SPYG vs. SPYM

Last updated Jun 23, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both S&P 500 funds from State Street - SPYG tracks the S&P 500 Growth Index while SPYM tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPYG returned 18.34%/yr vs 15.78%/yr for SPYM. Their correlation of 0.85 suggests significant overlap in exposure. SPYG charges 0.04%/yr vs 0.02%/yr for SPYM.

Performance

SPYG vs. SPYM - 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 State Street SPDR Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYG achieves a 11.38% return, which is significantly higher than SPYM's 9.79% return. Over the past 10 years, SPYG has outperformed SPYM with an annualized return of 18.34%, while SPYM has yielded a comparatively lower 15.78% annualized return.

SPYG

• 1D: -0.71%
• 1M: 0.34%
• YTD: 11.38%
• 6M: 11.00%
• 1Y: 31.61%
• 3Y*: 26.51%
• 5Y*: 14.78%
• 10Y*: 18.34%

SPYM

• 1D: -0.32%
• 1M: 0.12%
• YTD: 9.79%
• 6M: 9.30%
• 1Y: 26.75%
• 3Y*: 21.36%
• 5Y*: 13.59%
• 10Y*: 15.78%

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

SPYG vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	11.38%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%
SPYM State Street SPDR Portfolio S&P 500 ETF	9.79%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Correlation

The correlation between SPYG and SPYM is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.85

The correlation between SPYG and SPYM shifts across timeframes, from 0.85 (all time) to 0.95 (5 years), reflecting how their relationship changes across market environments.

SPYG vs. SPYM - Sectors Allocation Comparison

Sectors	SPYG	SPYM
Technology	52.1%	38.0%
Communication Services	15.9%	10.1%
Financial Services	9.0%	11.9%
Consumer Cyclical	8.5%	9.4%
Healthcare	5.9%	8.5%
Industrials	5.4%	8.0%
Utilities	1.2%	2.6%
Consumer Defensive	1.0%	4.6%
Real Estate	0.6%	1.8%
Basic Materials	0.3%	1.8%
Energy	0.1%	3.1%

Return for Risk

SPYG vs. SPYM — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 54
SPYG Sharpe Ratio Rank: 57
SPYG Sortino Ratio Rank: 54
SPYG Omega Ratio Rank: 54
SPYG Calmar Ratio Rank: 48
SPYG Martin Ratio Rank: 54

SPYM

SPYM Risk / Return Rank: 68
SPYM Sharpe Ratio Rank: 70
SPYM Sortino Ratio Rank: 67
SPYM Omega Ratio Rank: 69
SPYM Calmar Ratio Rank: 63
SPYM 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.

SPYG vs. SPYM - 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 State Street SPDR Portfolio S&P 500 ETF (SPYM). 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	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.17	-0.31
Sortino ratio: Return per unit of downside risk	2.53	2.93	-0.40
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.31	3.02	-0.71
Martin ratio: Return relative to average drawdown	9.21	13.57	-4.36

SPYG vs. SPYM - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.86, which is comparable to the SPYM Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of SPYG and SPYM, 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. SPYM - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than SPYM's maximum drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SPYG and SPYM.

Drawdown Indicators

	SPYG	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-54.46%	-13.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-8.90%	-4.86%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-18.72%	-3.42%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-24.48%	-8.19%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	-33.87%	+1.20%
Current Drawdown Current decline from peak	-3.19%	-1.73%	-1.46%
Average Drawdown Average peak-to-trough decline	-24.28%	-7.14%	-17.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	1.98%	+1.46%

Volatility

SPYG vs. SPYM - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 6.83% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 4.61%. This indicates that SPYG's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYG	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.83%	4.61%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	13.72%	9.74%	+3.98%
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	12.39%	+4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.34%	16.89%	+4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.74%	18.05%	+2.69%

SPYG vs. SPYM - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is higher than SPYM's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYG vs. SPYM - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.60%, less than SPYM's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.60%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.28%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPYG and SPYM in my portfolio?

With a correlation of 0.94, SPYG and SPYM 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, SPYG or SPYM?

SPYG has higher volatility (6.83%) compared to SPYM (4.61%). In terms of maximum drawdown, SPYG dropped -67.63% vs SPYM's -54.46%.

Which ETF is better, SPYG or SPYM?

On 10-year performance, SPYG leads with 18.34% vs 15.78% for SPYM. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYG or SPYM?

Over the 10-year period, SPYG has performed better with a 18.34% return vs 15.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYG or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.04% for SPYG.

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

SPYM has the higher dividend yield at 1.28%, compared with 0.60% for SPYG.

What is the main difference between SPYG and SPYM?

SPYG tracks S&P 500 Growth Index, while SPYM tracks S&P 500 Index. Their fees differ too: 0.04% for SPYG and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.17 vs 1.86), 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.