SPYX vs. ESGD

Last updated Jun 14, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and ESGD (iShares ESG Aware MSCI EAFE ETF) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index, while ESGD is a Foreign Large Cap Equities fund tracking the MSCI EAFE Extended ESG Focus Index. Both are passively managed. Over the past 5 years, SPYX returned 12.96%/yr vs 7.96%/yr for ESGD. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

SPYX vs. ESGD - 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 ESG Aware MSCI EAFE ETF (ESGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYX achieves a 8.26% return, which is significantly lower than ESGD's 9.13% return.

SPYX

• 1D: 0.53%
• 1M: -0.85%
• YTD: 8.26%
• 6M: 8.62%
• 1Y: 24.90%
• 3Y*: 20.78%
• 5Y*: 12.96%
• 10Y*: 15.50%

ESGD

• 1D: 0.25%
• 1M: 1.66%
• YTD: 9.13%
• 6M: 10.49%
• 1Y: 20.92%
• 3Y*: 15.55%
• 5Y*: 7.96%
• 10Y*: —

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

SPYX vs. ESGD - 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	8.26%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	23.25%
ESGD iShares ESG Aware MSCI EAFE ETF	9.13%	29.63%	3.95%	18.53%	-15.17%	11.79%	8.20%	23.12%	-13.33%	25.10%

Correlation

The correlation between SPYX and ESGD is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 30, 2016	0.75

The correlation between SPYX and ESGD has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

SPYX vs. ESGD - Sectors Allocation Comparison

Sectors	SPYX	ESGD
Technology	39.7%	12.6%
Financial Services	11.4%	25.8%
Communication Services	10.9%	4.3%
Consumer Cyclical	10.1%	6.6%
Healthcare	8.5%	9.9%
Industrials	7.9%	18.2%
Consumer Defensive	4.6%	7.0%
Utilities	2.2%	3.7%
Real Estate	1.9%	1.6%
Basic Materials	1.7%	5.5%
Energy	1.1%	3.9%

Return for Risk

SPYX vs. ESGD — Risk / Return Rank

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

SPYX

SPYX Risk / Return Rank: 63
SPYX Sharpe Ratio Rank: 66
SPYX Sortino Ratio Rank: 63
SPYX Omega Ratio Rank: 66
SPYX Calmar Ratio Rank: 54
SPYX Martin Ratio Rank: 67

ESGD

ESGD Risk / Return Rank: 39
ESGD Sharpe Ratio Rank: 39
ESGD Sortino Ratio Rank: 39
ESGD Omega Ratio Rank: 37
ESGD Calmar Ratio Rank: 38
ESGD Martin Ratio Rank: 43

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. ESGD - 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 ESG Aware MSCI EAFE ETF (ESGD). 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.

	SPYX	ESGD	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.23	+0.64
Sortino ratio: Return per unit of downside risk	2.55	1.81	+0.74
Omega ratio: Gain probability vs. loss probability	1.34	1.22	+0.11
Calmar ratio: Return relative to maximum drawdown	2.40	1.67	+0.73
Martin ratio: Return relative to average drawdown	10.78	6.22	+4.56

SPYX vs. ESGD - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 1.87, which is higher than the ESGD Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of SPYX and ESGD, 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

SPYX vs. ESGD - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, roughly equal to the maximum ESGD drawdown of -33.70%. Use the drawdown chart below to compare losses from any high point for SPYX and ESGD.

Drawdown Indicators

	SPYX	ESGD	Difference
Max Drawdown Largest peak-to-trough decline	-32.84%	-33.70%	+0.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-11.68%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-13.86%	-4.88%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-30.03%	+3.89%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	—	—
Current Drawdown Current decline from peak	-2.38%	-0.61%	-1.77%
Average Drawdown Average peak-to-trough decline	-4.53%	-6.18%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	3.14%	-0.95%

Volatility

SPYX vs. ESGD - Volatility Comparison

The current volatility for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) is 4.52%, while iShares ESG Aware MSCI EAFE ETF (ESGD) has a volatility of 5.56%. This indicates that SPYX experiences smaller price fluctuations and is considered to be less risky than ESGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYX	ESGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	5.56%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	13.31%	-3.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	15.85%	-3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	16.72%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	17.00%	+1.04%

SPYX vs. ESGD - Expense Ratio Comparison

Both SPYX and ESGD 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. ESGD - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.86%, less than ESGD's 3.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESGD iShares ESG Aware MSCI EAFE ETF	3.30%	3.60%	3.23%	3.02%	2.59%	2.75%	1.63%	2.57%	2.69%	2.65%	0.09%	0.00%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.86%	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 ESGD in my portfolio?

SPYX and ESGD have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYX or ESGD?

ESGD has higher volatility (5.56%) compared to SPYX (4.52%). In terms of maximum drawdown, SPYX dropped -32.84% vs ESGD's -33.70%.

Which ETF is better, SPYX or ESGD?

On 5-year performance, SPYX leads with 12.96% vs 7.96% for ESGD. Both ETFs have the same 0.20% expense ratio. On volatility, SPYX has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYX or ESGD?

Over the 5-year period, SPYX has performed better with a 12.96% return vs 7.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYX or ESGD?

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

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

ESGD has the higher dividend yield at 3.30%, compared with 0.86% for SPYX.

What is the main difference between SPYX and ESGD?

SPYX is categorized as S&P 500, while ESGD is Foreign Large Cap Equities. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while ESGD tracks MSCI EAFE Extended ESG Focus Index. They also come from different issuers: State Street and iShares.

Which has better risk-adjusted returns?

SPYX currently has the higher Sharpe Ratio (1.87 vs 1.23), 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.