SPYX vs. NZAC
SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index, while NZAC is a Global Equities fund tracking the MSCI ACWI Climate Paris Aligned Index. Both are passively managed. Over the past 10 years, SPYX returned 15.50%/yr vs 12.28%/yr for NZAC. Their correlation of 0.87 suggests significant overlap in exposure. SPYX charges 0.20%/yr vs 0.12%/yr for NZAC.
Performance
SPYX vs. NZAC - Performance Comparison
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Returns By Period
In the year-to-date period, SPYX achieves a 8.26% return, which is significantly higher than NZAC's 6.77% return. Over the past 10 years, SPYX has outperformed NZAC with an annualized return of 15.50%, while NZAC has yielded a comparatively lower 12.28% annualized 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%
NZAC
- 1D
- 0.27%
- 1M
- -0.64%
- YTD
- 6.77%
- 6M
- 7.70%
- 1Y
- 22.02%
- 3Y*
- 17.54%
- 5Y*
- 9.39%
- 10Y*
- 12.28%
SPYX vs. NZAC - 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% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 6.77% | 20.55% | 16.67% | 23.22% | -19.77% | 18.35% | 17.21% | 28.24% | -9.80% | 22.93% |
Correlation
The correlation between SPYX and NZAC is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2015 | 0.87 |
The correlation between SPYX and NZAC has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.
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Return for Risk
SPYX vs. NZAC — Risk / Return Rank
SPYX
NZAC
SPYX vs. NZAC - 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 SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). 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 | NZAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.27 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.04 | +0.36 |
| Martin ratioReturn relative to average drawdown | 10.78 | 8.62 | +2.16 |
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Drawdowns
SPYX vs. NZAC - Drawdown Comparison
The maximum SPYX drawdown since its inception was -32.84%, roughly equal to the maximum NZAC drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for SPYX and NZAC.
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Drawdown Indicators
| SPYX | NZAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.84% | -33.72% | +0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -9.84% | -10.10% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -18.74% | -16.19% | -2.55% |
Max Drawdown (5Y)Largest decline over 5 years | -26.14% | -28.31% | +2.17% |
Max Drawdown (10Y)Largest decline over 10 years | -32.84% | -33.72% | +0.88% |
Current DrawdownCurrent decline from peak | -2.38% | -2.70% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -4.53% | -5.32% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | 2.39% | -0.20% |
Volatility
SPYX vs. NZAC - Volatility Comparison
The current volatility for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) is 4.52%, while SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a volatility of 5.07%. This indicates that SPYX experiences smaller price fluctuations and is considered to be less risky than NZAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYX | NZAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.52% | 5.07% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 9.92% | 11.12% | -1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.61% | 13.56% | -0.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 16.90% | +0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 17.17% | +0.87% |
SPYX vs. NZAC - Expense Ratio Comparison
SPYX has a 0.20% expense ratio, which is higher than NZAC's 0.12% 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
SPYX vs. NZAC - Dividend Comparison
SPYX's dividend yield for the trailing twelve months is around 0.86%, less than NZAC's 2.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 2.08% | 1.90% | 1.88% | 1.65% | 1.81% | 1.62% | 1.59% | 2.17% | 2.53% | 2.20% | 2.00% | 2.40% |
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
With a correlation of 0.96, SPYX and NZAC 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.
NZAC has higher volatility (5.07%) compared to SPYX (4.52%). In terms of maximum drawdown, SPYX dropped -32.84% vs NZAC's -33.72%.
On 10-year performance, SPYX leads with 15.50% vs 12.28% for NZAC. On fees, NZAC is cheaper at 0.12% per year. 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.
Over the 10-year period, SPYX has performed better with a 15.50% return vs 12.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NZAC is cheaper with a 0.12% expense ratio, compared with 0.20% for SPYX.
NZAC has the higher dividend yield at 2.08%, compared with 0.86% for SPYX.
SPYX is categorized as S&P 500, while NZAC is Global Equities. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while NZAC tracks MSCI ACWI Climate Paris Aligned Index. Their fees differ too: 0.20% for SPYX and 0.12% for NZAC.
SPYX currently has the higher Sharpe Ratio (1.87 vs 1.52), 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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