SPY vs. SKX

Last updated Jun 14, 2026

SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index, while SKX (Skechers U.S.A., Inc.) is a stock. At a 0.43 correlation, their price movements are largely independent.

Performance

SPY vs. SKX - Performance Comparison

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

Returns By Period

SPY

• 1D: 0.54%
• 1M: 0.35%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 25.67%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

SKX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPY vs. SKX - 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%
SKX Skechers U.S.A., Inc.	0.00%	-6.11%	7.86%	48.61%	-3.34%	20.76%	-16.79%	88.69%	-39.51%	53.95%

Correlation

The correlation between SPY and SKX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 9, 1999	0.43

Over the past year, the correlation between SPY and SKX has dropped to 0.09 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

Return for Risk

SPY vs. SKX — 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

SKX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Skechers U.S.A., Inc. (SKX). 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	SKX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	—	—
Sortino ratio: Return per unit of downside risk	2.68	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.74	—	—
Martin ratio: Return relative to average drawdown	12.39	—	—

Drawdowns

Drawdown Indicators

	SPY	SKX	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-2.35%	—	—
Average Drawdown Average peak-to-trough decline	-9.04%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	—	—

Volatility

Volatility by Period

	SPY	SKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.58%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	—	—

Dividends

SPY vs. SKX - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SKX Skechers U.S.A., 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

Can I hold both SPY and SKX in my portfolio?

SPY and SKX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.