SPY vs. USA
Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Liberty All-Star Equity Fund (USA).
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. USA - Performance Comparison
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Returns By Period
In the year-to-date period, SPY achieves a -3.56% return, which is significantly higher than USA's -8.87% return. Over the past 10 years, SPY has outperformed USA with an annualized return of 14.11%, while USA has yielded a comparatively lower 11.67% annualized return.
SPY
- 1D
- 0.09%
- 1M
- -3.48%
- YTD
- -3.56%
- 6M
- -1.44%
- 1Y
- 31.28%
- 3Y*
- 18.37%
- 5Y*
- 11.88%
- 10Y*
- 14.11%
USA
- 1D
- -1.24%
- 1M
- -5.44%
- YTD
- -8.87%
- 6M
- -9.06%
- 1Y
- 2.18%
- 3Y*
- 6.62%
- 5Y*
- 3.48%
- 10Y*
- 11.67%
SPY vs. USA - 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% |
USA Liberty All-Star Equity Fund | -8.87% | 0.09% | 20.81% | 23.17% | -25.20% | 33.76% | 12.89% | 39.70% | -5.06% | 34.66% |
Correlation
The correlation between SPY and USA is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined. Holding both can reduce overall portfolio volatility compared to holding either one alone.
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Return for Risk
SPY vs. USA — Risk / Return Rank
SPY
USA
SPY vs. USA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Liberty All-Star Equity Fund (USA). 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 | USA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.92 | -0.36 | +1.28 |
Sortino ratioReturn per unit of downside risk | 1.45 | -0.40 | +1.85 |
Omega ratioGain probability vs. loss probability | 1.22 | 0.95 | +0.27 |
Calmar ratioReturn relative to maximum drawdown | 1.51 | -0.40 | +1.92 |
Martin ratioReturn relative to average drawdown | 7.11 | -1.08 | +8.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPY | USA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | -0.36 | +1.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.17 | +0.53 |
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 | 0.33 | +0.23 |
Drawdowns
SPY vs. USA - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum USA drawdown of -69.15%. Use the drawdown chart below to compare losses from any high point for SPY and USA.
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Drawdown Indicators
| SPY | USA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -69.15% | +13.96% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -15.28% | +6.40% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -34.05% | +9.55% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -47.07% | +13.35% |
Current DrawdownCurrent decline from peak | -5.44% | -13.76% | +8.32% |
Average DrawdownAverage peak-to-trough decline | -9.09% | -11.53% | +2.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 5.70% | -3.13% |
Volatility
SPY vs. USA - Volatility Comparison
State Street SPDR S&P 500 ETF (SPY) and Liberty All-Star Equity Fund (USA) have volatilities of 5.28% and 5.55%, 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.
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Volatility by Period
| SPY | USA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 5.55% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 9.49% | 10.58% | -1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.06% | 17.43% | +1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.05% | 20.72% | -3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.92% | 22.54% | -4.62% |
Dividends
SPY vs. USA - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.13%, less than USA's 12.23% 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% |
USA Liberty All-Star Equity Fund | 12.23% | 10.67% | 10.22% | 9.56% | 12.11% | 9.67% | 9.13% | 9.75% | 12.64% | 8.89% | 9.30% | 9.53% |