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USD=X vs. SPY
Performance
Return for Risk
Drawdowns
Volatility

USD=X vs. SPY

Last updated Jun 24, 2026

USD=X (USD Cash) is a currency, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, USD=X returned 0.00%/yr vs 15.53%/yr for SPY.

Performance

USD=X vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USD Cash (USD=X) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

USD=X

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.00%
1Y
0.00%
3Y*
0.00%
5Y*
0.00%
10Y*
0.00%

SPY

1D
-1.45%
1M
-1.36%
YTD
8.15%
6M
7.20%
1Y
23.59%
3Y*
20.68%
5Y*
13.05%
10Y*
15.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USD=X vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USD=X
USD Cash		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		8.15%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

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USD Cash

State Street SPDR S&P 500 ETF

Often compared with USD=X:
USD=X vs. UUPUSD=X vs. EUR=XUSD=X vs. XRP-USDUSD=X vs. BTC-USDUSD=X vs. QQQUSD=X vs. TSLAUSD=X vs. USDX
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

USD=X vs. SPY — Risk / Return Rank

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPY
SPY Risk / Return Rank: 5959
Overall Rank
SPY Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 5656
Sortino Ratio Rank
SPY Omega Ratio Rank: 5757
Omega Ratio Rank
SPY Calmar Ratio Rank: 5656
Calmar Ratio Rank
SPY Martin Ratio Rank: 6767
Martin Ratio Rank
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.

USD=X vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD Cash (USD=X) 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.

USD=XSPYDifference
Sharpe ratioReturn per unit of total volatility

—

1.90

—

Sortino ratioReturn per unit of downside risk

—

2.58

—

Omega ratioGain probability vs. loss probability

—

1.34

—

Calmar ratioReturn relative to maximum drawdown

—

2.67

—

Martin ratioReturn relative to average drawdown

—

11.92

—

USD=X vs. SPY - Sharpe Ratio Comparison

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Drawdowns

USD=X vs. SPY - Drawdown Comparison

The maximum USD=X drawdown since its inception was 0.00%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for USD=X and SPY.

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Drawdown Indicators

USD=XSPYDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-55.19%

+55.19%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-8.88%

+8.88%

Max Drawdown (3Y)

Largest decline over 3 years

0.00%

-18.76%

+18.76%

Max Drawdown (5Y)

Largest decline over 5 years

0.00%

-24.50%

+24.50%

Max Drawdown (10Y)

Largest decline over 10 years

0.00%

-33.72%

+33.72%

Current Drawdown

Current decline from peak

0.00%

-3.17%

+3.17%

Average Drawdown

Average peak-to-trough decline

0.00%

-9.04%

+9.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

1.98%

-1.98%

Volatility

USD=X vs. SPY - Volatility Comparison

The current volatility for USD Cash (USD=X) is 0.00%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that USD=X 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

USD=XSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

4.87%

-4.87%

Volatility (6M)

Calculated over the trailing 6-month period

0.00%

9.85%

-9.85%

Volatility (1Y)

Calculated over the trailing 1-year period

0.00%

12.50%

-12.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.00%

17.15%

-17.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.00%

17.95%

-17.95%

Frequently Asked Questions

SPY has higher volatility (4.87%) compared to USD=X (0.00%). In terms of maximum drawdown, USD=X dropped 0.00% vs SPY's -55.19%.

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