SPY vs. WFRPX

Last updated Apr 5, 2026

Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Wealthfront Risk Parity Fund Class W (WFRPX).

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. WFRPX is managed by Wealthfront. It was launched on Jan 22, 2018.

Performance

SPY vs. WFRPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and Wealthfront Risk Parity Fund Class W (WFRPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

WFRPX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPY vs. WFRPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPY State Street SPDR S&P 500 ETF	-3.56%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.84%
WFRPX Wealthfront Risk Parity Fund Class W	0.00%	0.06%	1.38%	6.07%	-23.39%	7.64%	-6.57%	32.52%	-7.13%

Correlation

The correlation between SPY and WFRPX is 0.67, 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.

SPY vs. WFRPX - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than WFRPX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

WFRPX

Wealthfront Risk Parity Fund Class W

SPY

State Street SPDR S&P 500 ETF

Return for Risk

SPY vs. WFRPX — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 52
SPY Sharpe Ratio Rank: 47
SPY Sortino Ratio Rank: 51
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 45
SPY Martin Ratio Rank: 57

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. WFRPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Wealthfront Risk Parity Fund Class W (WFRPX). 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	WFRPX	Difference
Sharpe ratio Return per unit of total volatility	0.92	—	—
Sortino ratio Return per unit of downside risk	1.45	—	—
Omega ratio Gain probability vs. loss probability	1.22	—	—
Calmar ratio Return relative to maximum drawdown	1.51	—	—
Martin ratio Return relative to average drawdown	7.11	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPY	WFRPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	—	—

Drawdowns

Drawdown Indicators

	SPY	WFRPX	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	—	—
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	-5.44%	—	—
Average Drawdown Average peak-to-trough decline	-9.09%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	—	—

Volatility

Volatility by Period

	SPY	WFRPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	—	—

Dividends

SPY vs. WFRPX - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.13%, while WFRPX has not paid dividends to shareholders.

	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%
WFRPX Wealthfront Risk Parity Fund Class W	0.00%	0.06%	5.18%	4.86%	1.31%	3.02%	0.29%	3.63%	1.33%	0.00%	0.00%	0.00%