SPY vs. V

Last updated Jun 14, 2026

SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index, while V (Visa Inc.) is a stock. Over the past 10 years, SPY returned 15.42%/yr vs 15.98%/yr for V. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

SPY vs. V - Performance Comparison

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

Returns By Period

In the year-to-date period, SPY achieves a 9.07% return, which is significantly higher than V's -7.69% return. Both investments have delivered pretty close results over the past 10 years, with SPY having a 15.42% annualized return and V not far ahead at 15.98%.

SPY

• 1D: 0.54%
• 1M: 0.35%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 25.67%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

V

• 1D: 1.05%
• 1M: -1.03%
• YTD: -7.69%
• 6M: -6.93%
• 1Y: -7.91%
• 3Y*: 13.87%
• 5Y*: 7.33%
• 10Y*: 15.98%

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

SPY vs. V - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
V Visa Inc.	-7.69%	11.76%	22.32%	26.31%	-3.40%	-0.31%	17.12%	43.33%	16.49%	47.18%

Correlation

The correlation between SPY and V is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Mar 19, 2008	0.63

Over the past year, the correlation between SPY and V has dropped to 0.35 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

SPY vs. V — 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: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

V

V Risk / Return Rank: 15
V Sharpe Ratio Rank: 18
V Sortino Ratio Rank: 17
V Omega Ratio Rank: 18
V Calmar Ratio Rank: 15
V Martin Ratio Rank: 5

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. V - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Visa Inc. (V). 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	V	Difference
Sharpe ratio: Return per unit of total volatility	1.98	-0.56	+2.55
Sortino ratio: Return per unit of downside risk	2.68	-0.68	+3.37
Omega ratio: Gain probability vs. loss probability	1.36	0.92	+0.44
Calmar ratio: Return relative to maximum drawdown	2.74	-0.73	+3.47
Martin ratio: Return relative to average drawdown	12.39	-1.57	+13.96

SPY vs. V - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.98, which is higher than the V Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of SPY and V, 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. V - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than V's maximum drawdown of -51.90%. Use the drawdown chart below to compare losses from any high point for SPY and V.

Drawdown Indicators

	SPY	V	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-51.90%	-3.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-17.18%	+8.30%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-20.38%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-28.60%	+4.10%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-36.36%	+2.64%
Current Drawdown Current decline from peak	-2.35%	-12.96%	+10.61%
Average Drawdown Average peak-to-trough decline	-9.04%	-8.26%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	10.73%	-8.76%

Volatility

SPY vs. V - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while Visa Inc. (V) has a volatility of 5.57%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than V based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	V	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	5.57%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	17.57%	-7.99%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	22.35%	-10.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	22.82%	-5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	24.45%	-6.49%

Dividends

SPY vs. V - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, more than V's 0.81% 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%
V Visa Inc.	0.81%	0.70%	0.68%	0.72%	0.76%	0.62%	0.56%	0.56%	0.67%	0.61%	0.75%	0.64%

Frequently Asked Questions

Can I hold both SPY and V in my portfolio?

SPY and V have a correlation of 0.35, 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 V?

V has higher volatility (5.57%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs V's -51.90%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.98 vs -0.56), 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.