THIR vs. SPY

Last updated Jun 3, 2026

THIR (THOR Index Rotation ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - THIR is a Tactical Allocation fund tracking the THOR SDQ Rotation Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, THIR returned 25.79% vs 29.62% for SPY. Their correlation of 0.87 suggests significant overlap in exposure. THIR charges 0.70%/yr vs 0.09%/yr for SPY.

Performance

THIR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in THOR Index Rotation ETF (THIR) 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, THIR achieves a 8.63% return, which is significantly lower than SPY's 11.69% return.

THIR

• 1D: 0.49%
• 1M: 8.06%
• YTD: 8.63%
• 6M: 9.22%
• 1Y: 25.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

THIR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
THIR THOR Index Rotation ETF	8.63%	25.22%	3.26%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	2.93%

Correlation

The correlation between THIR and SPY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	0.87

The correlation between THIR and SPY has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

THIR vs. SPY - Sectors Allocation Comparison

Sectors	THIR	SPY
Technology	45.3%	35.9%
Communication Services	13.2%	11.3%
Consumer Cyclical	11.2%	10.3%
Healthcare	6.3%	8.4%
Consumer Defensive	6.2%	4.8%
Financial Services	6.0%	11.8%
Industrials	5.5%	7.8%
Energy	2.1%	3.6%
Utilities	1.8%	2.4%
Basic Materials	1.5%	1.8%
Real Estate	1.0%	1.9%

Return for Risk

THIR vs. SPY — Risk / Return Rank

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

THIR

THIR Risk / Return Rank: 64
THIR Sharpe Ratio Rank: 66
THIR Sortino Ratio Rank: 67
THIR Omega Ratio Rank: 65
THIR Calmar Ratio Rank: 60
THIR Martin Ratio Rank: 59

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

THIR vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for THOR Index Rotation ETF (THIR) 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.

	THIR	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.25	2.52	-0.28
Sortino ratio Return per unit of downside risk	3.14	3.42	-0.27
Omega ratio Gain probability vs. loss probability	1.40	1.46	-0.06
Calmar ratio Return relative to maximum drawdown	3.02	3.42	-0.40
Martin ratio Return relative to average drawdown	10.82	15.93	-5.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THIR vs. SPY - Sharpe Ratio Comparison

The current THIR Sharpe Ratio is 2.25, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of THIR 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

	THIR	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.52	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	0.59	+1.19

Drawdowns

THIR vs. SPY - Drawdown Comparison

The maximum THIR drawdown since its inception was -10.05%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for THIR and SPY.

Drawdown Indicators

	THIR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-10.05%	-55.19%	+45.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-8.88%	0.00%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.99%	-9.05%	+7.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	1.91%	+0.57%

Volatility

THIR vs. SPY - Volatility Comparison

THOR Index Rotation ETF (THIR) has a higher volatility of 3.48% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that THIR'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

	THIR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	2.75%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	8.44%	8.89%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.56%	11.81%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	17.05%	-4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.64%	17.94%	-5.30%

THIR vs. SPY - Expense Ratio Comparison

THIR has a 0.70% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

THIR vs. SPY - Dividend Comparison

THIR's dividend yield for the trailing twelve months is around 0.32%, less than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
THIR THOR Index Rotation ETF	0.32%	0.35%	0.29%	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 THIR and SPY in my portfolio?

With a correlation of 0.91, THIR 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, THIR or SPY?

THIR has higher volatility (3.48%) compared to SPY (2.75%). In terms of maximum drawdown, THIR dropped -10.05% vs SPY's -55.19%.

Which ETF is better, THIR or SPY?

On 1-year performance, SPY leads with 29.62% vs 25.79% for THIR. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THIR or SPY?

Over the 1-year period, SPY has performed better with a 29.62% return vs 25.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THIR or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.70% for THIR.

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

SPY has the higher dividend yield at 0.97%, compared with 0.32% for THIR.

What is the main difference between THIR and SPY?

THIR is categorized as Tactical Allocation, while SPY is S&P 500. THIR tracks THOR SDQ Rotation Index, while SPY tracks S&P 500 Index. They also come from different issuers: THOR and State Street. Their fees differ too: 0.70% for THIR and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.25), 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.