SURI vs. SPY

Last updated Jun 4, 2026

SURI (Simplify Propel Opportunities ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SURI is a Health & Biotech Equities fund actively managed by Simplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. SURI is actively managed, while SPY is passively managed. Over the past 3 years, SURI returned 6.93%/yr vs 22.35%/yr for SPY. At a 0.43 correlation, their price movements are largely independent. SURI charges 2.51%/yr vs 0.09%/yr for SPY.

Performance

SURI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Propel Opportunities ETF (SURI) 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, SURI achieves a 6.10% return, which is significantly lower than SPY's 10.91% return.

SURI

• 1D: -1.15%
• 1M: -2.84%
• YTD: 6.10%
• 6M: 3.98%
• 1Y: 32.89%
• 3Y*: 6.93%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

SURI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SURI Simplify Propel Opportunities ETF	6.10%	28.32%	-13.34%	-2.87%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	17.51%

Correlation

The correlation between SURI and SPY is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 9, 2023	0.43

SURI vs. SPY - Sectors Allocation Comparison

Sectors	SURI	SPY
Healthcare	56.4%	8.4%
Energy	43.6%	3.6%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Financial Services	-	11.8%
Industrials	-	7.8%
Real Estate	-	1.9%
Technology	-	35.9%
Utilities	-	2.4%

Return for Risk

SURI vs. SPY — Risk / Return Rank

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

SURI

SURI Risk / Return Rank: 45
SURI Sharpe Ratio Rank: 41
SURI Sortino Ratio Rank: 42
SURI Omega Ratio Rank: 39
SURI Calmar Ratio Rank: 57
SURI Martin Ratio Rank: 48

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

SURI vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Propel Opportunities ETF (SURI) 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.

	SURI	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.38	-0.92
Sortino ratio: Return per unit of downside risk	2.11	3.24	-1.13
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.18
Calmar ratio: Return relative to maximum drawdown	2.81	3.16	-0.36
Martin ratio: Return relative to average drawdown	7.91	14.72	-6.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SURI vs. SPY - Sharpe Ratio Comparison

The current SURI Sharpe Ratio is 1.46, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SURI 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.

Sharpe Ratios by Period

	SURI	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.38	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.59	-0.44

Drawdowns

SURI vs. SPY - Drawdown Comparison

The maximum SURI drawdown since its inception was -47.76%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SURI and SPY.

Drawdown Indicators

	SURI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-47.76%	-55.19%	+7.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-8.88%	-2.90%
Max Drawdown (3Y) Largest decline over 3 years	-47.76%	-18.76%	-29.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-17.46%	-0.70%	-16.76%
Average Drawdown Average peak-to-trough decline	-17.37%	-9.05%	-8.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	1.91%	+2.26%

Volatility

SURI vs. SPY - Volatility Comparison

Simplify Propel Opportunities ETF (SURI) has a higher volatility of 5.89% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that SURI'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

	SURI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.89%	2.84%	+3.05%
Volatility (6M) Calculated over the trailing 6-month period	14.29%	8.90%	+5.39%
Volatility (1Y) Calculated over the trailing 1-year period	22.79%	11.83%	+10.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.27%	17.05%	+11.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.27%	17.94%	+10.33%

SURI vs. SPY - Expense Ratio Comparison

SURI has a 2.51% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SURI vs. SPY - Dividend Comparison

SURI's dividend yield for the trailing twelve months is around 16.04%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
SURI Simplify Propel Opportunities ETF	16.04%	16.31%	21.41%	14.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SURI and SPY in my portfolio?

SURI and SPY have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SURI or SPY?

SURI has higher volatility (5.89%) compared to SPY (2.84%). In terms of maximum drawdown, SURI dropped -47.76% vs SPY's -55.19%.

Which ETF is better, SURI or SPY?

On 3-year performance, SPY leads with 22.35% vs 6.93% for SURI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SURI or SPY?

Over the 3-year period, SPY has performed better with a 22.35% return vs 6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SURI or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 2.51% for SURI.

Which ETF pays a higher dividend yield, SURI or SPY?

SURI has the higher dividend yield at 16.04%, compared with 0.98% for SPY.

What is the main difference between SURI and SPY?

SURI is categorized as Health & Biotech Equities, while SPY is S&P 500. They also come from different issuers: Simplify and State Street. Their fees differ too: 2.51% for SURI and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.46), 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.