SSPY vs. ESN

Last updated Aug 4, 2026

SSPY (Stratified LargeCap Index ETF) and ESN (Essential 40 Stock ETF) are both Large Cap Blend Equities funds - SSPY tracks the Syntax Stratified LargeCap Index while ESN tracks the Essential 40 Stock Index. Both are passively managed. Over the past year, SSPY returned 22.28% vs 28.79% for ESN. Their correlation of 0.86 means they have usually moved in the same direction. SSPY charges 0.45%/yr vs 0.70%/yr for ESN.

Performance

SSPY vs. ESN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stratified LargeCap Index ETF (SSPY) and Essential 40 Stock ETF (ESN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSPY achieves a 14.08% return, which is significantly lower than ESN's 17.69% return.

SSPY

• 1D: 0.81%
• 1M: 1.17%
• 6M: 9.69%
• YTD: 14.08%
• 1Y: 22.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.17%

ESN

• 1D: 0.90%
• 1M: 0.63%
• 6M: 12.36%
• YTD: 17.69%
• 1Y: 28.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ESN Essential 40 Stock ETF	$2.27M	$1.62M	$1.62M
SSPY Stratified LargeCap Index ETF	$83.98K	$164.94K	$170.20K

SSPY vs. ESN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSPY Stratified LargeCap Index ETF	14.08%	12.88%	-2.09%
ESN Essential 40 Stock ETF	17.69%	16.52%	-3.53%

Correlation

The correlation between SSPY and ESN is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (All Time) Calculated using the full available price history since Oct 21, 2024	0.86

The correlation between SSPY and ESN has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

Return for Risk

SSPY vs. ESN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SSPY

SSPY Risk / Return Rank: 84
SSPY Sharpe Ratio Rank: 85
SSPY Sortino Ratio Rank: 87
SSPY Omega Ratio Rank: 83
SSPY Calmar Ratio Rank: 80
SSPY Martin Ratio Rank: 83

ESN

ESN Risk / Return Rank: 94
ESN Sharpe Ratio Rank: 95
ESN Sortino Ratio Rank: 94
ESN Omega Ratio Rank: 93
ESN Calmar Ratio Rank: 92
ESN Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SSPY vs. ESN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stratified LargeCap Index ETF (SSPY) and Essential 40 Stock ETF (ESN). 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.

	SSPY	ESN	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.91	-0.81
Sortino ratio: Return per unit of downside risk	3.05	4.00	-0.94
Omega ratio: Gain probability vs. loss probability	1.37	1.51	-0.13
Calmar ratio: Return relative to maximum drawdown	3.06	4.50	-1.44
Martin ratio: Return relative to average drawdown	11.89	18.06	-6.18

SSPY vs. ESN - Sharpe Ratio Comparison

The current SSPY Sharpe Ratio is 2.09, which is comparable to the ESN Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of SSPY and ESN, 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

SSPY vs. ESN - Drawdown Comparison

The maximum SSPY drawdown since its inception was -16.16%, which is greater than ESN's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for SSPY and ESN.

Drawdown Indicators

	SSPY	ESN	Difference
Max Drawdown Largest peak-to-trough decline	-16.16%	-13.60%	-2.56%
Max Drawdown (1Y) Largest decline over 1 year	-7.32%	-6.42%	-0.90%
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.17%	-1.80%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.60%	+0.28%

Volatility

SSPY vs. ESN - Volatility Comparison

Stratified LargeCap Index ETF (SSPY) has a higher volatility of 2.98% compared to Essential 40 Stock ETF (ESN) at 2.69%. This indicates that SSPY's price experiences larger fluctuations and is considered to be riskier than ESN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSPY	ESN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	2.69%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	7.86%	7.51%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	9.97%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	13.04%	+1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	13.04%	+1.18%

SSPY vs. ESN - Expense Ratio Comparison

SSPY has a 0.45% expense ratio, which is lower than ESN's 0.70% expense ratio.

Dividends

SSPY vs. ESN - Dividend Comparison

SSPY's dividend yield for the trailing twelve months is around 1.21%, more than ESN's 0.77% yield.

Position	TTM	2025	2024
ESN Essential 40 Stock ETF	0.77%	0.91%	0.76%
SSPY Stratified LargeCap Index ETF	1.21%	1.38%	0.35%

Frequently Asked Questions

Can I hold both SSPY and ESN in my portfolio?

SSPY and ESN have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSPY or ESN?

SSPY has higher volatility (2.98%) compared to ESN (2.69%). In terms of maximum drawdown, SSPY dropped -16.16% vs ESN's -13.60%.

Which ETF is better, SSPY or ESN?

On 1-year performance, ESN leads with 28.79% vs 22.28% for SSPY. On fees, SSPY is cheaper at 0.45% per year. On volatility, ESN has been the lower-risk option at 2.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSPY or ESN?

Over the 1-year period, ESN has performed better with a 28.79% return vs 22.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSPY or ESN?

SSPY is cheaper with a 0.45% expense ratio, compared with 0.70% for ESN.

Which ETF pays a higher dividend yield, SSPY or ESN?

SSPY has the higher dividend yield at 1.21%, compared with 0.77% for ESN.

What is the main difference between SSPY and ESN?

SSPY tracks Syntax Stratified LargeCap Index, while ESN tracks Essential 40 Stock Index. They also come from different issuers: Exchange Traded Concepts and KKM. Their fees differ too: 0.45% for SSPY and 0.70% for ESN.

Which has better risk-adjusted returns?

ESN currently has the higher Sharpe Ratio (2.91 vs 2.09), 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.