SPY vs. SPYD

Last updated Jun 4, 2026

SPY (State Street SPDR S&P 500 ETF) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both S&P 500 funds from State Street - SPY tracks the S&P 500 Index while SPYD tracks the S&P 500 High Dividend Index. Both are passively managed. Over the past 10 years, SPY returned 15.49%/yr vs 8.59%/yr for SPYD. A 0.68 correlation means they provide meaningful diversification when combined. SPY charges 0.09%/yr vs 0.07%/yr for SPYD.

Performance

SPY vs. SPYD - Performance Comparison

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

Returns By Period

In the year-to-date period, SPY achieves a 10.91% return, which is significantly higher than SPYD's 10.34% return. Over the past 10 years, SPY has outperformed SPYD with an annualized return of 15.49%, while SPYD has yielded a comparatively lower 8.59% annualized return.

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

SPYD

• 1D: -0.44%
• 1M: 1.57%
• YTD: 10.34%
• 6M: 10.97%
• 1Y: 16.38%
• 3Y*: 14.37%
• 5Y*: 6.76%
• 10Y*: 8.59%

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

SPY vs. SPYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	10.34%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%

Correlation

The correlation between SPY and SPYD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 23, 2015	0.68

Over the past year, the correlation between SPY and SPYD has dropped to 0.37 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

SPY vs. SPYD - Sectors Allocation Comparison

Sectors	SPY	SPYD
Technology	35.9%	2.7%
Financial Services	11.8%	12.1%
Communication Services	11.3%	5.1%
Consumer Cyclical	10.3%	6.5%
Healthcare	8.4%	5.2%
Industrials	7.8%	2.3%
Consumer Defensive	4.8%	16.3%
Energy	3.6%	9.2%
Utilities	2.4%	11.4%
Real Estate	1.9%	25.8%
Basic Materials	1.8%	3.4%

Return for Risk

SPY vs. SPYD — 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: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

SPYD

SPYD Risk / Return Rank: 41
SPYD Sharpe Ratio Rank: 39
SPYD Sortino Ratio Rank: 42
SPYD Omega Ratio Rank: 36
SPYD Calmar Ratio Rank: 46
SPYD Martin Ratio Rank: 41

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. SPYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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	SPYD	Difference
Sharpe ratio: Return per unit of total volatility	2.38	1.42	+0.96
Sortino ratio: Return per unit of downside risk	3.24	2.15	+1.09
Omega ratio: Gain probability vs. loss probability	1.43	1.24	+0.19
Calmar ratio: Return relative to maximum drawdown	3.16	2.33	+0.83
Martin ratio: Return relative to average drawdown	14.72	6.77	+7.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY vs. SPYD - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.38, which is higher than the SPYD Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of SPY and SPYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPY	SPYD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	1.42	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.42	+0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.44	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.47	+0.12

Drawdowns

SPY vs. SPYD - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than SPYD's maximum drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for SPY and SPYD.

Drawdown Indicators

	SPY	SPYD	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-46.42%	-8.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-7.05%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-16.13%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-22.25%	-2.25%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-46.42%	+12.70%
Current Drawdown Current decline from peak	-0.70%	-1.11%	+0.41%
Average Drawdown Average peak-to-trough decline	-9.05%	-6.17%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	2.43%	-0.52%

Volatility

SPY vs. SPYD - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 2.84% compared to State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) at 2.57%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than SPYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	SPYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	2.57%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	7.71%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	11.83%	11.62%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	16.13%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.94%	19.78%	-1.84%

SPY vs. SPYD - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is higher than SPYD's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPY vs. SPYD - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 0.98%, less than SPYD's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.21%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both SPY and SPYD in my portfolio?

SPY and SPYD have a correlation of 0.37, 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 SPYD?

SPY has higher volatility (2.84%) compared to SPYD (2.57%). In terms of maximum drawdown, SPY dropped -55.19% vs SPYD's -46.42%.

Which ETF is better, SPY or SPYD?

On 10-year performance, SPY leads with 15.49% vs 8.59% for SPYD. On fees, SPYD is cheaper at 0.07% per year. On volatility, SPYD has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or SPYD?

Over the 10-year period, SPY has performed better with a 15.49% return vs 8.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or SPYD?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.09% for SPY.

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

SPYD has the higher dividend yield at 4.21%, compared with 0.98% for SPY.

What is the main difference between SPY and SPYD?

SPY tracks S&P 500 Index, while SPYD tracks S&P 500 High Dividend Index. Their fees differ too: 0.09% for SPY and 0.07% for SPYD.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.42), 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.