SPY vs. T

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 T (AT&T Inc.) is a stock. Over the past 10 years, SPY returned 15.65%/yr vs 3.11%/yr for T. At a 0.44 correlation, their price movements are largely independent.

Performance

SPY vs. T - Performance Comparison

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

Returns By Period

In the year-to-date period, SPY achieves a 10.99% return, which is significantly higher than T's -4.15% return. Over the past 10 years, SPY has outperformed T with an annualized return of 15.65%, while T has yielded a comparatively lower 3.11% 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%

T

• 1D: -1.23%
• 1M: -3.08%
• YTD: -4.15%
• 6M: -2.06%
• 1Y: -13.78%
• 3Y*: 19.48%
• 5Y*: 7.30%
• 10Y*: 3.11%

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

SPY vs. T - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
T AT&T Inc.	-4.15%	13.97%	44.08%	-2.74%	5.76%	-8.09%	-21.37%	45.55%	-22.25%	-4.01%

Correlation

The correlation between SPY and T is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.44

The correlation between SPY and T shifts across timeframes, from -0.15 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPY vs. T — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 77
SPY Sharpe Ratio Rank: 80
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 79
SPY Calmar Ratio Rank: 69
SPY Martin Ratio Rank: 81

T

T Risk / Return Rank: 16
T Sharpe Ratio Rank: 15
T Sortino Ratio Rank: 16
T Omega Ratio Rank: 17
T Calmar Ratio Rank: 19
T Martin Ratio Rank: 12

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. T - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and AT&T Inc. (T). 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	T	Difference
Sharpe ratio: Return per unit of total volatility	2.27	-0.62	+2.89
Sortino ratio: Return per unit of downside risk	3.05	-0.78	+3.83
Omega ratio: Gain probability vs. loss probability	1.41	0.91	+0.50
Calmar ratio: Return relative to maximum drawdown	3.15	-0.63	+3.79
Martin ratio: Return relative to average drawdown	14.24	-1.29	+15.53

SPY vs. T - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.27, which is higher than the T Sharpe Ratio of -0.62. The chart below compares the historical Sharpe Ratios of SPY and T, 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. T - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum T drawdown of -64.15%. Use the drawdown chart below to compare losses from any high point for SPY and T.

Drawdown Indicators

	SPY	T	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-64.15%	+8.96%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-21.87%	+12.99%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-21.87%	+3.11%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-32.01%	+7.51%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-42.35%	+8.63%
Current Drawdown Current decline from peak	-0.62%	-19.13%	+18.51%
Average Drawdown Average peak-to-trough decline	-9.04%	-15.72%	+6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	10.70%	-8.74%

Volatility

SPY vs. T - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.62%, while AT&T Inc. (T) has a volatility of 8.27%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than T based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	T	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	8.27%	-3.65%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	17.84%	-8.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	22.21%	-9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	24.03%	-6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	23.74%	-5.76%

Dividends

SPY vs. T - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 0.98%, less than T's 4.77% 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%
T AT&T Inc.	4.77%	4.47%	4.87%	6.62%	6.66%	8.46%	7.23%	5.22%	7.01%	5.04%	4.51%	5.46%

Frequently Asked Questions

Can I hold both SPY and T in my portfolio?

SPY and T have a correlation of -0.15, 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 T?

T has higher volatility (8.27%) compared to SPY (4.62%). In terms of maximum drawdown, SPY dropped -55.19% vs T's -64.15%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.27 vs -0.62), 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.