SSPY vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Syntax Stratified LargeCap ETF (SSPY) and S&P 500 Index (^GSPC).

SSPY is a passively managed fund by Syntax Advisors that tracks the performance of the Syntax Stratified LargeCap Index. It was launched on Jan 4, 2019.

Performance

SSPY vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Syntax Stratified LargeCap ETF (SSPY) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

SSPY vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSPY Syntax Stratified LargeCap ETF	1.98%	12.88%	-0.90%
^GSPC S&P 500 Index	-3.95%	16.39%	2.07%

Returns By Period

In the year-to-date period, SSPY achieves a 1.98% return, which is significantly higher than ^GSPC's -3.95% return.

SSPY

• 1D: 0.38%
• 1M: -5.06%
• YTD: 1.98%
• 6M: 3.23%
• 1Y: 14.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

SSPY vs. ^GSPC — Risk / Return Rank

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

SSPY

SSPY Risk / Return Rank: 50
SSPY Sharpe Ratio Rank: 48
SSPY Sortino Ratio Rank: 50
SSPY Omega Ratio Rank: 52
SSPY Calmar Ratio Rank: 43
SSPY Martin Ratio Rank: 55

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

SSPY vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Syntax Stratified LargeCap ETF (SSPY) and S&P 500 Index (^GSPC). 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.

	SSPY	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.92	0.00
Sortino ratio Return per unit of downside risk	1.40	1.41	-0.01
Omega ratio Gain probability vs. loss probability	1.20	1.21	-0.01
Calmar ratio Return relative to maximum drawdown	1.22	1.41	-0.19
Martin ratio Return relative to average drawdown	5.69	6.61	-0.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSPY vs. ^GSPC - Sharpe Ratio Comparison

The current SSPY Sharpe Ratio is 0.92, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of SSPY and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SSPY	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.92	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.46	+0.16

Correlation

The correlation between SSPY and ^GSPC is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

SSPY vs. ^GSPC - Drawdown Comparison

The maximum SSPY drawdown since its inception was -16.16%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for SSPY and ^GSPC.

Drawdown Indicators

	SSPY	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-16.16%	-56.78%	+40.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-12.14%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-5.29%	-5.78%	+0.49%
Average Drawdown Average peak-to-trough decline	-2.45%	-10.75%	+8.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.60%	0.00%

Volatility

SSPY vs. ^GSPC - Volatility Comparison

The current volatility for Syntax Stratified LargeCap ETF (SSPY) is 3.96%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that SSPY experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSPY	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	5.37%	-1.41%
Volatility (6M) Calculated over the trailing 6-month period	8.09%	9.55%	-1.46%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	18.33%	-2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	16.90%	-1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	18.05%	-3.08%