TW vs. SPY
TW (Tradeweb Markets Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, TW returned 3.42%/yr vs 12.76%/yr for SPY. Their 0.35 correlation means their historical movements had little consistent relationship.
Performance
TW vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, TW achieves a -6.31% return, which is significantly lower than SPY's 10.13% return.
TW
- 1D
- 2.76%
- 1M
- -2.23%
- 6M
- -2.25%
- YTD
- -6.31%
- 1Y
- -26.32%
- 3Y*
- 7.73%
- 5Y*
- 3.42%
- 10Y*
- —
- ALL TIME*
- 16.37%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.27B | $35.99B | $39.23B | |
| $197.00M | $171.87M | $180.44M |
TW vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TW Tradeweb Markets Inc. | -6.31% | -17.55% | 44.56% | 40.61% | -34.86% | 60.96% | 35.50% | 36.03% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 14.00% |
Correlation
The correlation between TW and SPY is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019 | 0.35 |
The correlation between TW and SPY shifts across timeframes, from -0.05 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TW vs. SPY — Risk / Return Rank
TW
SPY
TW vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tradeweb Markets Inc. (TW) 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.
| TW | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.27 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.20 | -2.99 |
| Martin ratioReturn relative to average drawdown | -1.24 | 9.40 | -10.64 |
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Drawdowns
TW vs. SPY - Drawdown Comparison
The maximum TW drawdown since its inception was -48.64%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TW and SPY.
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Drawdown Indicators
| TW | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.64% | -55.19% | +6.55% |
Max Drawdown (1Y)Largest decline over 1 year | -34.83% | -8.88% | -25.95% |
Max Drawdown (3Y)Largest decline over 3 years | -38.26% | -18.76% | -19.50% |
Max Drawdown (5Y)Largest decline over 5 years | -48.64% | -24.50% | -24.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -32.19% | -1.40% | -30.79% |
Average DrawdownAverage peak-to-trough decline | -14.23% | -9.01% | -5.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.86% | 2.08% | +19.78% |
Volatility
TW vs. SPY - Volatility Comparison
Tradeweb Markets Inc. (TW) has a higher volatility of 13.40% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that TW'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.
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Volatility by Period
| TW | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.40% | 3.58% | +9.82% |
Volatility (6M)Calculated over the trailing 6-month period | 25.51% | 10.14% | +15.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.13% | 12.89% | +18.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.46% | 17.18% | +10.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.52% | 17.95% | +12.57% |
Dividends
TW vs. SPY - Dividend Comparison
TW's dividend yield for the trailing twelve months is around 0.52%, less 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% |
TW Tradeweb Markets Inc. | 0.52% | 0.45% | 0.31% | 0.40% | 0.49% | 0.32% | 0.51% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TW and SPY have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TW has higher volatility (13.40%) compared to SPY (3.58%). In terms of maximum drawdown, TW dropped -48.64% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.89), 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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