SPYX vs. CRBN

Last updated Jun 5, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and CRBN (iShares MSCI ACWI Low Carbon Target ETF) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index, while CRBN is a Large Cap Growth Equities fund tracking the MSCI ACWI Low Carbon Target Index. Both are passively managed. Over the past 10 years, SPYX returned 15.56%/yr vs 12.75%/yr for CRBN. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.

Performance

SPYX vs. CRBN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) and iShares MSCI ACWI Low Carbon Target ETF (CRBN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYX achieves a 10.52% return, which is significantly lower than CRBN's 11.12% return. Over the past 10 years, SPYX has outperformed CRBN with an annualized return of 15.56%, while CRBN has yielded a comparatively lower 12.75% annualized return.

SPYX

• 1D: 0.44%
• 1M: 4.70%
• YTD: 10.52%
• 6M: 10.53%
• 1Y: 27.57%
• 3Y*: 22.55%
• 5Y*: 13.51%
• 10Y*: 15.56%

CRBN

• 1D: 0.18%
• 1M: 4.24%
• YTD: 11.12%
• 6M: 12.10%
• 1Y: 27.38%
• 3Y*: 21.37%
• 5Y*: 11.14%
• 10Y*: 12.75%

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

SPYX vs. CRBN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	10.52%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	23.25%
CRBN iShares MSCI ACWI Low Carbon Target ETF	11.12%	21.85%	19.29%	22.31%	-19.12%	18.82%	16.83%	28.65%	-9.80%	23.49%

Correlation

The correlation between SPYX and CRBN is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 2, 2015	0.93

The correlation between SPYX and CRBN has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

SPYX vs. CRBN - Sectors Allocation Comparison

Sectors	SPYX	CRBN
Technology	38.5%	32.3%
Financial Services	11.7%	18.3%
Communication Services	11.1%	9.6%
Consumer Cyclical	10.1%	7.7%
Healthcare	8.6%	8.1%
Industrials	7.6%	9.4%
Consumer Defensive	4.9%	4.4%
Utilities	2.7%	2.2%
Real Estate	1.9%	2.9%
Basic Materials	1.8%	2.5%
Energy	1.2%	2.2%

Return for Risk

SPYX vs. CRBN — Risk / Return Rank

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

SPYX

SPYX Risk / Return Rank: 68
SPYX Sharpe Ratio Rank: 71
SPYX Sortino Ratio Rank: 70
SPYX Omega Ratio Rank: 70
SPYX Calmar Ratio Rank: 58
SPYX Martin Ratio Rank: 70

CRBN

CRBN Risk / Return Rank: 63
CRBN Sharpe Ratio Rank: 64
CRBN Sortino Ratio Rank: 64
CRBN Omega Ratio Rank: 64
CRBN Calmar Ratio Rank: 56
CRBN Martin Ratio Rank: 67

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.

SPYX vs. CRBN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) and iShares MSCI ACWI Low Carbon Target ETF (CRBN). 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.

	SPYX	CRBN	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.11	+0.18
Sortino ratio: Return per unit of downside risk	3.13	2.93	+0.20
Omega ratio: Gain probability vs. loss probability	1.41	1.38	+0.03
Calmar ratio: Return relative to maximum drawdown	2.81	2.73	+0.09
Martin ratio: Return relative to average drawdown	12.94	12.06	+0.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYX vs. CRBN - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 2.29, which is comparable to the CRBN Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of SPYX and CRBN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPYX	CRBN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.11	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.70	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.76	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.70	+0.14

Drawdowns

SPYX vs. CRBN - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, roughly equal to the maximum CRBN drawdown of -33.13%. Use the drawdown chart below to compare losses from any high point for SPYX and CRBN.

Drawdown Indicators

	SPYX	CRBN	Difference
Max Drawdown Largest peak-to-trough decline	-32.84%	-33.13%	+0.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-10.08%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-16.60%	-2.14%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-27.04%	+0.90%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	-33.13%	+0.29%
Current Drawdown Current decline from peak	-0.34%	-0.64%	+0.30%
Average Drawdown Average peak-to-trough decline	-4.53%	-5.20%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	2.28%	-0.14%

Volatility

SPYX vs. CRBN - Volatility Comparison

The current volatility for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) is 2.96%, while iShares MSCI ACWI Low Carbon Target ETF (CRBN) has a volatility of 3.67%. This indicates that SPYX experiences smaller price fluctuations and is considered to be less risky than CRBN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYX	CRBN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	3.67%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	10.52%	-1.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.11%	13.05%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	16.09%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	16.90%	+1.10%

SPYX vs. CRBN - Expense Ratio Comparison

Both SPYX and CRBN have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPYX vs. CRBN - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.84%, less than CRBN's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRBN iShares MSCI ACWI Low Carbon Target ETF	1.99%	2.21%	1.94%	2.01%	1.95%	1.57%	1.41%	2.27%	2.51%	2.05%	2.27%	2.01%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.84%	0.91%	1.05%	1.21%	1.41%	1.04%	1.33%	1.56%	1.92%	1.68%	1.91%	0.16%

Frequently Asked Questions

Can I hold both SPYX and CRBN in my portfolio?

With a correlation of 0.95, SPYX and CRBN 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, SPYX or CRBN?

CRBN has higher volatility (3.67%) compared to SPYX (2.96%). In terms of maximum drawdown, SPYX dropped -32.84% vs CRBN's -33.13%.

Which ETF is better, SPYX or CRBN?

On 10-year performance, SPYX leads with 15.56% vs 12.75% for CRBN. Both ETFs have the same 0.20% expense ratio. On volatility, SPYX has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYX or CRBN?

Over the 10-year period, SPYX has performed better with a 15.56% return vs 12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYX or CRBN?

SPYX and CRBN have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, SPYX or CRBN?

CRBN has the higher dividend yield at 1.99%, compared with 0.84% for SPYX.

What is the main difference between SPYX and CRBN?

SPYX is categorized as S&P 500, while CRBN is Large Cap Growth Equities. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while CRBN tracks MSCI ACWI Low Carbon Target Index. They also come from different issuers: State Street and iShares.

Which has better risk-adjusted returns?

SPYX currently has the higher Sharpe Ratio (2.29 vs 2.11), 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.