SPY vs. CIFR
SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index, while CIFR (Cipher Digital Inc.) is a stock. Over the past 3 years, SPY returned 20.86%/yr vs 113.71%/yr for CIFR. At a 0.41 correlation, their price movements are largely independent.
Performance
SPY vs. CIFR - Performance Comparison
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Returns By Period
In the year-to-date period, SPY achieves a 9.07% return, which is significantly lower than CIFR's 65.99% return.
SPY
- 1D
- 0.54%
- 1M
- -0.08%
- YTD
- 9.07%
- 6M
- 9.42%
- 1Y
- 24.27%
- 3Y*
- 20.86%
- 5Y*
- 13.36%
- 10Y*
- 15.42%
CIFR
- 1D
- 8.26%
- 1M
- 15.35%
- YTD
- 65.99%
- 6M
- 43.70%
- 1Y
- 538.02%
- 3Y*
- 113.71%
- 5Y*
- —
- 10Y*
- —
SPY vs. CIFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 9.07% | 17.72% | 24.89% | 26.18% | -18.18% | 6.20% |
CIFR Cipher Digital Inc. | 65.99% | 218.10% | 12.35% | 637.50% | -87.90% | -54.65% |
Correlation
The correlation between SPY and CIFR is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2021 | 0.41 |
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Return for Risk
SPY vs. CIFR — Risk / Return Rank
SPY
CIFR
SPY vs. CIFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Cipher Digital Inc. (CIFR). 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 | CIFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.45 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 10.56 | -7.82 |
| Martin ratioReturn relative to average drawdown | 12.39 | 21.19 | -8.79 |
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Drawdowns
SPY vs. CIFR - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum CIFR drawdown of -97.16%. Use the drawdown chart below to compare losses from any high point for SPY and CIFR.
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Drawdown Indicators
| SPY | CIFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -97.16% | +41.97% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -51.38% | +42.50% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -71.74% | +52.98% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | — | — |
Current DrawdownCurrent decline from peak | -2.35% | -6.81% | +4.46% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -66.24% | +57.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 25.57% | -23.60% |
Volatility
SPY vs. CIFR - Volatility Comparison
The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while Cipher Digital Inc. (CIFR) has a volatility of 31.19%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than CIFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPY | CIFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 31.19% | -26.85% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 72.25% | -62.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.29% | 109.30% | -97.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 121.97% | -104.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.96% | 121.97% | -104.01% |
Dividends
SPY vs. CIFR - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.00%, while CIFR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CIFR Cipher Digital Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPY and CIFR have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CIFR has higher volatility (31.19%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs CIFR's -97.16%.
CIFR currently has the higher Sharpe Ratio (4.98 vs 1.98), 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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