TBG vs. SPY

Last updated Aug 2, 2026

TBG (TBG Dividend Focus ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TBG is a Large Cap Value Equities fund actively managed by TBG, while SPY is a S&P 500 fund tracking the S&P 500 Index. TBG is actively managed, while SPY is passively managed. Over the past year, TBG returned 21.37% vs 21.49% for SPY. Their 0.52 correlation means they have sometimes moved together and sometimes differently. TBG charges 0.59%/yr vs 0.09%/yr for SPY.

Performance

TBG vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TBG Dividend Focus ETF (TBG) 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, TBG achieves a 15.60% return, which is significantly higher than SPY's 10.13% return.

TBG

• 1D: -0.03%
• 1M: 2.06%
• 6M: 9.16%
• YTD: 15.60%
• 1Y: 21.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.91%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
TBG TBG Dividend Focus ETF	$1.11M	$997.25K	$891.95K

TBG vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBG TBG Dividend Focus ETF	15.60%	7.50%	20.58%	9.55%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	9.54%

Correlation

The correlation between TBG and SPY is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.52

The correlation between TBG and SPY shifts across timeframes, from 0.33 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

TBG vs. SPY - Sectors Allocation Comparison

Sectors	TBG	SPY
Healthcare	16.4%	9.4%
Financial Services	14.2%	12.5%
Energy	13.1%	3.4%
Real Estate	12.8%	2.0%
Consumer Defensive	10.7%	4.8%
Technology	9.3%	36.9%
Consumer Cyclical	8.2%	8.9%
Utilities	6.8%	2.6%
Industrials	3.7%	7.6%
Communication Services	3.2%	9.7%
Basic Materials	1.5%	1.9%

Return for Risk

TBG vs. SPY — Risk / Return Rank

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

TBG

TBG Risk / Return Rank: 85
TBG Sharpe Ratio Rank: 87
TBG Sortino Ratio Rank: 89
TBG Omega Ratio Rank: 85
TBG Calmar Ratio Rank: 86
TBG Martin Ratio Rank: 80

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

TBG vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TBG Dividend Focus ETF (TBG) 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.

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.

	TBG	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.52	+0.57
Sortino ratio: Return per unit of downside risk	3.10	2.11	+0.98
Omega ratio: Gain probability vs. loss probability	1.37	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	3.34	2.20	+1.14
Martin ratio: Return relative to average drawdown	10.37	9.40	+0.97

TBG vs. SPY - Sharpe Ratio Comparison

The current TBG Sharpe Ratio is 2.09, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of TBG 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.

Drawdowns

TBG vs. SPY - Drawdown Comparison

The maximum TBG drawdown since its inception was -14.76%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TBG and SPY.

Drawdown Indicators

	TBG	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-14.76%	-55.19%	+40.43%
Max Drawdown (1Y) Largest decline over 1 year	-6.13%	-8.88%	+2.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
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	-1.35%	-1.40%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.03%	-9.01%	+6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.08%	-0.11%

Volatility

TBG vs. SPY - Volatility Comparison

TBG Dividend Focus ETF (TBG) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.74% and 3.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBG	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	3.58%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	7.42%	10.14%	-2.72%
Volatility (1Y) Calculated over the trailing 1-year period	9.91%	12.89%	-2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	17.18%	-4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.19%	17.95%	-5.76%

TBG vs. SPY - Expense Ratio Comparison

TBG has a 0.59% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TBG vs. SPY - Dividend Comparison

TBG's dividend yield for the trailing twelve months is around 2.59%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TBG TBG Dividend Focus ETF	2.59%	2.80%	2.33%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBG and SPY in my portfolio?

TBG and SPY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBG or SPY?

TBG has higher volatility (3.74%) compared to SPY (3.58%). In terms of maximum drawdown, TBG dropped -14.76% vs SPY's -55.19%.

Which ETF is better, TBG or SPY?

On 1-year performance, SPY leads with 21.49% vs 21.37% for TBG. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBG or SPY?

Over the 1-year period, SPY has performed better with a 21.49% return vs 21.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBG or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.59% for TBG.

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

TBG has the higher dividend yield at 2.59%, compared with 1.01% for SPY.

What is the main difference between TBG and SPY?

TBG is categorized as Large Cap Value Equities, while SPY is S&P 500. They also come from different issuers: TBG and State Street. Their fees differ too: 0.59% for TBG and 0.09% for SPY.

Which has better risk-adjusted returns?

TBG currently has the higher Sharpe Ratio (2.09 vs 1.52), 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.