum drawdown, SPY dropped -55.19% vs BTC-USD's -85.30%.
SPY currently has the higher Sharpe Ratio (1.57 vs -1.08), 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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