SPYV vs. PNNT
SPYV (SPDR Portfolio S&P 500 Value ETF) is S&P 500 fund tracking the S&P 500 Value Index, while PNNT (PennantPark Investment Corporation) is a stock. Over the past 10 years, SPYV returned 12.08%/yr vs 7.07%/yr for PNNT. At a 0.48 correlation, their price movements are largely independent.
Performance
SPYV vs. PNNT - Performance Comparison
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Returns By Period
In the year-to-date period, SPYV achieves a 8.25% return, which is significantly higher than PNNT's -29.84% return. Over the past 10 years, SPYV has outperformed PNNT with an annualized return of 12.08%, while PNNT has yielded a comparatively lower 7.07% annualized return.
SPYV
- 1D
- 0.69%
- 1M
- 1.81%
- YTD
- 8.25%
- 6M
- 8.02%
- 1Y
- 20.65%
- 3Y*
- 15.13%
- 5Y*
- 10.98%
- 10Y*
- 12.08%
PNNT
- 1D
- 1.58%
- 1M
- -8.53%
- YTD
- -29.84%
- 6M
- -27.65%
- 1Y
- -33.82%
- 3Y*
- 0.38%
- 5Y*
- 0.83%
- 10Y*
- 7.07%
SPYV vs. PNNT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPYV SPDR Portfolio S&P 500 Value ETF | 8.25% | 13.18% | 12.24% | 22.20% | -5.28% | 24.91% | 1.38% | 31.70% | -9.01% | 15.40% |
PNNT PennantPark Investment Corporation | -29.84% | -2.96% | 16.56% | 37.25% | -8.90% | 61.71% | -17.99% | 14.30% | 2.05% | -0.65% |
Correlation
The correlation between SPYV and PNNT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2007 | 0.48 |
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Return for Risk
SPYV vs. PNNT — Risk / Return Rank
SPYV
PNNT
SPYV vs. PNNT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) and PennantPark Investment Corporation (PNNT). 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.
| SPYV | PNNT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.33 | ||
| Sortino ratioReturn per unit of downside risk | +4.62 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.78 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | -0.80 | +4.13 |
| Martin ratioReturn relative to average drawdown | 12.73 | -1.65 | +14.37 |
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Drawdowns
SPYV vs. PNNT - Drawdown Comparison
The maximum SPYV drawdown since its inception was -58.45%, smaller than the maximum PNNT drawdown of -82.16%. Use the drawdown chart below to compare losses from any high point for SPYV and PNNT.
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Drawdown Indicators
| SPYV | PNNT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.45% | -82.16% | +23.71% |
Max Drawdown (1Y)Largest decline over 1 year | -6.22% | -42.61% | +36.39% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -42.61% | +25.07% |
Max Drawdown (5Y)Largest decline over 5 years | -17.89% | -42.61% | +24.72% |
Max Drawdown (10Y)Largest decline over 10 years | -36.89% | -69.14% | +32.25% |
Current DrawdownCurrent decline from peak | -0.18% | -40.28% | +40.10% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -15.29% | +6.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 20.58% | -18.95% |
Volatility
SPYV vs. PNNT - Volatility Comparison
The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 2.70%, while PennantPark Investment Corporation (PNNT) has a volatility of 9.97%. This indicates that SPYV experiences smaller price fluctuations and is considered to be less risky than PNNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYV | PNNT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 9.97% | -7.27% |
Volatility (6M)Calculated over the trailing 6-month period | 7.26% | 23.95% | -16.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.97% | 27.06% | -17.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.42% | 23.79% | -9.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 32.76% | -15.82% |
Dividends
SPYV vs. PNNT - Dividend Comparison
SPYV's dividend yield for the trailing twelve months is around 1.68%, less than PNNT's 24.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PNNT PennantPark Investment Corporation | 24.94% | 16.11% | 12.85% | 11.65% | 10.43% | 6.93% | 11.71% | 11.03% | 11.30% | 10.42% | 14.62% | 18.12% |
SPYV SPDR Portfolio S&P 500 Value ETF | 1.68% | 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
SPYV and PNNT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNNT has higher volatility (9.97%) compared to SPYV (2.70%). In terms of maximum drawdown, SPYV dropped -58.45% vs PNNT's -82.16%.
SPYV currently has the higher Sharpe Ratio (2.08 vs -1.25), 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.
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