SPY vs. TMO

Last updated Apr 3, 2026

Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Thermo Fisher Scientific Inc. (TMO).

SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

SPY vs. TMO - Performance Comparison

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

SPY vs. TMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	-3.56%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
TMO Thermo Fisher Scientific Inc.	-15.10%	11.78%	-1.72%	-3.36%	-17.29%	43.54%	43.72%	45.55%	18.21%	35.03%

Returns By Period

In the year-to-date period, SPY achieves a -3.56% return, which is significantly higher than TMO's -15.10% return. Over the past 10 years, SPY has outperformed TMO with an annualized return of 14.11%, while TMO has yielded a comparatively lower 13.38% annualized return.

SPY

• 1D: 0.09%
• 1M: -3.34%
• YTD: -3.56%
• 6M: -1.44%
• 1Y: 17.51%
• 3Y*: 18.37%
• 5Y*: 11.88%
• 10Y*: 14.11%

TMO

• 1D: -0.62%
• 1M: -3.18%
• YTD: -15.10%
• 6M: -6.22%
• 1Y: 0.86%
• 3Y*: -4.53%
• 5Y*: 1.77%
• 10Y*: 13.38%

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

Return for Risk

SPY vs. TMO — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 53
SPY Sharpe Ratio Rank: 47
SPY Sortino Ratio Rank: 51
SPY Omega Ratio Rank: 56
SPY Calmar Ratio Rank: 50
SPY Martin Ratio Rank: 61

TMO

TMO Risk / Return Rank: 38
TMO Sharpe Ratio Rank: 40
TMO Sortino Ratio Rank: 35
TMO Omega Ratio Rank: 34
TMO Calmar Ratio Rank: 41
TMO 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. TMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Thermo Fisher Scientific Inc. (TMO). 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	TMO	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.03	+0.90
Sortino ratio Return per unit of downside risk	1.45	0.29	+1.16
Omega ratio Gain probability vs. loss probability	1.22	1.03	+0.19
Calmar ratio Return relative to maximum drawdown	1.51	0.08	+1.44
Martin ratio Return relative to average drawdown	7.11	0.17	+6.94
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. TMO - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 0.92, which is higher than the TMO Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of SPY and TMO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPY	TMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.03	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.07	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.52	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.40	+0.16

Correlation

The correlation between SPY and TMO is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPY vs. TMO - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.13%, more than TMO's 0.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TMO Thermo Fisher Scientific Inc.	0.36%	0.30%	0.30%	0.26%	0.22%	0.16%	0.19%	0.23%	0.30%	0.32%	0.43%	0.42%

Drawdowns

SPY vs. TMO - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum TMO drawdown of -71.16%. Use the drawdown chart below to compare losses from any high point for SPY and TMO.

Drawdown Indicators

	SPY	TMO	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-71.16%	+15.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-27.31%	+18.43%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-40.95%	+16.45%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-40.95%	+7.23%
Current Drawdown Current decline from peak	-5.44%	-25.45%	+20.01%
Average Drawdown Average peak-to-trough decline	-9.09%	-17.97%	+8.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	12.22%	-9.65%

Volatility

SPY vs. TMO - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 5.28%, while Thermo Fisher Scientific Inc. (TMO) has a volatility of 8.79%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than TMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	TMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	8.79%	-3.51%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	16.78%	-7.29%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	32.74%	-13.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	26.58%	-9.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	25.92%	-8.00%