TOK vs. SPY

Last updated Jun 4, 2026

TOK (iShares MSCI Kokusai ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TOK is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TOK returned 13.60%/yr vs 15.49%/yr for SPY. Their correlation of 0.83 suggests significant overlap in exposure. TOK charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

TOK vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kokusai ETF (TOK) 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, TOK achieves a 9.75% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, TOK has underperformed SPY with an annualized return of 13.60%, while SPY has yielded a comparatively higher 15.49% annualized return.

TOK

• 1D: -0.80%
• 1M: 4.53%
• YTD: 9.75%
• 6M: 10.43%
• 1Y: 25.70%
• 3Y*: 20.98%
• 5Y*: 12.18%
• 10Y*: 13.60%

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)

TOK vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOK iShares MSCI Kokusai ETF	9.75%	20.83%	19.52%	24.76%	-17.93%	23.84%	15.06%	30.05%	-7.83%	22.09%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between TOK and SPY is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 13, 2007	0.83

The correlation between TOK and SPY shifts across timeframes, from 0.83 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

TOK vs. SPY - Sectors Allocation Comparison

Sectors	TOK	SPY
Technology	31.3%	35.9%
Financial Services	14.9%	11.8%
Industrials	9.8%	7.8%
Communication Services	9.0%	11.3%
Consumer Cyclical	9.0%	10.3%
Healthcare	8.7%	8.4%
Consumer Defensive	5.2%	4.8%
Energy	4.0%	3.6%
Basic Materials	3.2%	1.8%
Utilities	2.8%	2.4%
Real Estate	1.7%	1.9%

Return for Risk

TOK vs. SPY — Risk / Return Rank

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

TOK

TOK Risk / Return Rank: 64
TOK Sharpe Ratio Rank: 65
TOK Sortino Ratio Rank: 65
TOK Omega Ratio Rank: 63
TOK Calmar Ratio Rank: 58
TOK Martin Ratio Rank: 70

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.

TOK vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) 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.

	TOK	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.16	2.38	-0.22
Sortino ratio Return per unit of downside risk	3.03	3.24	-0.21
Omega ratio Gain probability vs. loss probability	1.39	1.43	-0.04
Calmar ratio Return relative to maximum drawdown	2.85	3.16	-0.32
Martin ratio Return relative to average drawdown	13.07	14.72	-1.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOK vs. SPY - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 2.16, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TOK 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

	TOK	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.38	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.82	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.87	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.59	-0.15

Drawdowns

TOK vs. SPY - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TOK and SPY.

Drawdown Indicators

	TOK	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-55.19%	-0.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-8.88%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-18.76%	+2.53%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-24.50%	-1.36%
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	-33.72%	-1.10%
Current Drawdown Current decline from peak	-0.80%	-0.70%	-0.10%
Average Drawdown Average peak-to-trough decline	-8.52%	-9.05%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.91%	+0.06%

Volatility

TOK vs. SPY - Volatility Comparison

iShares MSCI Kokusai ETF (TOK) has a higher volatility of 3.23% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that TOK'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

	TOK	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	2.84%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	8.90%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	11.83%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	17.05%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	17.94%	-0.79%

TOK vs. SPY - Expense Ratio Comparison

TOK 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%.

Dividends

TOK vs. SPY - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.25%, 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%
TOK iShares MSCI Kokusai ETF	1.25%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both TOK and SPY in my portfolio?

With a correlation of 0.97, TOK 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, TOK or SPY?

TOK has higher volatility (3.23%) compared to SPY (2.84%). In terms of maximum drawdown, TOK dropped -56.18% vs SPY's -55.19%.

Which ETF is better, TOK or SPY?

On 10-year performance, SPY leads with 15.49% vs 13.60% for TOK. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOK or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOK or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for TOK.

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

TOK has the higher dividend yield at 1.25%, compared with 0.98% for SPY.

What is the main difference between TOK and SPY?

TOK is categorized as Large Cap Growth Equities, while SPY is S&P 500. TOK tracks MSCI Kokusai Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for TOK and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.16), 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.