SPY vs. USDX

Last updated Jun 9, 2026

SPY (State Street SPDR S&P 500 ETF) and USDX (SGI Enhanced Core ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments. SPY is passively managed, while USDX is actively managed. Over the past year, SPY returned 24.79% vs 6.51% for USDX. At a 0.01 correlation, their price movements are largely independent. SPY charges 0.09%/yr vs 0.98%/yr for USDX.

Performance

SPY vs. USDX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPY achieves a 8.70% return, which is significantly higher than USDX's 2.19% return.

SPY

• 1D: 0.23%
• 1M: 0.22%
• YTD: 8.70%
• 6M: 8.75%
• 1Y: 24.79%
• 3Y*: 21.35%
• 5Y*: 13.42%
• 10Y*: 15.27%

USDX

• 1D: -0.12%
• 1M: 0.43%
• YTD: 2.19%
• 6M: 2.64%
• 1Y: 6.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPY vs. USDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPY State Street SPDR S&P 500 ETF	8.70%	17.72%	16.83%
USDX SGI Enhanced Core ETF	2.19%	6.25%	6.87%

Correlation

The correlation between SPY and USDX is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.01

SPY vs. USDX - Sectors Allocation Comparison

Sectors	SPY	USDX
Technology	35.9%	-
Financial Services	11.8%	84.7%
Communication Services	11.3%	-
Consumer Cyclical	10.3%	-
Healthcare	8.4%	-
Industrials	7.8%	-
Consumer Defensive	4.8%	-
Energy	3.6%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SPY vs. USDX — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 69
SPY Sharpe Ratio Rank: 70
SPY Sortino Ratio Rank: 67
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

USDX

USDX Risk / Return Rank: 96
USDX Sharpe Ratio Rank: 94
USDX Sortino Ratio Rank: 96
USDX Omega Ratio Rank: 97
USDX Calmar Ratio Rank: 95
USDX Martin Ratio Rank: 97

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. USDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and SGI Enhanced Core ETF (USDX). 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	USDX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	3.29	-1.22
Sortino ratio: Return per unit of downside risk	2.78	5.23	-2.45
Omega ratio: Gain probability vs. loss probability	1.38	1.83	-0.46
Calmar ratio: Return relative to maximum drawdown	2.80	6.97	-4.17
Martin ratio: Return relative to average drawdown	12.93	47.52	-34.59
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. USDX - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.06, which is lower than the USDX Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of SPY and USDX, 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	USDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	3.29	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	3.98	-3.40

Drawdowns

SPY vs. USDX - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than USDX's maximum drawdown of -0.94%. Use the drawdown chart below to compare losses from any high point for SPY and USDX.

Drawdown Indicators

	SPY	USDX	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-0.94%	-54.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-0.94%	-7.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-2.68%	-0.25%	-2.43%
Average Drawdown Average peak-to-trough decline	-9.04%	-0.06%	-8.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.14%	+1.78%

Volatility

SPY vs. USDX - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 3.72% compared to SGI Enhanced Core ETF (USDX) at 1.07%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	USDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	1.07%	+2.65%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	1.80%	+7.51%
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	1.99%	+10.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	1.71%	+15.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	1.71%	+16.25%

SPY vs. USDX - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than USDX's 0.98% expense ratio.

Dividends

SPY vs. USDX - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, less than USDX's 5.88% 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%
USDX SGI Enhanced Core ETF	5.88%	5.88%	4.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPY and USDX in my portfolio?

SPY and USDX have a correlation of -0.03, 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 USDX?

SPY has higher volatility (3.72%) compared to USDX (1.07%). In terms of maximum drawdown, SPY dropped -55.19% vs USDX's -0.94%.

Which ETF is better, SPY or USDX?

On 1-year performance, SPY leads with 24.79% vs 6.51% for USDX. On fees, SPY is cheaper at 0.09% per year. On volatility, USDX has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or USDX?

Over the 1-year period, SPY has performed better with a 24.79% return vs 6.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or USDX?

SPY is cheaper with a 0.09% expense ratio, compared with 0.98% for USDX.

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

USDX has the higher dividend yield at 5.88%, compared with 1.00% for SPY.

What is the main difference between SPY and USDX?

SPY is categorized as S&P 500, while USDX is Intermediate Core Bond. They also come from different issuers: State Street and Summit Global Investments. Their fees differ too: 0.09% for SPY and 0.98% for USDX.

Which has better risk-adjusted returns?

USDX currently has the higher Sharpe Ratio (3.29 vs 2.06), 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.