SPYG vs. ITA

Last updated Jul 15, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and ITA (iShares U.S. Aerospace & Defense ETF) are both exchange-traded funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while ITA is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index. Both are passively managed. Over the past 10 years, SPYG returned 17.71%/yr vs 15.04%/yr for ITA. A 0.68 correlation means they provide meaningful diversification when combined. SPYG charges 0.04%/yr vs 0.38%/yr for ITA.

Performance

SPYG vs. ITA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and iShares U.S. Aerospace & Defense ETF (ITA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYG achieves a 12.15% return, which is significantly higher than ITA's 9.73% return. Over the past 10 years, SPYG has outperformed ITA with an annualized return of 17.71%, while ITA has yielded a comparatively lower 15.04% annualized return.

SPYG

• 1D: 1.07%
• 1M: 2.23%
• 6M: 10.70%
• YTD: 12.15%
• 1Y: 24.76%
• 3Y*: 25.50%
• 5Y*: 13.96%
• 10Y*: 17.71%

ITA

• 1D: 0.09%
• 1M: 0.70%
• 6M: -0.82%
• YTD: 9.73%
• 1Y: 22.12%
• 3Y*: 27.44%
• 5Y*: 18.21%
• 10Y*: 15.04%

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

SPYG vs. ITA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	12.15%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%
ITA iShares U.S. Aerospace & Defense ETF	9.73%	48.64%	15.81%	14.33%	9.96%	9.39%	-13.57%	30.51%	-7.22%	35.24%

Correlation

The correlation between SPYG and ITA is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 5, 2006	0.68

Over the past year, the correlation between SPYG and ITA has dropped to 0.46 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

SPYG vs. ITA - Sectors Allocation Comparison

Sectors	SPYG	ITA
Technology	52.0%	0.1%
Communication Services	15.9%	-
Financial Services	8.9%	-
Consumer Cyclical	8.5%	-
Healthcare	6.2%	-
Industrials	5.2%	99.8%
Utilities	1.2%	-
Consumer Defensive	1.0%	-
Real Estate	0.6%	-
Basic Materials	0.4%	-
Energy	0.1%	-

Return for Risk

SPYG vs. ITA — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 49
SPYG Sharpe Ratio Rank: 51
SPYG Sortino Ratio Rank: 50
SPYG Omega Ratio Rank: 50
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 51

ITA

ITA Risk / Return Rank: 34
ITA Sharpe Ratio Rank: 34
ITA Sortino Ratio Rank: 36
ITA Omega Ratio Rank: 32
ITA Calmar Ratio Rank: 34
ITA Martin Ratio Rank: 31

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.

SPYG vs. ITA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and iShares U.S. Aerospace & Defense ETF (ITA). 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.

	SPYG	ITA	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.01	+0.41
Sortino ratio: Return per unit of downside risk	2.00	1.56	+0.44
Omega ratio: Gain probability vs. loss probability	1.25	1.18	+0.07
Calmar ratio: Return relative to maximum drawdown	1.81	1.40	+0.40
Martin ratio: Return relative to average drawdown	6.93	3.64	+3.29

SPYG vs. ITA - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.42, which is higher than the ITA Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of SPYG and ITA, 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

SPYG vs. ITA - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than ITA's maximum drawdown of -59.72%. Use the drawdown chart below to compare losses from any high point for SPYG and ITA.

Drawdown Indicators

	SPYG	ITA	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-59.72%	-7.91%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-15.82%	+2.06%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-15.82%	-6.32%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-18.72%	-13.95%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	-51.00%	+18.33%
Current Drawdown Current decline from peak	-2.52%	-6.18%	+3.66%
Average Drawdown Average peak-to-trough decline	-24.24%	-9.43%	-14.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	6.10%	-2.52%

Volatility

SPYG vs. ITA - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 6.16% compared to iShares U.S. Aerospace & Defense ETF (ITA) at 5.77%. This indicates that SPYG's price experiences larger fluctuations and is considered to be riskier than ITA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYG	ITA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	5.77%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	14.30%	17.93%	-3.63%
Volatility (1Y) Calculated over the trailing 1-year period	17.48%	22.06%	-4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	20.26%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.74%	23.23%	-2.49%

SPYG vs. ITA - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than ITA's 0.38% expense ratio.

Dividends

SPYG vs. ITA - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.48%, more than ITA's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITA iShares U.S. Aerospace & Defense ETF	0.45%	0.55%	0.85%	0.93%	0.95%	0.82%	1.07%	1.54%	1.13%	0.91%	1.07%	1.04%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPYG and ITA in my portfolio?

SPYG and ITA have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYG or ITA?

SPYG has higher volatility (6.16%) compared to ITA (5.77%). In terms of maximum drawdown, SPYG dropped -67.63% vs ITA's -59.72%.

Which ETF is better, SPYG or ITA?

On 10-year performance, SPYG leads with 17.71% vs 15.04% for ITA. On fees, SPYG is cheaper at 0.04% per year. On volatility, ITA has been the lower-risk option at 5.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYG or ITA?

Over the 10-year period, SPYG has performed better with a 17.71% return vs 15.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYG or ITA?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.38% for ITA.

Which ETF pays a higher dividend yield, SPYG or ITA?

SPYG has the higher dividend yield at 0.48%, compared with 0.45% for ITA.

What is the main difference between SPYG and ITA?

SPYG is categorized as S&P 500, while ITA is Aerospace & Defense. SPYG tracks S&P 500 Growth Index, while ITA tracks Dow Jones U.S. Select Aerospace & Defense Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPYG and 0.38% for ITA.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.42 vs 1.01), 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.