TILT vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) and State Street SPDR S&P 500 ETF (SPY).

TILT and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TILT is a passively managed fund by FlexShares that tracks the performance of the Morningstar US Market Factor Tilt Index. It was launched on Sep 16, 2011. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both TILT and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TILT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

TILT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TILT FlexShares Morningstar US Market Factor Tilt Index Fund	-2.73%	16.59%	19.88%	24.70%	-17.25%	27.61%	16.05%	29.01%	-8.93%	18.33%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, TILT achieves a -2.73% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, TILT has underperformed SPY with an annualized return of 12.78%, while SPY has yielded a comparatively higher 13.98% annualized return.

TILT

• 1D: 2.64%
• 1M: -4.75%
• YTD: -2.73%
• 6M: 0.23%
• 1Y: 18.78%
• 3Y*: 17.01%
• 5Y*: 9.89%
• 10Y*: 12.78%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

TILT vs. SPY - Expense Ratio Comparison

TILT has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

TILT

FlexShares Morningstar US Market Factor Tilt Index Fund

SPY

State Street SPDR S&P 500 ETF

Return for Risk

TILT vs. SPY — Risk / Return Rank

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

TILT

TILT Risk / Return Rank: 62
TILT Sharpe Ratio Rank: 57
TILT Sortino Ratio Rank: 60
TILT Omega Ratio Rank: 64
TILT Calmar Ratio Rank: 59
TILT Martin Ratio Rank: 70

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
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.

TILT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) 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.

	TILT	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.01	0.93	+0.08
Sortino ratio Return per unit of downside risk	1.53	1.45	+0.08
Omega ratio Gain probability vs. loss probability	1.23	1.22	+0.01
Calmar ratio Return relative to maximum drawdown	1.48	1.53	-0.05
Martin ratio Return relative to average drawdown	7.08	7.30	-0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TILT vs. SPY - Sharpe Ratio Comparison

The current TILT Sharpe Ratio is 1.01, which is comparable to the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of TILT and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TILT	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	0.93	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.69	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.78	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.56	+0.22

Correlation

The correlation between TILT and SPY is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TILT vs. SPY - Dividend Comparison

TILT's dividend yield for the trailing twelve months is around 1.22%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TILT FlexShares Morningstar US Market Factor Tilt Index Fund	1.22%	1.15%	1.23%	1.44%	1.60%	1.16%	1.49%	1.54%	1.97%	1.55%	1.60%	1.98%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

TILT vs. SPY - Drawdown Comparison

The maximum TILT drawdown since its inception was -38.46%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TILT and SPY.

Drawdown Indicators

	TILT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-38.46%	-55.19%	+16.73%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-12.05%	-1.01%
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	-24.50%	+0.38%
Max Drawdown (10Y) Largest decline over 10 years	-38.46%	-33.72%	-4.74%
Current Drawdown Current decline from peak	-6.09%	-6.24%	+0.15%
Average Drawdown Average peak-to-trough decline	-4.27%	-9.09%	+4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.52%	+0.21%

Volatility

TILT vs. SPY - Volatility Comparison

FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 5.13% and 5.31%, 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

	TILT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	5.31%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	9.47%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	18.69%	19.05%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	17.06%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.75%	17.92%	+0.83%