SPYX vs. SPY

Last updated Jun 23, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds from State Street - SPYX tracks the S&P 500 Fossil Fuel Reserves Free Index while SPY tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPYX returned 15.77%/yr vs 15.70%/yr for SPY. With a 0.97 correlation, they move nearly in lockstep. SPYX charges 0.20%/yr vs 0.09%/yr for SPY.

Performance

SPYX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYX achieves a 8.96% return, which is significantly lower than SPY's 9.74% return. Both investments have delivered pretty close results over the past 10 years, with SPYX having a 15.77% annualized return and SPY not far behind at 15.70%.

SPYX

• 1D: -0.40%
• 1M: 0.12%
• YTD: 8.96%
• 6M: 8.42%
• 1Y: 26.02%
• 3Y*: 21.19%
• 5Y*: 13.12%
• 10Y*: 15.77%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

SPYX vs. SPY - 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	8.96%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	23.25%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SPYX and SPY is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 1, 2015	0.97

The correlation between SPYX and SPY has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

SPYX vs. SPY - Sectors Allocation Comparison

Sectors	SPYX	SPY
Technology	39.7%	39.0%
Financial Services	11.4%	11.1%
Communication Services	10.9%	10.6%
Consumer Cyclical	10.1%	9.9%
Healthcare	8.5%	8.3%
Industrials	7.9%	7.8%
Consumer Defensive	4.6%	4.5%
Utilities	2.2%	2.1%
Real Estate	1.9%	1.8%
Basic Materials	1.7%	1.7%
Energy	1.1%	3.1%

Return for Risk

SPYX vs. SPY — Risk / Return Rank

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

SPYX

SPYX Risk / Return Rank: 62
SPYX Sharpe Ratio Rank: 65
SPYX Sortino Ratio Rank: 62
SPYX Omega Ratio Rank: 64
SPYX Calmar Ratio Rank: 55
SPYX Martin Ratio Rank: 66

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.16	-0.10
Sortino ratio: Return per unit of downside risk	2.79	2.91	-0.12
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	2.66	3.01	-0.36
Martin ratio: Return relative to average drawdown	11.88	13.54	-1.66

SPYX vs. SPY - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 2.05, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SPYX and SPY, 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. SPY - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPYX and SPY.

Drawdown Indicators

	SPYX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-32.84%	-55.19%	+22.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-8.88%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-18.76%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-24.50%	-1.64%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	-33.72%	+0.88%
Current Drawdown Current decline from peak	-1.75%	-1.75%	0.00%
Average Drawdown Average peak-to-trough decline	-4.52%	-9.04%	+4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	1.97%	+0.23%

Volatility

SPYX vs. SPY - Volatility Comparison

State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.78% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	4.64%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	9.75%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	12.43%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	17.14%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	17.99%	+0.07%

SPYX vs. SPY - Expense Ratio Comparison

SPYX has a 0.20% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 1.08%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	1.08%	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 SPY in my portfolio?

With a correlation of 0.99, SPYX and SPY 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 SPY?

SPYX has higher volatility (4.78%) compared to SPY (4.64%). In terms of maximum drawdown, SPYX dropped -32.84% vs SPY's -55.19%.

Which ETF is better, SPYX or SPY?

On 10-year performance, SPYX leads with 15.77% vs 15.70% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYX or SPY?

Over the 10-year period, SPYX has performed better with a 15.77% return vs 15.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.20% for SPYX.

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

SPYX has the higher dividend yield at 1.08%, compared with 1.01% for SPY.

What is the main difference between SPYX and SPY?

SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.20% for SPYX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 2.05), 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.