SPYC vs. SPY

Last updated Jun 23, 2026

SPYC (Simplify US Equity PLUS Convexity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPYC is a Large Cap Growth Equities fund actively managed by Simplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. SPYC is actively managed, while SPY is passively managed. Over the past 5 years, SPYC returned 9.97%/yr vs 13.51%/yr for SPY. Their correlation of 0.94 suggests significant overlap in exposure. SPYC charges 0.28%/yr vs 0.09%/yr for SPY.

Performance

SPYC vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYC achieves a 7.16% return, which is significantly lower than SPY's 9.74% return.

SPYC

• 1D: -0.42%
• 1M: 0.74%
• YTD: 7.16%
• 6M: 6.61%
• 1Y: 18.85%
• 3Y*: 18.40%
• 5Y*: 9.97%
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

SPYC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPYC Simplify US Equity PLUS Convexity ETF	7.16%	15.31%	22.57%	23.98%	-25.65%	29.26%	8.23%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	9.15%

Correlation

The correlation between SPYC and SPY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.94

The correlation between SPYC and SPY has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

SPYC vs. SPY - Sectors Allocation Comparison

Sectors	SPYC	SPY
Technology	39.9%	39.0%
Financial Services	11.0%	11.1%
Communication Services	10.5%	10.6%
Consumer Cyclical	9.6%	9.9%
Healthcare	8.2%	8.3%
Industrials	7.7%	7.8%
Consumer Defensive	4.4%	4.5%
Energy	3.2%	3.1%
Utilities	2.0%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

SPYC vs. SPY — Risk / Return Rank

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

SPYC

SPYC Risk / Return Rank: 32
SPYC Sharpe Ratio Rank: 34
SPYC Sortino Ratio Rank: 34
SPYC Omega Ratio Rank: 32
SPYC Calmar Ratio Rank: 29
SPYC Martin Ratio Rank: 30

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

SPYC vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Convexity ETF (SPYC) and State Street SPDR S&P 500 ETF (SPY). 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.

	SPYC	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.16	-0.97
Sortino ratio: Return per unit of downside risk	1.76	2.91	-1.15
Omega ratio: Gain probability vs. loss probability	1.21	1.39	-0.18
Calmar ratio: Return relative to maximum drawdown	1.41	3.01	-1.61
Martin ratio: Return relative to average drawdown	4.19	13.54	-9.34

SPYC vs. SPY - Sharpe Ratio Comparison

The current SPYC Sharpe Ratio is 1.19, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SPYC and SPY, 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

SPYC vs. SPY - Drawdown Comparison

The maximum SPYC drawdown since its inception was -28.51%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPYC and SPY.

Drawdown Indicators

	SPYC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-28.51%	-55.19%	+26.68%
Max Drawdown (1Y) Largest decline over 1 year	-13.47%	-8.88%	-4.59%
Max Drawdown (3Y) Largest decline over 3 years	-22.81%	-18.76%	-4.05%
Max Drawdown (5Y) Largest decline over 5 years	-28.51%	-24.50%	-4.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.45%	-1.75%	+0.30%
Average Drawdown Average peak-to-trough decline	-8.20%	-9.04%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	1.97%	+2.54%

Volatility

SPYC vs. SPY - Volatility Comparison

Simplify US Equity PLUS Convexity ETF (SPYC) has a higher volatility of 5.28% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that SPYC's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	4.64%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	9.75%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	12.43%	+3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	17.14%	+2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	17.99%	+1.68%

SPYC vs. SPY - Expense Ratio Comparison

SPYC has a 0.28% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SPYC vs. SPY - Dividend Comparison

SPYC's dividend yield for the trailing twelve months is around 0.88%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
SPYC Simplify US Equity PLUS Convexity ETF	0.88%	0.89%	1.02%	1.76%	1.34%	1.01%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYC and SPY in my portfolio?

With a correlation of 0.96, SPYC and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPYC or SPY?

SPYC has higher volatility (5.28%) compared to SPY (4.64%). In terms of maximum drawdown, SPYC dropped -28.51% vs SPY's -55.19%.

Which ETF is better, SPYC or SPY?

On 5-year performance, SPY leads with 13.51% vs 9.97% for SPYC. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYC or SPY?

Over the 5-year period, SPY has performed better with a 13.51% return vs 9.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYC or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.28% for SPYC.

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

SPY has the higher dividend yield at 1.01%, compared with 0.88% for SPYC.

What is the main difference between SPYC and SPY?

SPYC is categorized as Large Cap Growth Equities, while SPY is S&P 500. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.28% for SPYC and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.19), 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.