SPY vs. SPYM

Last updated Jul 16, 2026

SPY (State Street SPDR S&P 500 ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both S&P 500 funds from State Street tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPY returned 15.17%/yr vs 15.27%/yr for SPYM. Their correlation of 0.87 suggests significant overlap in exposure. SPY charges 0.09%/yr vs 0.02%/yr for SPYM.

Performance

SPY vs. SPYM - 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 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPY having a 11.28% return and SPYM slightly higher at 11.33%. Both investments have delivered pretty close results over the past 10 years, with SPY having a 15.17% annualized return and SPYM not far ahead at 15.27%.

SPY

• 1D: 0.40%
• 1M: 0.25%
• 6M: 9.92%
• YTD: 11.28%
• 1Y: 22.67%
• 3Y*: 20.37%
• 5Y*: 13.36%
• 10Y*: 15.17%

SPYM

• 1D: 0.38%
• 1M: 0.28%
• 6M: 9.93%
• YTD: 11.33%
• 1Y: 22.77%
• 3Y*: 20.48%
• 5Y*: 13.44%
• 10Y*: 15.27%

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

SPY vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	11.28%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
SPYM State Street SPDR Portfolio S&P 500 ETF	11.33%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Correlation

The correlation between SPY and SPYM is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.87

The correlation between SPY and SPYM shifts across timeframes, from 0.87 (all time) to 1.00 (1 year), reflecting how their relationship changes across market environments.

SPY vs. SPYM - Sectors Allocation Comparison

Sectors	SPY	SPYM
Technology	39.0%	39.5%
Financial Services	11.1%	11.8%
Communication Services	10.6%	10.3%
Consumer Cyclical	9.9%	9.3%
Healthcare	8.3%	8.8%
Industrials	7.8%	7.5%
Consumer Defensive	4.5%	4.3%
Energy	3.1%	2.1%
Utilities	2.1%	2.3%
Real Estate	1.8%	1.5%
Basic Materials	1.7%	1.7%

Return for Risk

SPY vs. SPYM — 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: 70
SPY Sortino Ratio Rank: 68
SPY Omega Ratio Rank: 69
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

SPYM

SPYM Risk / Return Rank: 70
SPYM Sharpe Ratio Rank: 71
SPYM Sortino Ratio Rank: 69
SPYM Omega Ratio Rank: 70
SPYM Calmar Ratio Rank: 64
SPYM Martin Ratio Rank: 76

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. SPYM - 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 ETF (SPYM). 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	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.83	-0.02
Sortino ratio: Return per unit of downside risk	2.49	2.51	-0.02
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	2.56	2.57	-0.01
Martin ratio: Return relative to average drawdown	11.17	11.20	-0.04

SPY vs. SPYM - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.81, which is comparable to the SPYM Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of SPY and SPYM, 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. SPYM - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, roughly equal to the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SPY and SPYM.

Drawdown Indicators

	SPY	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-54.46%	-0.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-8.90%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-18.72%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-24.48%	-0.02%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-33.87%	+0.15%
Current Drawdown Current decline from peak	-0.37%	-0.35%	-0.02%
Average Drawdown Average peak-to-trough decline	-9.02%	-7.12%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.04%	0.00%

Volatility

SPY vs. SPYM - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) and State Street SPDR Portfolio S&P 500 ETF (SPYM) have volatilities of 3.94% and 3.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	3.91%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	9.98%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.58%	12.53%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.17%	16.92%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	17.99%	-0.06%

SPY vs. SPYM - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is higher than SPYM's 0.02% 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. SPYM - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, less than SPYM's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.02%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPY and SPYM in my portfolio?

With a correlation of 1.00, SPY and SPYM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPY or SPYM?

SPY has higher volatility (3.94%) compared to SPYM (3.91%). In terms of maximum drawdown, SPY dropped -55.19% vs SPYM's -54.46%.

Which ETF is better, SPY or SPYM?

On 10-year performance, SPYM leads with 15.27% vs 15.17% for SPY. On fees, SPYM is cheaper at 0.02% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or SPYM?

Over the 10-year period, SPYM has performed better with a 15.27% return vs 15.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.09% for SPY.

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

SPYM has the higher dividend yield at 1.02%, compared with 1.00% for SPY.

What is the main difference between SPY and SPYM?

Both ETFs track S&P 500 Index. Their fees differ too: 0.09% for SPY and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (1.83 vs 1.81), 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.