SPYG vs. SPYV

Last updated Jun 23, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both S&P 500 funds from State Street - SPYG tracks the S&P 500 Growth Index while SPYV tracks the S&P 500 Value Index. Both are passively managed. Over the past 10 years, SPYG returned 18.34%/yr vs 12.14%/yr for SPYV. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.04% expense ratio.

Performance

SPYG vs. SPYV - 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 SPDR Portfolio S&P 500 Value ETF (SPYV). 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 SPYV's 7.78% return. Over the past 10 years, SPYG has outperformed SPYV with an annualized return of 18.34%, while SPYV has yielded a comparatively lower 12.14% 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%

SPYV

• 1D: 0.21%
• 1M: -0.13%
• YTD: 7.78%
• 6M: 7.25%
• 1Y: 21.31%
• 3Y*: 15.28%
• 5Y*: 11.43%
• 10Y*: 12.14%

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

SPYG vs. SPYV - 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%
SPYV SPDR Portfolio S&P 500 Value ETF	7.78%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%

Correlation

The correlation between SPYG and SPYV is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 2, 2000	0.74

Over the past year, the correlation between SPYG and SPYV has dropped to 0.53 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

SPYG vs. SPYV - Sectors Allocation Comparison

Sectors	SPYG	SPYV
Technology	52.1%	22.4%
Communication Services	15.9%	3.2%
Financial Services	9.0%	14.5%
Consumer Cyclical	8.5%	11.1%
Healthcare	5.9%	11.5%
Industrials	5.4%	10.5%
Utilities	1.2%	4.3%
Consumer Defensive	1.0%	8.9%
Real Estate	0.6%	3.4%
Basic Materials	0.3%	3.3%
Energy	0.1%	7.0%

Return for Risk

SPYG vs. SPYV — 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

SPYV

SPYV Risk / Return Rank: 69
SPYV Sharpe Ratio Rank: 68
SPYV Sortino Ratio Rank: 69
SPYV Omega Ratio Rank: 67
SPYV Calmar Ratio Rank: 71
SPYV Martin Ratio Rank: 72

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. SPYV - 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 SPDR Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.15	-0.29
Sortino ratio: Return per unit of downside risk	2.53	3.00	-0.47
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.31	3.44	-1.13
Martin ratio: Return relative to average drawdown	9.21	13.11	-3.90

SPYG vs. SPYV - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.86, which is comparable to the SPYV Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SPYG and SPYV, 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. SPYV - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than SPYV's maximum drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for SPYG and SPYV.

Drawdown Indicators

	SPYG	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-58.45%	-9.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-6.22%	-7.54%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-17.54%	-4.60%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-17.89%	-14.78%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	-36.89%	+4.22%
Current Drawdown Current decline from peak	-3.19%	-0.96%	-2.23%
Average Drawdown Average peak-to-trough decline	-24.28%	-8.70%	-15.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	1.63%	+1.81%

Volatility

SPYG vs. SPYV - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 6.83% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.88%. This indicates that SPYG's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYG	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.83%	2.88%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	13.72%	7.32%	+6.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	9.98%	+7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.34%	14.38%	+6.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.74%	16.95%	+3.79%

SPYG vs. SPYV - Expense Ratio Comparison

Both SPYG and SPYV have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPYG vs. SPYV - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.60%, less than SPYV's 2.14% 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%
SPYV SPDR Portfolio S&P 500 Value ETF	2.14%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both SPYG and SPYV in my portfolio?

SPYG and SPYV have a correlation of 0.53, 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 SPYV?

SPYG has higher volatility (6.83%) compared to SPYV (2.88%). In terms of maximum drawdown, SPYG dropped -67.63% vs SPYV's -58.45%.

Which ETF is better, SPYG or SPYV?

On 10-year performance, SPYG leads with 18.34% vs 12.14% for SPYV. Both ETFs have the same 0.04% expense ratio. On volatility, SPYV has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYG or SPYV?

Over the 10-year period, SPYG has performed better with a 18.34% return vs 12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYG or SPYV?

SPYG and SPYV have the same expense ratio: 0.04% per year.

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

SPYV has the higher dividend yield at 2.14%, compared with 0.60% for SPYG.

What is the main difference between SPYG and SPYV?

SPYG tracks S&P 500 Growth Index, while SPYV tracks S&P 500 Value Index.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (2.15 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.