TBLRX vs. SPY

Last updated Jun 3, 2026

TBLRX (Transamerica Balanced II) and SPY (State Street SPDR S&P 500 ETF) are both funds - TBLRX is a Diversified Portfolio fund managed by Transamerica, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, TBLRX returned 7.94%/yr vs 13.83%/yr for SPY. With a 0.97 correlation, they move nearly in lockstep. TBLRX charges 1.07%/yr vs 0.09%/yr for SPY.

Performance

TBLRX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transamerica Balanced II (TBLRX) 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, TBLRX achieves a 5.63% return, which is significantly lower than SPY's 10.91% return.

TBLRX

• 1D: 0.09%
• 1M: 2.61%
• YTD: 5.63%
• 6M: 6.08%
• 1Y: 17.48%
• 3Y*: 14.10%
• 5Y*: 7.94%
• 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)

TBLRX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TBLRX Transamerica Balanced II	5.63%	12.78%	14.47%	18.18%	-16.46%	16.57%	15.11%	21.34%	-2.23%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-3.80%

Correlation

The correlation between TBLRX and SPY is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 23, 2018	0.97

The correlation between TBLRX and SPY has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

TBLRX vs. SPY — Risk / Return Rank

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

TBLRX

TBLRX Risk / Return Rank: 63
TBLRX Sharpe Ratio Rank: 64
TBLRX Sortino Ratio Rank: 63
TBLRX Omega Ratio Rank: 64
TBLRX Calmar Ratio Rank: 57
TBLRX Martin Ratio Rank: 69

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.

TBLRX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Transamerica Balanced II (TBLRX) 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.

	TBLRX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.34	2.38	-0.03
Sortino ratio Return per unit of downside risk	3.33	3.24	+0.09
Omega ratio Gain probability vs. loss probability	1.44	1.43	+0.01
Calmar ratio Return relative to maximum drawdown	2.89	3.16	-0.27
Martin ratio Return relative to average drawdown	13.30	14.72	-1.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBLRX vs. SPY - Sharpe Ratio Comparison

The current TBLRX Sharpe Ratio is 2.34, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TBLRX 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

	TBLRX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.38	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.82	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.59	+0.12

Drawdowns

TBLRX vs. SPY - Drawdown Comparison

The maximum TBLRX drawdown since its inception was -25.35%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TBLRX and SPY.

Drawdown Indicators

	TBLRX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-25.35%	-55.19%	+29.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.11%	-8.88%	+2.77%
Max Drawdown (3Y) Largest decline over 3 years	-19.88%	-18.76%	-1.12%
Max Drawdown (5Y) Largest decline over 5 years	-25.35%	-24.50%	-0.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-6.08%	-9.05%	+2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	1.91%	-0.58%

Volatility

TBLRX vs. SPY - Volatility Comparison

The current volatility for Transamerica Balanced II (TBLRX) is 2.15%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that TBLRX 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

	TBLRX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	2.84%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	5.85%	8.90%	-3.05%
Volatility (1Y) Calculated over the trailing 1-year period	7.59%	11.83%	-4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.13%	17.05%	-2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.92%	17.94%	-4.02%

TBLRX vs. SPY - Expense Ratio Comparison

TBLRX has a 1.07% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TBLRX vs. SPY - Dividend Comparison

TBLRX's dividend yield for the trailing twelve months is around 29.15%, 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%
TBLRX Transamerica Balanced II	29.15%	30.86%	14.76%	3.31%	5.67%	9.15%	4.58%	3.60%	4.51%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBLRX and SPY in my portfolio?

With a correlation of 0.96, TBLRX and SPY 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, TBLRX or SPY?

SPY has higher volatility (2.84%) compared to TBLRX (2.15%). In terms of maximum drawdown, TBLRX dropped -25.35% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.34), 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.