USPX vs. SPY

Last updated Jun 4, 2026

USPX (Franklin U.S. Equity Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - USPX is a Large Cap Blend Equities fund tracking the Morningstar US Target Market Exposure Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, USPX returned 12.39%/yr vs 13.83%/yr for SPY. Their correlation of 0.86 suggests significant overlap in exposure. USPX charges 0.03%/yr vs 0.09%/yr for SPY.

Performance

USPX vs. SPY - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with USPX having a 10.64% return and SPY slightly higher at 10.91%.

USPX

• 1D: -0.75%
• 1M: 5.12%
• YTD: 10.64%
• 6M: 10.50%
• 1Y: 27.42%
• 3Y*: 22.42%
• 5Y*: 12.39%
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

USPX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPX Franklin U.S. Equity Index ETF	10.64%	17.78%	24.97%	27.07%	-18.88%	19.53%	9.72%	26.60%	-7.78%	23.80%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between USPX and SPY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 6, 2016	0.86

The correlation between USPX and SPY shifts across timeframes, from 0.86 (all time) to 0.99 (3 years), reflecting how their relationship changes across market environments.

USPX vs. SPY - Sectors Allocation Comparison

Sectors	USPX	SPY
Technology	35.4%	35.9%
Financial Services	11.8%	11.8%
Communication Services	11.5%	11.3%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.6%	8.4%
Industrials	8.4%	7.8%
Consumer Defensive	4.8%	4.8%
Energy	3.6%	3.6%
Utilities	2.3%	2.4%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

USPX vs. SPY — Risk / Return Rank

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

USPX

USPX Risk / Return Rank: 68
USPX Sharpe Ratio Rank: 69
USPX Sortino Ratio Rank: 68
USPX Omega Ratio Rank: 68
USPX Calmar Ratio Rank: 61
USPX Martin Ratio Rank: 73

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

USPX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) 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.

	USPX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.38	-0.10
Sortino ratio: Return per unit of downside risk	3.12	3.24	-0.11
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio: Return relative to maximum drawdown	3.01	3.16	-0.15
Martin ratio: Return relative to average drawdown	13.72	14.72	-0.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USPX vs. SPY - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 2.28, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of USPX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USPX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.38	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.82	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.59	+0.22

Drawdowns

USPX vs. SPY - Drawdown Comparison

The maximum USPX drawdown since its inception was -31.21%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for USPX and SPY.

Drawdown Indicators

	USPX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-55.19%	+23.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-8.88%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-18.76%	-0.45%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-24.50%	-0.10%
Max Drawdown (10Y) Largest decline over 10 years	-31.21%	-33.72%	+2.51%
Current Drawdown Current decline from peak	-0.75%	-0.70%	-0.05%
Average Drawdown Average peak-to-trough decline	-4.44%	-9.05%	+4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.91%	+0.09%

Volatility

USPX vs. SPY - Volatility Comparison

Franklin U.S. Equity Index ETF (USPX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.87% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USPX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.84%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	8.90%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.09%	11.83%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	17.05%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	17.94%	-2.02%

USPX vs. SPY - Expense Ratio Comparison

USPX has a 0.03% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

USPX vs. SPY - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 1.04%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
USPX Franklin U.S. Equity Index ETF	1.04%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%	0.00%

Frequently Asked Questions

Can I hold both USPX and SPY in my portfolio?

With a correlation of 0.99, USPX and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USPX or SPY?

USPX has higher volatility (2.87%) compared to SPY (2.84%). In terms of maximum drawdown, USPX dropped -31.21% vs SPY's -55.19%.

Which ETF is better, USPX or SPY?

On 5-year performance, SPY leads with 13.83% vs 12.39% for USPX. On fees, USPX is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USPX or SPY?

Over the 5-year period, SPY has performed better with a 13.83% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USPX or SPY?

USPX is cheaper with a 0.03% expense ratio, compared with 0.09% for SPY.

Which ETF pays a higher dividend yield, USPX or SPY?

USPX has the higher dividend yield at 1.04%, compared with 0.98% for SPY.

What is the main difference between USPX and SPY?

USPX is categorized as Large Cap Blend Equities, while SPY is S&P 500. USPX tracks Morningstar US Target Market Exposure Index, while SPY tracks S&P 500 Index. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.03% for USPX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.28), 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.