USSG vs. SPY

Last updated Jun 23, 2026

USSG (Xtrackers MSCI USA ESG Leaders Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - USSG is a Large Cap Growth Equities fund tracking the MSCI USA ESG Leaders, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, USSG returned 13.57%/yr vs 13.51%/yr for SPY. With a 0.97 correlation, they move nearly in lockstep. USSG charges 0.10%/yr vs 0.09%/yr for SPY.

Performance

USSG vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USSG achieves a 8.92% return, which is significantly lower than SPY's 9.74% return.

USSG

• 1D: -0.47%
• 1M: -0.02%
• YTD: 8.92%
• 6M: 8.06%
• 1Y: 27.66%
• 3Y*: 21.57%
• 5Y*: 13.57%
• 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%

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

USSG vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
USSG Xtrackers MSCI USA ESG Leaders Equity ETF	8.92%	18.97%	23.45%	29.17%	-20.33%	31.83%	18.71%	19.24%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	18.25%

Correlation

The correlation between USSG and SPY is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019	0.97

The correlation between USSG and SPY has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

USSG vs. SPY - Sectors Allocation Comparison

Sectors	USSG	SPY
Technology	35.0%	39.0%
Communication Services	13.2%	10.6%
Financial Services	10.5%	11.1%
Healthcare	10.0%	8.3%
Consumer Cyclical	9.3%	9.9%
Industrials	8.1%	7.8%
Consumer Defensive	5.4%	4.5%
Energy	2.1%	3.1%
Real Estate	2.1%	1.8%
Basic Materials	2.0%	1.7%
Utilities	1.7%	2.1%

Return for Risk

USSG vs. SPY — Risk / Return Rank

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

USSG

USSG Risk / Return Rank: 60
USSG Sharpe Ratio Rank: 64
USSG Sortino Ratio Rank: 62
USSG Omega Ratio Rank: 60
USSG Calmar Ratio Rank: 51
USSG Martin Ratio Rank: 60

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

USSG vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) 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.

	USSG	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.16	-0.12
Sortino ratio: Return per unit of downside risk	2.81	2.91	-0.10
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	2.48	3.01	-0.53
Martin ratio: Return relative to average drawdown	10.49	13.54	-3.05

USSG vs. SPY - Sharpe Ratio Comparison

The current USSG Sharpe Ratio is 2.03, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of USSG 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.

Drawdowns

USSG vs. SPY - Drawdown Comparison

The maximum USSG drawdown since its inception was -34.10%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for USSG and SPY.

Drawdown Indicators

	USSG	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.10%	-55.19%	+21.09%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-8.88%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-18.76%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-27.00%	-24.50%	-2.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.74%	-1.75%	+0.01%
Average Drawdown Average peak-to-trough decline	-5.57%	-9.04%	+3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	1.97%	+0.67%

Volatility

USSG vs. SPY - Volatility Comparison

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) has a higher volatility of 5.11% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that USSG'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.

Volatility by Period

	USSG	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	4.64%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	9.75%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	12.43%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	17.14%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.17%	17.99%	+2.18%

USSG vs. SPY - Expense Ratio Comparison

USSG has a 0.10% 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

USSG vs. SPY - Dividend Comparison

USSG's dividend yield for the trailing twelve months is around 0.99%, 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%
USSG Xtrackers MSCI USA ESG Leaders Equity ETF	0.99%	1.02%	1.13%	1.60%	1.52%	1.13%	1.42%	1.21%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USSG and SPY in my portfolio?

With a correlation of 0.95, USSG 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, USSG or SPY?

USSG has higher volatility (5.11%) compared to SPY (4.64%). In terms of maximum drawdown, USSG dropped -34.10% vs SPY's -55.19%.

Which ETF is better, USSG or SPY?

On 5-year performance, USSG leads with 13.57% vs 13.51% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USSG or SPY?

Over the 5-year period, USSG has performed better with a 13.57% return vs 13.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USSG or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.10% for USSG.

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

SPY has the higher dividend yield at 1.01%, compared with 0.99% for USSG.

What is the main difference between USSG and SPY?

USSG is categorized as Large Cap Growth Equities, while SPY is S&P 500. USSG tracks MSCI USA ESG Leaders, while SPY tracks S&P 500 Index. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.10% for USSG and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 2.03), 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.