SRV vs. SPY

Last updated Jun 23, 2026

SRV (NXG Cushing® Midstream Energy Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - SRV is a Energy Equities fund actively managed by NXG, while SPY is a S&P 500 fund tracking the S&P 500 Index. SRV is actively managed, while SPY is passively managed. Over the past 10 years, SRV returned 12.12%/yr vs 15.70%/yr for SPY. At a 0.35 correlation, their price movements are largely independent. SRV charges 1.00%/yr vs 0.09%/yr for SPY.

Performance

SRV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NXG Cushing® Midstream Energy Fund (SRV) 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, SRV achieves a 31.36% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, SRV has underperformed SPY with an annualized return of 12.12%, while SPY has yielded a comparatively higher 15.70% annualized return.

SRV

• 1D: 3.74%
• 1M: -1.00%
• YTD: 31.36%
• 6M: 36.75%
• 1Y: 36.76%
• 3Y*: 29.01%
• 5Y*: 25.60%
• 10Y*: 12.12%

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)

SRV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRV NXG Cushing® Midstream Energy Fund	31.36%	5.05%	50.70%	19.88%	20.11%	50.45%	-41.65%	33.99%	-21.61%	-4.21%
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 SRV and SPY is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Aug 27, 2007	0.35

Over the past year, the correlation between SRV and SPY has dropped to 0.07 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

Return for Risk

SRV vs. SPY — Risk / Return Rank

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

SRV

SRV Risk / Return Rank: 46
SRV Sharpe Ratio Rank: 49
SRV Sortino Ratio Rank: 40
SRV Omega Ratio Rank: 45
SRV Calmar Ratio Rank: 59
SRV Martin Ratio Rank: 39

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.

SRV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NXG Cushing® Midstream Energy Fund (SRV) 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.

	SRV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.16	-0.27
Sortino ratio: Return per unit of downside risk	2.45	2.91	-0.46
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio: Return relative to maximum drawdown	2.81	3.01	-0.20
Martin ratio: Return relative to average drawdown	8.00	13.54	-5.54

SRV vs. SPY - Sharpe Ratio Comparison

The current SRV Sharpe Ratio is 1.89, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SRV 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

SRV vs. SPY - Drawdown Comparison

The maximum SRV drawdown since its inception was -92.97%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SRV and SPY.

Drawdown Indicators

	SRV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-92.97%	-55.19%	-37.78%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-8.88%	-4.25%
Max Drawdown (3Y) Largest decline over 3 years	-26.26%	-18.76%	-7.50%
Max Drawdown (5Y) Largest decline over 5 years	-26.26%	-24.50%	-1.76%
Max Drawdown (10Y) Largest decline over 10 years	-81.70%	-33.72%	-47.98%
Current Drawdown Current decline from peak	-8.36%	-1.75%	-6.61%
Average Drawdown Average peak-to-trough decline	-48.66%	-9.04%	-39.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	1.97%	+2.65%

Volatility

SRV vs. SPY - Volatility Comparison

NXG Cushing® Midstream Energy Fund (SRV) has a higher volatility of 7.44% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that SRV's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.44%	4.64%	+2.80%
Volatility (6M) Calculated over the trailing 6-month period	15.77%	9.75%	+6.02%
Volatility (1Y) Calculated over the trailing 1-year period	19.56%	12.43%	+7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.44%	17.14%	+9.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.31%	17.99%	+20.32%

SRV vs. SPY - Expense Ratio Comparison

SRV has a 1.00% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SRV vs. SPY - Dividend Comparison

SRV's dividend yield for the trailing twelve months is around 15.72%, 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%
SRV NXG Cushing® Midstream Energy Fund	15.72%	19.31%	12.85%	15.56%	8.85%	4.72%	12.05%	10.59%	12.73%	9.07%	7.95%	11.01%

Frequently Asked Questions

Can I hold both SRV and SPY in my portfolio?

SRV and SPY have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRV or SPY?

SRV has higher volatility (7.44%) compared to SPY (4.64%). In terms of maximum drawdown, SRV dropped -92.97% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.89), 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.