SPY vs. IGV

Last updated Jun 13, 2026

SPY (State Street SPDR S&P 500 ETF) and IGV (iShares Expanded Tech-Software Sector ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while IGV is a Technology Equities fund tracking the S&P North American Expanded Technology Software Index. Both are passively managed. Over the past 10 years, SPY returned 15.42%/yr vs 15.87%/yr for IGV. A 0.77 correlation means they provide meaningful diversification when combined. SPY charges 0.09%/yr vs 0.39%/yr for IGV.

Performance

SPY vs. IGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and iShares Expanded Tech-Software Sector ETF (IGV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY achieves a 9.07% return, which is significantly higher than IGV's -14.18% return. Both investments have delivered pretty close results over the past 10 years, with SPY having a 15.42% annualized return and IGV not far ahead at 15.87%.

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%

IGV

• 1D: -0.24%
• 1M: 2.37%
• YTD: -14.18%
• 6M: -16.00%
• 1Y: -15.27%
• 3Y*: 10.04%
• 5Y*: 3.91%
• 10Y*: 15.87%

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

SPY vs. IGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
IGV iShares Expanded Tech-Software Sector ETF	-14.18%	5.56%	23.41%	58.56%	-35.65%	12.30%	52.86%	34.33%	12.44%	42.16%

Correlation

The correlation between SPY and IGV is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jul 13, 2001	0.77

Over the past year, the correlation between SPY and IGV has dropped to 0.56 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

SPY vs. IGV - Sectors Allocation Comparison

Sectors	SPY	IGV
Technology	35.9%	89.2%
Financial Services	11.8%	1.8%
Communication Services	11.3%	8.6%
Consumer Cyclical	10.3%	0.3%
Healthcare	8.4%	-
Industrials	7.8%	0.2%
Consumer Defensive	4.8%	-
Energy	3.6%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SPY vs. IGV — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

IGV

IGV Risk / Return Rank: 5
IGV Sharpe Ratio Rank: 5
IGV Sortino Ratio Rank: 5
IGV Omega Ratio Rank: 5
IGV Calmar Ratio Rank: 6
IGV Martin Ratio Rank: 6

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. IGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and iShares Expanded Tech-Software Sector ETF (IGV). 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	IGV	Difference
Sharpe ratio: Return per unit of total volatility	1.98	-0.55	+2.53
Sortino ratio: Return per unit of downside risk	2.68	-0.61	+3.30
Omega ratio: Gain probability vs. loss probability	1.36	0.93	+0.43
Calmar ratio: Return relative to maximum drawdown	2.74	-0.42	+3.16
Martin ratio: Return relative to average drawdown	12.39	-0.87	+13.26

SPY vs. IGV - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.98, which is higher than the IGV Sharpe Ratio of -0.55. The chart below compares the historical Sharpe Ratios of SPY and IGV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPY vs. IGV - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum IGV drawdown of -63.45%. Use the drawdown chart below to compare losses from any high point for SPY and IGV.

Drawdown Indicators

	SPY	IGV	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-63.45%	+8.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-36.61%	+27.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-36.61%	+17.85%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-45.85%	+21.35%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-45.85%	+12.13%
Current Drawdown Current decline from peak	-2.35%	-23.00%	+20.65%
Average Drawdown Average peak-to-trough decline	-9.04%	-14.45%	+5.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	17.55%	-15.58%

Volatility

SPY vs. IGV - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while iShares Expanded Tech-Software Sector ETF (IGV) has a volatility of 12.57%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than IGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	IGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	12.57%	-8.23%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	24.80%	-15.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	28.06%	-15.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	27.92%	-10.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	26.39%	-8.43%

SPY vs. IGV - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than IGV's 0.39% expense ratio.

Dividends

SPY vs. IGV - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, while IGV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGV iShares Expanded Tech-Software Sector ETF	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.35%	0.02%	0.16%	0.09%	0.82%	0.22%
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

Can I hold both SPY and IGV in my portfolio?

SPY and IGV have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or IGV?

IGV has higher volatility (12.57%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs IGV's -63.45%.

Which ETF is better, SPY or IGV?

On 10-year performance, IGV leads with 15.87% vs 15.42% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or IGV?

Over the 10-year period, IGV has performed better with a 15.87% return vs 15.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or IGV?

SPY is cheaper with a 0.09% expense ratio, compared with 0.39% for IGV.

Which ETF pays a higher dividend yield, SPY or IGV?

SPY has the higher dividend yield at 1.00%, compared with 0.00% for IGV.

What is the main difference between SPY and IGV?

SPY is categorized as S&P 500, while IGV is Technology Equities. SPY tracks S&P 500 Index, while IGV tracks S&P North American Expanded Technology Software Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.09% for SPY and 0.39% for IGV.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.98 vs -0.55), 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.