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SPY vs. RHM.DE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPY vs. RHM.DE

Last updated Jun 16, 2026

SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index, while RHM.DE (Rheinmetall AG) is a stock. Over the past 10 years, SPY returned 15.65%/yr vs 38.39%/yr for RHM.DE. At a 0.33 correlation, their price movements are largely independent.

Performance

SPY vs. RHM.DE - Performance Comparison

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

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Different Trading Currencies

SPY is traded in USD, while RHM.DE is traded in EUR. To make them comparable, the RHM.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPY achieves a 10.99% return, which is significantly higher than RHM.DE's -26.56% return. Over the past 10 years, SPY has underperformed RHM.DE with an annualized return of 15.65%, while RHM.DE has yielded a comparatively higher 38.39% annualized return.

SPY

1D
1.76%
1M
2.12%
YTD
10.99%
6M
11.52%
1Y
27.89%
3Y*
21.15%
5Y*
13.87%
10Y*
15.65%

RHM.DE

1D
-4.38%
1M
2.41%
YTD
-26.56%
6M
-24.12%
1Y
-35.07%
3Y*
68.84%
5Y*
68.81%
10Y*
38.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPY vs. RHM.DE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPY
State Street SPDR S&P 500 ETF		10.99%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%
RHM.DE
Rheinmetall AG		-26.56%188.18%104.13%61.77%115.57%-9.52%-3.88%32.69%-29.51%92.32%

Correlation

The correlation between SPY and RHM.DE is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.16

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.26

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2007

0.33

The correlation between SPY and RHM.DE shifts across timeframes, from 0.16 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR S&P 500 ETF

Rheinmetall AG

Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD
Often compared with RHM.DE:
RHM.DE vs. RNMBYRHM.DE vs. SAABYRHM.DE vs. NVDARHM.DE vs. HAG.DERHM.DE vs. LOM.DERHM.DE vs. RYCEYRHM.DE vs. KBGGY

Return for Risk

SPY vs. RHM.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPY
SPY Risk / Return Rank: 7777
Overall Rank
SPY Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7777
Sortino Ratio Rank
SPY Omega Ratio Rank: 7979
Omega Ratio Rank
SPY Calmar Ratio Rank: 6969
Calmar Ratio Rank
SPY Martin Ratio Rank: 8181
Martin Ratio Rank
RHM.DE
RHM.DE Risk / Return Rank: 1010
Overall Rank
RHM.DE Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
RHM.DE Sortino Ratio Rank: 1212
Sortino Ratio Rank
RHM.DE Omega Ratio Rank: 1414
Omega Ratio Rank
RHM.DE Calmar Ratio Rank: 1111
Calmar Ratio Rank
RHM.DE Martin Ratio Rank: 22
Martin Ratio Rank
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. RHM.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Rheinmetall AG (RHM.DE). 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.

SPYRHM.DEDifference
Sharpe ratioReturn per unit of total volatility
2.27
-0.77

+3.04

Sortino ratioReturn per unit of downside risk
3.05
-0.94

+3.99

Omega ratioGain probability vs. loss probability

1.41

0.89

+0.52

Calmar ratioReturn relative to maximum drawdown

3.15

-0.80

+3.95

Martin ratioReturn relative to average drawdown

14.24

-1.73

+15.96

SPY vs. RHM.DE - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.27, which is higher than the RHM.DE Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of SPY and RHM.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPY vs. RHM.DE - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum RHM.DE drawdown of -77.87%. Use the drawdown chart below to compare losses from any high point for SPY and RHM.DE.

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Drawdown Indicators

SPYRHM.DEDifference

Max Drawdown

Largest peak-to-trough decline

-55.19%

-77.87%

+22.68%

Max Drawdown (1Y)

Largest decline over 1 year

-8.88%

-43.61%

+34.73%

Max Drawdown (3Y)

Largest decline over 3 years

-18.76%

-43.61%

+24.85%

Max Drawdown (5Y)

Largest decline over 5 years

-24.50%

-43.61%

+19.11%

Max Drawdown (10Y)

Largest decline over 10 years

-33.72%

-66.25%

+32.53%

Current Drawdown

Current decline from peak

-0.62%

-42.25%

+41.63%

Average Drawdown

Average peak-to-trough decline

-9.04%

-23.75%

+14.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

20.27%

-18.31%

Volatility

SPY vs. RHM.DE - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.62%, while Rheinmetall AG (RHM.DE) has a volatility of 12.42%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than RHM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPYRHM.DEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.62%

12.42%

-7.80%

Volatility (6M)

Calculated over the trailing 6-month period

9.73%

34.47%

-24.74%

Volatility (1Y)

Calculated over the trailing 1-year period

12.37%

45.69%

-33.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.14%

42.94%

-25.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.98%

38.77%

-20.79%

Dividends

SPY vs. RHM.DE - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 0.98%, less than RHM.DE's 1.00% yield.

PositionTTM20252024202320222021202020192018201720162015
RHM.DE
Rheinmetall AG		1.00%0.52%0.93%1.50%1.77%2.41%2.77%2.05%2.20%1.37%1.72%0.49%
SPY
State Street SPDR S&P 500 ETF		0.98%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 RHM.DE have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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