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USA vs. SPY
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between USA and SPY is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.


-0.50.00.51.0
Correlation: 0.7

Performance

USA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Liberty All-Star Equity Fund (USA) and SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

1,200.00%1,400.00%1,600.00%1,800.00%2,000.00%2,200.00%2,400.00%NovemberDecember2025FebruaryMarchApril
1,260.69%
2,152.01%
USA
SPY

Key characteristics

Sharpe Ratio

USA:

0.17

SPY:

0.51

Sortino Ratio

USA:

0.37

SPY:

0.86

Omega Ratio

USA:

1.05

SPY:

1.13

Calmar Ratio

USA:

0.18

SPY:

0.55

Martin Ratio

USA:

0.68

SPY:

2.26

Ulcer Index

USA:

4.62%

SPY:

4.55%

Daily Std Dev

USA:

18.33%

SPY:

20.08%

Max Drawdown

USA:

-69.05%

SPY:

-55.19%

Current Drawdown

USA:

-10.09%

SPY:

-9.89%

Returns By Period

In the year-to-date period, USA achieves a -4.90% return, which is significantly higher than SPY's -5.76% return. Both investments have delivered pretty close results over the past 10 years, with USA having a 11.49% annualized return and SPY not far ahead at 11.99%.


USA

YTD

-4.90%

1M

-3.21%

6M

-6.04%

1Y

4.56%

5Y*

14.97%

10Y*

11.49%

SPY

YTD

-5.76%

1M

-3.16%

6M

-4.30%

1Y

10.76%

5Y*

15.96%

10Y*

11.99%

*Annualized

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Risk-Adjusted Performance

USA vs. SPY — Risk-Adjusted Performance Rank

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

USA
The Risk-Adjusted Performance Rank of USA is 5555
Overall Rank
The Sharpe Ratio Rank of USA is 5959
Sharpe Ratio Rank
The Sortino Ratio Rank of USA is 4848
Sortino Ratio Rank
The Omega Ratio Rank of USA is 4848
Omega Ratio Rank
The Calmar Ratio Rank of USA is 6262
Calmar Ratio Rank
The Martin Ratio Rank of USA is 6161
Martin Ratio Rank

SPY
The Risk-Adjusted Performance Rank of SPY is 6161
Overall Rank
The Sharpe Ratio Rank of SPY is 5757
Sharpe Ratio Rank
The Sortino Ratio Rank of SPY is 5858
Sortino Ratio Rank
The Omega Ratio Rank of SPY is 6161
Omega Ratio Rank
The Calmar Ratio Rank of SPY is 6464
Calmar Ratio Rank
The Martin Ratio Rank of SPY is 6363
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

USA vs. SPY - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Liberty All-Star Equity Fund (USA) and 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.


The chart of Sharpe ratio for USA, currently valued at 0.17, compared to the broader market-2.00-1.000.001.002.003.00
USA: 0.17
SPY: 0.51
The chart of Sortino ratio for USA, currently valued at 0.37, compared to the broader market-6.00-4.00-2.000.002.004.00
USA: 0.37
SPY: 0.86
The chart of Omega ratio for USA, currently valued at 1.05, compared to the broader market0.501.001.502.00
USA: 1.05
SPY: 1.13
The chart of Calmar ratio for USA, currently valued at 0.18, compared to the broader market0.001.002.003.004.005.00
USA: 0.18
SPY: 0.55
The chart of Martin ratio for USA, currently valued at 0.68, compared to the broader market-5.000.005.0010.0015.0020.00
USA: 0.68
SPY: 2.26

The current USA Sharpe Ratio is 0.17, which is lower than the SPY Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of USA 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.


Rolling 12-month Sharpe Ratio0.001.002.003.004.00NovemberDecember2025FebruaryMarchApril
0.17
0.51
USA
SPY

Dividends

USA vs. SPY - Dividend Comparison

USA's dividend yield for the trailing twelve months is around 10.79%, more than SPY's 1.30% yield.


TTM20242023202220212020201920182017201620152014
USA
Liberty All-Star Equity Fund
10.79%10.22%9.56%12.11%9.67%9.26%9.88%12.81%9.01%9.43%9.66%6.61%
SPY
SPDR S&P 500 ETF
1.30%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%1.87%

Drawdowns

USA vs. SPY - Drawdown Comparison

The maximum USA drawdown since its inception was -69.05%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for USA and SPY. For additional features, visit the drawdowns tool.


-20.00%-15.00%-10.00%-5.00%0.00%NovemberDecember2025FebruaryMarchApril
-10.09%
-9.89%
USA
SPY

Volatility

USA vs. SPY - Volatility Comparison

The current volatility for Liberty All-Star Equity Fund (USA) is 11.99%, while SPDR S&P 500 ETF (SPY) has a volatility of 15.12%. This indicates that USA 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.


0.00%5.00%10.00%15.00%NovemberDecember2025FebruaryMarchApril
11.99%
15.12%
USA
SPY