SPYX vs. USXF

Last updated Jun 3, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and USXF (iShares ESG Advanced MSCI USA ETF) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index, while USXF is a Large Cap Growth Equities fund tracking the MSCI USA Choice ESG Screened Index. Both are passively managed. Over the past 5 years, SPYX returned 13.79%/yr vs 16.07%/yr for USXF. Their correlation of 0.93 suggests significant overlap in exposure. SPYX charges 0.20%/yr vs 0.10%/yr for USXF.

Performance

SPYX vs. USXF - 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 Advanced MSCI USA ETF (USXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYX achieves a 10.90% return, which is significantly lower than USXF's 21.38% return.

SPYX

• 1D: 0.14%
• 1M: 5.43%
• YTD: 10.90%
• 6M: 11.22%
• 1Y: 28.79%
• 3Y*: 22.63%
• 5Y*: 13.79%
• 10Y*: 15.64%

USXF

• 1D: 1.28%
• 1M: 10.57%
• YTD: 21.38%
• 6M: 22.22%
• 1Y: 37.66%
• 3Y*: 27.60%
• 5Y*: 16.07%
• 10Y*: —

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

SPYX vs. USXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	10.90%	17.87%	25.46%	26.38%	-19.59%	28.06%	22.13%
USXF iShares ESG Advanced MSCI USA ETF	21.38%	16.97%	26.16%	31.65%	-21.20%	27.14%	24.04%

Correlation

The correlation between SPYX and USXF is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 19, 2020	0.93

The correlation between SPYX and USXF has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

SPYX vs. USXF - Sectors Allocation Comparison

Sectors	SPYX	USXF
Technology	38.5%	56.6%
Financial Services	11.7%	14.3%
Communication Services	11.1%	2.2%
Consumer Cyclical	10.1%	6.3%
Healthcare	8.6%	4.6%
Industrials	7.6%	7.7%
Consumer Defensive	4.9%	0.9%
Utilities	2.7%	1.2%
Real Estate	1.9%	3.7%
Basic Materials	1.8%	2.2%
Energy	1.2%	0.1%

Return for Risk

SPYX vs. USXF — Risk / Return Rank

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

SPYX

SPYX Risk / Return Rank: 69
SPYX Sharpe Ratio Rank: 72
SPYX Sortino Ratio Rank: 71
SPYX Omega Ratio Rank: 71
SPYX Calmar Ratio Rank: 59
SPYX Martin Ratio Rank: 72

USXF

USXF Risk / Return Rank: 71
USXF Sharpe Ratio Rank: 70
USXF Sortino Ratio Rank: 67
USXF Omega Ratio Rank: 67
USXF Calmar Ratio Rank: 74
USXF Martin Ratio Rank: 78

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. USXF - 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 Advanced MSCI USA ETF (USXF). 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	USXF	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.35	+0.05
Sortino ratio Return per unit of downside risk	3.26	3.12	+0.14
Omega ratio Gain probability vs. loss probability	1.43	1.41	+0.02
Calmar ratio Return relative to maximum drawdown	2.96	3.79	-0.83
Martin ratio Return relative to average drawdown	13.65	15.30	-1.65
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. USXF - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 2.39, which is comparable to the USXF Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of SPYX and USXF, 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	USXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.35	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.83	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	1.04	-0.20

Drawdowns

SPYX vs. USXF - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, which is greater than USXF's maximum drawdown of -29.54%. Use the drawdown chart below to compare losses from any high point for SPYX and USXF.

Drawdown Indicators

	SPYX	USXF	Difference
Max Drawdown Largest peak-to-trough decline	-32.84%	-29.54%	-3.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-10.19%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-20.93%	+2.19%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-29.54%	+3.40%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.54%	-6.42%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	2.53%	-0.39%

Volatility

SPYX vs. USXF - Volatility Comparison

The current volatility for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) is 2.89%, while iShares ESG Advanced MSCI USA ETF (USXF) has a volatility of 5.37%. This indicates that SPYX experiences smaller price fluctuations and is considered to be less risky than USXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYX	USXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	5.37%	-2.48%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	12.82%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	12.09%	16.13%	-4.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	19.55%	-2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	19.19%	-1.18%

SPYX vs. USXF - Expense Ratio Comparison

SPYX has a 0.20% expense ratio, which is higher than USXF's 0.10% 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. USXF - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.84%, more than USXF's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USXF iShares ESG Advanced MSCI USA ETF	0.80%	0.93%	1.00%	1.21%	1.39%	0.86%	0.58%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYX and USXF in my portfolio?

With a correlation of 0.90, SPYX and USXF 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 USXF?

USXF has higher volatility (5.37%) compared to SPYX (2.89%). In terms of maximum drawdown, SPYX dropped -32.84% vs USXF's -29.54%.

Which ETF is better, SPYX or USXF?

On 5-year performance, USXF leads with 16.07% vs 13.79% for SPYX. On fees, USXF is cheaper at 0.10% per year. On volatility, SPYX has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYX or USXF?

Over the 5-year period, USXF has performed better with a 16.07% return vs 13.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYX or USXF?

USXF is cheaper with a 0.10% expense ratio, compared with 0.20% for SPYX.

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

SPYX has the higher dividend yield at 0.84%, compared with 0.80% for USXF.

What is the main difference between SPYX and USXF?

SPYX is categorized as S&P 500, while USXF is Large Cap Growth Equities. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while USXF tracks MSCI USA Choice ESG Screened Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for SPYX and 0.10% for USXF.

Which has better risk-adjusted returns?

SPYX currently has the higher Sharpe Ratio (2.39 vs 2.35), 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.