SPYD vs. SDY

Last updated Jun 26, 2026

SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and SDY (SPDR S&P Dividend ETF) are both exchange-traded funds - SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index, while SDY is a Mid Cap Value Equities fund tracking the S&P High Yield Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, SPYD returned 9.19%/yr vs 9.87%/yr for SDY. Their correlation of 0.91 suggests significant overlap in exposure. SPYD charges 0.07%/yr vs 0.35%/yr for SDY.

Performance

SPYD vs. SDY - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYD achieves a 13.71% return, which is significantly higher than SDY's 10.71% return. Over the past 10 years, SPYD has underperformed SDY with an annualized return of 9.19%, while SDY has yielded a comparatively higher 9.87% annualized return.

SPYD

• 1D: 0.75%
• 1M: 2.24%
• YTD: 13.71%
• 6M: 13.22%
• 1Y: 20.49%
• 3Y*: 14.90%
• 5Y*: 8.08%
• 10Y*: 9.19%

SDY

• 1D: 0.65%
• 1M: 1.98%
• YTD: 10.71%
• 6M: 9.77%
• 1Y: 16.57%
• 3Y*: 11.03%
• 5Y*: 7.09%
• 10Y*: 9.87%

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

SPYD vs. SDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	13.71%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%
SDY SPDR S&P Dividend ETF	10.71%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%

Correlation

The correlation between SPYD and SDY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 22, 2015	0.91

The correlation between SPYD and SDY has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

SPYD vs. SDY - Sectors Allocation Comparison

Sectors	SPYD	SDY
Real Estate	26.5%	4.4%
Consumer Defensive	16.0%	16.1%
Financial Services	11.9%	11.9%
Utilities	11.2%	14.0%
Energy	8.5%	3.0%
Consumer Cyclical	7.3%	5.9%
Healthcare	5.3%	7.4%
Communication Services	4.8%	2.5%
Technology	3.2%	11.8%
Basic Materials	3.0%	5.9%
Industrials	2.3%	17.1%

Return for Risk

SPYD vs. SDY — Risk / Return Rank

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

SPYD

SPYD Risk / Return Rank: 61
SPYD Sharpe Ratio Rank: 61
SPYD Sortino Ratio Rank: 66
SPYD Omega Ratio Rank: 55
SPYD Calmar Ratio Rank: 68
SPYD Martin Ratio Rank: 55

SDY

SDY Risk / Return Rank: 51
SDY Sharpe Ratio Rank: 54
SDY Sortino Ratio Rank: 59
SDY Omega Ratio Rank: 50
SDY Calmar Ratio Rank: 50
SDY Martin Ratio Rank: 41

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.

SPYD vs. SDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and SPDR S&P Dividend ETF (SDY). 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.

	SPYD	SDY	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.60	+0.14
Sortino ratio: Return per unit of downside risk	2.60	2.42	+0.17
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.92	2.17	+0.75
Martin ratio: Return relative to average drawdown	8.40	5.83	+2.57

SPYD vs. SDY - Sharpe Ratio Comparison

The current SPYD Sharpe Ratio is 1.75, which is comparable to the SDY Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of SPYD and SDY, 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

SPYD vs. SDY - Drawdown Comparison

The maximum SPYD drawdown since its inception was -46.42%, smaller than the maximum SDY drawdown of -54.75%. Use the drawdown chart below to compare losses from any high point for SPYD and SDY.

Drawdown Indicators

	SPYD	SDY	Difference
Max Drawdown Largest peak-to-trough decline	-46.42%	-54.75%	+8.33%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-7.67%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-14.39%	-1.74%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-15.21%	-7.04%
Max Drawdown (10Y) Largest decline over 10 years	-46.42%	-36.70%	-9.72%
Current Drawdown Current decline from peak	-0.88%	-1.19%	+0.31%
Average Drawdown Average peak-to-trough decline	-6.14%	-6.20%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.85%	-0.41%

Volatility

SPYD vs. SDY - Volatility Comparison

State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a higher volatility of 3.62% compared to SPDR S&P Dividend ETF (SDY) at 3.13%. This indicates that SPYD's price experiences larger fluctuations and is considered to be riskier than SDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYD	SDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	3.13%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	7.58%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	10.43%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	13.99%	+2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	17.07%	+2.71%

SPYD vs. SDY - Expense Ratio Comparison

SPYD has a 0.07% expense ratio, which is lower than SDY's 0.35% expense ratio.

Dividends

SPYD vs. SDY - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 4.22%, more than SDY's 2.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SDY SPDR S&P Dividend ETF	2.45%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.22%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both SPYD and SDY in my portfolio?

With a correlation of 0.91, SPYD and SDY 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, SPYD or SDY?

SPYD has higher volatility (3.62%) compared to SDY (3.13%). In terms of maximum drawdown, SPYD dropped -46.42% vs SDY's -54.75%.

Which ETF is better, SPYD or SDY?

On 10-year performance, SDY leads with 9.87% vs 9.19% for SPYD. On fees, SPYD is cheaper at 0.07% per year. On volatility, SDY has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYD or SDY?

Over the 10-year period, SDY has performed better with a 9.87% return vs 9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYD or SDY?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.35% for SDY.

Which ETF pays a higher dividend yield, SPYD or SDY?

SPYD has the higher dividend yield at 4.22%, compared with 2.45% for SDY.

What is the main difference between SPYD and SDY?

SPYD is categorized as S&P 500, while SDY is Mid Cap Value Equities. SPYD tracks S&P 500 High Dividend Index, while SDY tracks S&P High Yield Dividend Aristocrats Index. Their fees differ too: 0.07% for SPYD and 0.35% for SDY.

Which has better risk-adjusted returns?

SPYD currently has the higher Sharpe Ratio (1.75 vs 1.60), 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.