SWSSU vs. SPY

Last updated Jun 4, 2026

SWSSU (Springwater Special Situations Corp.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 3 years, SWSSU returned -53.50%/yr vs 22.35%/yr for SPY. At a correlation of -0.01, they often move in opposite directions.

Performance

SWSSU vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Springwater Special Situations Corp. (SWSSU) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SWSSU

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -89.35%
• 3Y*: -53.50%
• 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)

SWSSU vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SWSSU Springwater Special Situations Corp.	0.00%	-89.35%	-4.76%	3.45%	1.20%	1.83%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	7.15%

Correlation

The correlation between SWSSU and SPY is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	-0.01

Return for Risk

SWSSU vs. SPY — Risk / Return Rank

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

SWSSU

SWSSU Risk / Return Rank: 6
SWSSU Sharpe Ratio Rank: 5
SWSSU Sortino Ratio Rank: 11
SWSSU Omega Ratio Rank: 0
SWSSU Calmar Ratio Rank: 0
SWSSU Martin Ratio Rank: 14

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.

SWSSU vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Springwater Special Situations Corp. (SWSSU) 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.

	SWSSU	SPY	Difference
Sharpe ratio Return per unit of total volatility	-1.00	2.38	-3.38
Sortino ratio Return per unit of downside risk	-1.00	3.24	-4.24
Omega ratio Gain probability vs. loss probability	0.00	1.43	-1.43
Calmar ratio Return relative to maximum drawdown	-1.00	3.16	-4.16
Martin ratio Return relative to average drawdown	-1.21	14.72	-15.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWSSU vs. SPY - Sharpe Ratio Comparison

The current SWSSU Sharpe Ratio is -1.00, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SWSSU 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

	SWSSU	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.00	2.38	-3.38
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	-0.88	0.59	-1.46

Drawdowns

SWSSU vs. SPY - Drawdown Comparison

The maximum SWSSU drawdown since its inception was -91.87%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SWSSU and SPY.

Drawdown Indicators

	SWSSU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-91.87%	-55.19%	-36.68%
Max Drawdown (1Y) Largest decline over 1 year	-89.35%	-8.88%	-80.47%
Max Drawdown (3Y) Largest decline over 3 years	-91.87%	-18.76%	-73.11%
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	-91.87%	-0.70%	-91.17%
Average Drawdown Average peak-to-trough decline	-20.99%	-9.05%	-11.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	73.82%	1.91%	+71.91%

Volatility

SWSSU vs. SPY - Volatility Comparison

The current volatility for Springwater Special Situations Corp. (SWSSU) is 0.00%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that SWSSU experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWSSU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	2.84%	-2.84%
Volatility (6M) Calculated over the trailing 6-month period	0.00%	8.90%	-8.90%
Volatility (1Y) Calculated over the trailing 1-year period	89.35%	11.83%	+77.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.61%	17.05%	+25.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.61%	17.94%	+24.67%

Dividends

SWSSU vs. SPY - Dividend Comparison

SWSSU has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

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%
SWSSU Springwater Special Situations Corp.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SWSSU and SPY in my portfolio?

SWSSU and SPY have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWSSU or SPY?

SPY has higher volatility (2.84%) compared to SWSSU (0.00%). In terms of maximum drawdown, SWSSU dropped -91.87% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs -1.00), 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.