TRTY vs. SPY
TRTY (Cambria Trinity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TRTY is a Tactical Allocation fund tracking the Cambria Trinity Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, TRTY returned 6.08%/yr vs 13.51%/yr for SPY. A 0.59 correlation means they provide meaningful diversification when combined. TRTY charges 0.44%/yr vs 0.09%/yr for SPY.
Performance
TRTY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, TRTY achieves a 8.88% return, which is significantly lower than SPY's 9.74% return.
TRTY
- 1D
- 0.13%
- 1M
- -0.63%
- YTD
- 8.88%
- 6M
- 8.51%
- 1Y
- 21.77%
- 3Y*
- 11.05%
- 5Y*
- 6.08%
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
TRTY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TRTY Cambria Trinity ETF | 8.88% | 16.35% | 3.89% | 3.97% | -3.30% | 15.73% | 1.68% | 8.36% | -5.78% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -12.64% |
Correlation
The correlation between TRTY and SPY is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2018 | 0.59 |
The correlation between TRTY and SPY shifts across timeframes, from 0.59 (all time) to 0.69 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TRTY vs. SPY — Risk / Return Rank
TRTY
SPY
TRTY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Trinity ETF (TRTY) 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.
| TRTY | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.39 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.99 | 3.01 | +0.97 |
| Martin ratioReturn relative to average drawdown | 15.84 | 13.54 | +2.31 |
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Drawdowns
TRTY vs. SPY - Drawdown Comparison
The maximum TRTY drawdown since its inception was -22.35%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRTY and SPY.
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Drawdown Indicators
| TRTY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.35% | -55.19% | +32.84% |
Max Drawdown (1Y)Largest decline over 1 year | -5.49% | -8.88% | +3.39% |
Max Drawdown (3Y)Largest decline over 3 years | -9.25% | -18.76% | +9.51% |
Max Drawdown (5Y)Largest decline over 5 years | -13.72% | -24.50% | +10.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -1.72% | -1.75% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -4.15% | -9.04% | +4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 1.97% | -0.59% |
Volatility
TRTY vs. SPY - Volatility Comparison
The current volatility for Cambria Trinity ETF (TRTY) is 2.96%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that TRTY 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.
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Volatility by Period
| TRTY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.96% | 4.64% | -1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 8.61% | 9.75% | -1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.91% | 12.43% | -2.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.58% | 17.14% | -6.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.42% | 17.99% | -7.57% |
TRTY vs. SPY - Expense Ratio Comparison
TRTY has a 0.44% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
TRTY vs. SPY - Dividend Comparison
TRTY's dividend yield for the trailing twelve months is around 3.04%, 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% |
TRTY Cambria Trinity ETF | 3.04% | 2.86% | 3.55% | 3.24% | 5.17% | 4.52% | 1.99% | 2.64% | 1.07% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRTY and SPY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to TRTY (2.96%). In terms of maximum drawdown, TRTY dropped -22.35% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.51% vs 6.08% for TRTY. On fees, SPY is cheaper at 0.09% per year. On volatility, TRTY has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.51% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.44% for TRTY.
TRTY has the higher dividend yield at 3.04%, compared with 1.01% for SPY.
TRTY is categorized as Tactical Allocation, while SPY is S&P 500. TRTY tracks Cambria Trinity Index, while SPY tracks S&P 500 Index. They also come from different issuers: Cambria and State Street. Their fees differ too: 0.44% for TRTY and 0.09% for SPY.
TRTY currently has the higher Sharpe Ratio (2.21 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.
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