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 15.16%/yr vs 59.37%/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 8.45% return, which is significantly higher than BTC-USD's -29.97% return. Over the past 10 years, SPY has underperformed BTC-USD with an annualized return of 15.16%, while BTC-USD has yielded a comparatively higher 59.37% annualized return.
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%
BTC-USD
- 1D
- -3.97%
- 1M
- -24.76%
- YTD
- -29.97%
- 6M
- -31.42%
- 1Y
- -39.67%
- 3Y*
- 31.02%
- 5Y*
- 11.35%
- 10Y*
- 59.37%
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 | 8.45% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
BTC-USD Bitcoin | -29.97% | -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 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
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 Sep 21, 2012 | 0.13 |
Over the past year, SPY and BTC-USD have become more correlated (0.39) 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.
| SPY | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.07 | ||
| Sortino ratioReturn per unit of downside risk | +4.17 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.87 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | -0.78 | +3.70 |
| Martin ratioReturn relative to average drawdown | 13.50 | -1.39 | +14.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPY | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.14 | -0.93 | +3.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | 0.21 | +0.57 |
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 | 1.13 | -0.54 |
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% | -50.87% | +41.99% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -50.87% | +32.11% |
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 | -2.90% | -50.87% | +47.97% |
Average DrawdownAverage peak-to-trough decline | -9.05% | -42.29% | +33.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 34.02% | -32.11% |
Volatility
SPY vs. BTC-USD - Volatility Comparison
The current volatility for State Street SPDR S&P 500 ETF (SPY) is 3.73%, while Bitcoin (BTC-USD) has a volatility of 10.54%. 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 | 3.73% | 10.54% | -6.81% |
Volatility (6M)Calculated over the trailing 6-month period | 9.31% | 34.26% | -24.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.12% | 35.65% | -23.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.09% | 44.98% | -27.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.95% | 56.70% | -38.75% |
Frequently Asked Questions
SPY and BTC-USD have a correlation of 0.39, 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 (10.54%) compared to SPY (3.73%). In terms of maximum drawdown, SPY dropped -55.19% vs BTC-USD's -85.30%.
SPY currently has the higher Sharpe Ratio (2.14 vs -0.93), 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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