SPYX vs. SPYV

Last updated Jun 4, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both S&P 500 funds from State Street - SPYX tracks the S&P 500 Fossil Fuel Reserves Free Index while SPYV tracks the S&P 500 Value. Both are passively managed. Over the past 10 years, SPYX returned 15.55%/yr vs 11.90%/yr for SPYV. Their correlation of 0.84 suggests significant overlap in exposure. SPYX charges 0.20%/yr vs 0.04%/yr for SPYV.

Performance

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

Returns By Period

In the year-to-date period, SPYX achieves a 10.04% return, which is significantly higher than SPYV's 7.46% return. Over the past 10 years, SPYX has outperformed SPYV with an annualized return of 15.55%, while SPYV has yielded a comparatively lower 11.90% annualized return.

SPYX

• 1D: -0.77%
• 1M: 5.02%
• YTD: 10.04%
• 6M: 10.06%
• 1Y: 27.01%
• 3Y*: 22.32%
• 5Y*: 13.41%
• 10Y*: 15.55%

SPYV

• 1D: -0.36%
• 1M: 2.22%
• YTD: 7.46%
• 6M: 7.77%
• 1Y: 21.26%
• 3Y*: 15.72%
• 5Y*: 10.68%
• 10Y*: 11.90%

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

SPYX vs. SPYV - 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	10.04%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	23.25%
SPYV SPDR Portfolio S&P 500 Value ETF	7.46%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%

Correlation

The correlation between SPYX and SPYV is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 2, 2015	0.84

The correlation between SPYX and SPYV has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

SPYX vs. SPYV - Sectors Allocation Comparison

Sectors	SPYX	SPYV
Technology	38.5%	21.2%
Financial Services	11.7%	14.7%
Communication Services	11.1%	3.2%
Consumer Cyclical	10.1%	10.9%
Healthcare	8.6%	11.6%
Industrials	7.6%	10.6%
Consumer Defensive	4.9%	9.2%
Utilities	2.7%	4.4%
Real Estate	1.9%	3.3%
Basic Materials	1.8%	3.4%
Energy	1.2%	7.4%

Return for Risk

SPYX vs. SPYV — Risk / Return Rank

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

SPYX

SPYX Risk / Return Rank: 64
SPYX Sharpe Ratio Rank: 66
SPYX Sortino Ratio Rank: 65
SPYX Omega Ratio Rank: 66
SPYX Calmar Ratio Rank: 55
SPYX Martin Ratio Rank: 68

SPYV

SPYV Risk / Return Rank: 66
SPYV Sharpe Ratio Rank: 63
SPYV Sortino Ratio Rank: 64
SPYV Omega Ratio Rank: 63
SPYV Calmar Ratio Rank: 68
SPYV Martin Ratio Rank: 69

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. SPYV - 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 Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.17	+0.07
Sortino ratio: Return per unit of downside risk	3.07	3.05	+0.02
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	2.76	3.43	-0.68
Martin ratio: Return relative to average drawdown	12.68	13.16	-0.48
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. SPYV - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 2.24, which is comparable to the SPYV Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of SPYX and SPYV, 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	SPYV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.17	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.75	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.70	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.42	+0.41

Drawdowns

SPYX vs. SPYV - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, smaller than the maximum SPYV drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for SPYX and SPYV.

Drawdown Indicators

	SPYX	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-32.84%	-58.45%	+25.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-6.22%	-3.62%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-17.54%	-1.20%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-17.89%	-8.25%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	-36.89%	+4.05%
Current Drawdown Current decline from peak	-0.77%	-0.57%	-0.20%
Average Drawdown Average peak-to-trough decline	-4.53%	-8.72%	+4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.62%	+0.52%

Volatility

SPYX vs. SPYV - Volatility Comparison

State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) has a higher volatility of 3.00% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 1.98%. This indicates that SPYX's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYX	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	1.98%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	7.04%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	9.84%	+2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	14.40%	+2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	16.94%	+1.07%

SPYX vs. SPYV - Expense Ratio Comparison

SPYX has a 0.20% expense ratio, which is higher than SPYV's 0.04% 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. SPYV - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.84%, less than SPYV's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYV SPDR Portfolio S&P 500 Value ETF	1.70%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%
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 SPYV in my portfolio?

SPYX and SPYV have a correlation of 0.76, 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 SPYV?

SPYX has higher volatility (3.00%) compared to SPYV (1.98%). In terms of maximum drawdown, SPYX dropped -32.84% vs SPYV's -58.45%.

Which ETF is better, SPYX or SPYV?

On 10-year performance, SPYX leads with 15.55% vs 11.90% for SPYV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 1.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYX or SPYV?

Over the 10-year period, SPYX has performed better with a 15.55% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYX or SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.20% for SPYX.

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

SPYV has the higher dividend yield at 1.70%, compared with 0.84% for SPYX.

What is the main difference between SPYX and SPYV?

SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while SPYV tracks S&P 500 Value. Their fees differ too: 0.20% for SPYX and 0.04% for SPYV.

Which has better risk-adjusted returns?

SPYX currently has the higher Sharpe Ratio (2.24 vs 2.17), 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.