TYA vs. SPY
TYA (Simplify Intermediate Term Treasury Futures Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TYA is a Government Bonds fund actively managed by Simplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. TYA is actively managed, while SPY is passively managed. Over the past 3 years, TYA returned -1.95%/yr vs 21.27%/yr for SPY. At a 0.10 correlation, their price movements are largely independent. TYA charges 0.15%/yr vs 0.09%/yr for SPY.
Performance
TYA vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, TYA achieves a -5.59% return, which is significantly lower than SPY's 9.74% return.
TYA
- 1D
- -0.89%
- 1M
- 0.43%
- YTD
- -5.59%
- 6M
- -5.80%
- 1Y
- -0.30%
- 3Y*
- -1.95%
- 5Y*
- —
- 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%
TYA vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | -5.59% | 14.38% | -9.63% | -2.23% | -37.62% | -0.80% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 7.68% |
Correlation
The correlation between TYA and SPY is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.10 |
The correlation between TYA and SPY shifts across timeframes, from 0.10 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TYA vs. SPY — Risk / Return Rank
TYA
SPY
TYA vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) 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.
| TYA | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.39 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 3.01 | -3.04 |
| Martin ratioReturn relative to average drawdown | -0.07 | 13.54 | -13.60 |
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Drawdowns
TYA vs. SPY - Drawdown Comparison
The maximum TYA drawdown since its inception was -51.15%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TYA and SPY.
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Drawdown Indicators
| TYA | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.15% | -55.19% | +4.04% |
Max Drawdown (1Y)Largest decline over 1 year | -11.80% | -8.88% | -2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -21.36% | -18.76% | -2.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -41.80% | -1.75% | -40.05% |
Average DrawdownAverage peak-to-trough decline | -35.88% | -9.04% | -26.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.63% | 1.97% | +2.66% |
Volatility
TYA vs. SPY - Volatility Comparison
The current volatility for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) is 3.57%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that TYA 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
| TYA | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.57% | 4.64% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 9.17% | 9.75% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 12.43% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 17.14% | +3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.51% | 17.99% | +2.52% |
TYA vs. SPY - Expense Ratio Comparison
TYA has a 0.15% 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
TYA vs. SPY - Dividend Comparison
TYA's dividend yield for the trailing twelve months is around 3.89%, 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% |
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | 3.89% | 3.85% | 4.84% | 4.28% | 2.23% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TYA and SPY have a correlation of 0.25, 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 TYA (3.57%). In terms of maximum drawdown, TYA dropped -51.15% vs SPY's -55.19%.
On 3-year performance, SPY leads with 21.27% vs -1.95% for TYA. On fees, SPY is cheaper at 0.09% per year. On volatility, TYA has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPY has performed better with a 21.27% return vs -1.95%. 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 0.15% for TYA.
TYA has the higher dividend yield at 3.89%, compared with 1.01% for SPY.
TYA is categorized as Government Bonds, while SPY is S&P 500. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.15% for TYA and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs -0.02), 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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