SSPY vs. SHUS

Last updated Jun 4, 2026

SSPY (Stratified LargeCap Index ETF) and SHUS (Syntax Stratified U.S. Total Market Hedged ETF) are both exchange-traded funds - SSPY is a Large Cap Blend Equities fund tracking the Syntax Stratified LargeCap Index, while SHUS is a Hedge Fund fund actively managed by Syntax Advisors. SSPY is passively managed, while SHUS is actively managed. Over the past year, SSPY returned 20.61% vs 17.10% for SHUS. Their correlation of 0.93 suggests significant overlap in exposure. SSPY charges 0.45%/yr vs 0.65%/yr for SHUS.

Performance

SSPY vs. SHUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stratified LargeCap Index ETF (SSPY) and Syntax Stratified U.S. Total Market Hedged ETF (SHUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSPY achieves a 10.14% return, which is significantly higher than SHUS's 8.58% return.

SSPY

• 1D: -0.30%
• 1M: 3.36%
• YTD: 10.14%
• 6M: 10.60%
• 1Y: 20.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHUS

• 1D: -0.31%
• 1M: 3.21%
• YTD: 8.58%
• 6M: 8.70%
• 1Y: 17.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SSPY vs. SHUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSPY Stratified LargeCap Index ETF	10.14%	12.88%	-0.90%
SHUS Syntax Stratified U.S. Total Market Hedged ETF	8.58%	10.89%	-2.65%

Correlation

The correlation between SSPY and SHUS is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.93

The correlation between SSPY and SHUS has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

SSPY vs. SHUS - Sectors Allocation Comparison

Sectors	SSPY	SHUS
Technology	17.8%	17.8%
Consumer Cyclical	13.0%	13.0%
Consumer Defensive	12.1%	12.1%
Healthcare	11.8%	11.8%
Industrials	10.5%	10.5%
Financial Services	10.4%	10.4%
Energy	6.4%	6.4%
Communication Services	6.2%	6.2%
Utilities	5.9%	5.9%
Real Estate	3.4%	3.4%
Basic Materials	2.6%	2.6%

Return for Risk

SSPY vs. SHUS — Risk / Return Rank

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

SSPY

SSPY Risk / Return Rank: 59
SSPY Sharpe Ratio Rank: 57
SSPY Sortino Ratio Rank: 61
SSPY Omega Ratio Rank: 56
SSPY Calmar Ratio Rank: 57
SSPY Martin Ratio Rank: 61

SHUS

SHUS Risk / Return Rank: 51
SHUS Sharpe Ratio Rank: 51
SHUS Sortino Ratio Rank: 54
SHUS Omega Ratio Rank: 48
SHUS Calmar Ratio Rank: 50
SHUS Martin Ratio Rank: 52

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. SHUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stratified LargeCap Index ETF (SSPY) and Syntax Stratified U.S. Total Market Hedged ETF (SHUS). 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	SHUS	Difference
Sharpe ratio Return per unit of total volatility	1.95	1.72	+0.23
Sortino ratio Return per unit of downside risk	2.88	2.54	+0.34
Omega ratio Gain probability vs. loss probability	1.35	1.30	+0.04
Calmar ratio Return relative to maximum drawdown	2.83	2.47	+0.36
Martin ratio Return relative to average drawdown	10.88	8.81	+2.06
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. SHUS - Sharpe Ratio Comparison

The current SSPY Sharpe Ratio is 1.95, which is comparable to the SHUS Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of SSPY and SHUS, 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

	SSPY	SHUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	1.72	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.80	+0.12

Drawdowns

SSPY vs. SHUS - Drawdown Comparison

The maximum SSPY drawdown since its inception was -16.16%, which is greater than SHUS's maximum drawdown of -14.09%. Use the drawdown chart below to compare losses from any high point for SSPY and SHUS.

Drawdown Indicators

	SSPY	SHUS	Difference
Max Drawdown Largest peak-to-trough decline	-16.16%	-14.09%	-2.07%
Max Drawdown (1Y) Largest decline over 1 year	-7.32%	-6.95%	-0.37%
Current Drawdown Current decline from peak	-0.30%	-0.31%	+0.01%
Average Drawdown Average peak-to-trough decline	-2.32%	-2.65%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.94%	-0.04%

Volatility

SSPY vs. SHUS - Volatility Comparison

Stratified LargeCap Index ETF (SSPY) has a higher volatility of 2.44% compared to Syntax Stratified U.S. Total Market Hedged ETF (SHUS) at 2.31%. This indicates that SSPY's price experiences larger fluctuations and is considered to be riskier than SHUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSPY	SHUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	2.31%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	7.06%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	10.01%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	12.61%	+1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.55%	12.61%	+1.94%

SSPY vs. SHUS - Expense Ratio Comparison

SSPY has a 0.45% expense ratio, which is lower than SHUS's 0.65% expense ratio.

Dividends

SSPY vs. SHUS - Dividend Comparison

SSPY's dividend yield for the trailing twelve months is around 1.26%, which matches SHUS's 1.27% yield.

Position	TTM	2025	2024
SHUS Syntax Stratified U.S. Total Market Hedged ETF	1.27%	1.37%	0.26%
SSPY Stratified LargeCap Index ETF	1.26%	1.38%	0.35%

Frequently Asked Questions

Can I hold both SSPY and SHUS in my portfolio?

With a correlation of 0.98, SSPY and SHUS 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, SSPY or SHUS?

SSPY has higher volatility (2.44%) compared to SHUS (2.31%). In terms of maximum drawdown, SSPY dropped -16.16% vs SHUS's -14.09%.

Which ETF is better, SSPY or SHUS?

On 1-year performance, SSPY leads with 20.61% vs 17.10% for SHUS. On fees, SSPY is cheaper at 0.45% per year. On volatility, SHUS has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSPY or SHUS?

Over the 1-year period, SSPY has performed better with a 20.61% return vs 17.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSPY or SHUS?

SSPY is cheaper with a 0.45% expense ratio, compared with 0.65% for SHUS.

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

SSPY and SHUS have nearly identical dividend yields, around 1.26%.

What is the main difference between SSPY and SHUS?

SSPY is categorized as Large Cap Blend Equities, while SHUS is Hedge Fund. They also come from different issuers: Exchange Traded Concepts and Syntax Advisors. Their fees differ too: 0.45% for SSPY and 0.65% for SHUS.

Which has better risk-adjusted returns?

SSPY currently has the higher Sharpe Ratio (1.95 vs 1.72), 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.