SRRIX vs. SPY

Last updated Jun 23, 2026

SRRIX (Stone Ridge Reinsurance Risk Premium Interval Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - SRRIX is a Multistrategy fund actively managed by Stone Ridge, while SPY is a S&P 500 fund tracking the S&P 500 Index. SRRIX is actively managed, while SPY is passively managed. Over the past 10 years, SRRIX returned 8.93%/yr vs 15.70%/yr for SPY. At a correlation of -0.01, they often move in opposite directions. SRRIX charges 2.35%/yr vs 0.09%/yr for SPY.

Performance

SRRIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SRRIX having a 9.39% return and SPY slightly higher at 9.74%. Over the past 10 years, SRRIX has underperformed SPY with an annualized return of 8.93%, while SPY has yielded a comparatively higher 15.70% annualized return.

SRRIX

• 1D: 0.02%
• 1M: 1.32%
• YTD: 9.39%
• 6M: 10.11%
• 1Y: 36.32%
• 3Y*: 32.54%
• 5Y*: 22.05%
• 10Y*: 8.93%

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)

SRRIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	9.39%	29.63%	33.14%	44.73%	5.10%	-6.47%	4.30%	-4.47%	-6.14%	-11.35%
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 SRRIX and SPY is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Dec 9, 2013	-0.01

Return for Risk

SRRIX vs. SPY — Risk / Return Rank

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

SRRIX

SRRIX Risk / Return Rank: 100
SRRIX Sharpe Ratio Rank: 100
SRRIX Sortino Ratio Rank: 100
SRRIX Omega Ratio Rank: 100
SRRIX Calmar Ratio Rank: 100
SRRIX Martin Ratio Rank: 100

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.

SRRIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) 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.

	SRRIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	14.20	2.16	+12.04
Sortino ratio: Return per unit of downside risk	47.82	2.91	+44.91
Omega ratio: Gain probability vs. loss probability	29.72	1.39	+28.33
Calmar ratio: Return relative to maximum drawdown	66.11	3.01	+63.09
Martin ratio: Return relative to average drawdown	693.09	13.54	+679.55

SRRIX vs. SPY - Sharpe Ratio Comparison

The current SRRIX Sharpe Ratio is 14.20, which is higher than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SRRIX 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

SRRIX vs. SPY - Drawdown Comparison

The maximum SRRIX drawdown since its inception was -27.22%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SRRIX and SPY.

Drawdown Indicators

	SRRIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-27.22%	-55.19%	+27.97%
Max Drawdown (1Y) Largest decline over 1 year	-0.55%	-8.88%	+8.33%
Max Drawdown (3Y) Largest decline over 3 years	-17.26%	-18.76%	+1.50%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-24.50%	+7.24%
Max Drawdown (10Y) Largest decline over 10 years	-27.22%	-33.72%	+6.50%
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-9.86%	-9.04%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	1.97%	-1.92%

Volatility

SRRIX vs. SPY - Volatility Comparison

The current volatility for Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) is 0.28%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that SRRIX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRRIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	4.64%	-4.36%
Volatility (6M) Calculated over the trailing 6-month period	0.83%	9.75%	-8.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	12.43%	-9.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	17.14%	-3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.01%	17.99%	-6.98%

SRRIX vs. SPY - Expense Ratio Comparison

SRRIX has a 2.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SRRIX vs. SPY - Dividend Comparison

SRRIX's dividend yield for the trailing twelve months is around 18.41%, 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%
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	18.41%	20.14%	21.58%	20.02%	0.00%	0.00%	0.38%	1.06%	2.32%	0.10%	6.16%	8.41%

Frequently Asked Questions

Can I hold both SRRIX and SPY in my portfolio?

SRRIX and SPY have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRRIX or SPY?

SPY has higher volatility (4.64%) compared to SRRIX (0.28%). In terms of maximum drawdown, SRRIX dropped -27.22% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SRRIX currently has the higher Sharpe Ratio (14.20 vs 2.16), 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.