USSPX vs. SPY

Last updated Jul 29, 2026

USSPX (Victory 500 Index Fund Member Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - USSPX is a Large Cap Blend Equities fund tracking the Victory US Large Cap 500 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, USSPX returned 14.85%/yr vs 14.89%/yr for SPY. Their 0.98 correlation means they have historically moved very closely together. USSPX charges 0.23%/yr vs 0.09%/yr for SPY.

Performance

USSPX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory 500 Index Fund Member Shares (USSPX) 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 USSPX having a 8.98% return and SPY slightly higher at 9.22%. Both investments have delivered pretty close results over the past 10 years, with USSPX having a 14.85% annualized return and SPY not far ahead at 14.89%.

USSPX

• 1D: 0.03%
• 1M: 0.79%
• 6M: 6.86%
• YTD: 8.98%
• 1Y: 17.03%
• 3Y*: 18.98%
• 5Y*: 12.18%
• 10Y*: 14.85%
• ALL TIME*: 10.16%

SPY

• 1D: 0.24%
• 1M: 1.63%
• 6M: 7.09%
• YTD: 9.22%
• 1Y: 17.60%
• 3Y*: 18.95%
• 5Y*: 12.46%
• 10Y*: 14.89%
• ALL TIME*: 10.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPY State Street SPDR S&P 500 ETF	$34.03B	$34.70B	$38.77B
USSPX Victory 500 Index Fund Member Shares	$0.00	$0.00	$0.00

USSPX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USSPX Victory 500 Index Fund Member Shares	8.98%	17.63%	25.04%	26.99%	-19.37%	27.45%	21.21%	31.19%	-4.66%	21.19%
SPY State Street SPDR S&P 500 ETF	9.22%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between USSPX and SPY is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.99
Correlation (All Time) Calculated using the full available price history since Apr 30, 1996	0.98

The correlation between USSPX and SPY has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

Return for Risk

USSPX vs. SPY — Risk / Return Rank

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

USSPX

USSPX Risk / Return Rank: 51
USSPX Sharpe Ratio Rank: 48
USSPX Sortino Ratio Rank: 46
USSPX Omega Ratio Rank: 47
USSPX Calmar Ratio Rank: 52
USSPX Martin Ratio Rank: 63

SPY

SPY Risk / Return Rank: 61
SPY Sharpe Ratio Rank: 60
SPY Sortino Ratio Rank: 58
SPY Omega Ratio Rank: 58
SPY Calmar Ratio Rank: 57
SPY Martin Ratio Rank: 70

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.

USSPX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory 500 Index Fund Member Shares (USSPX) 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.

	USSPX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.39	-0.05
Sortino ratio: Return per unit of downside risk	1.89	1.96	-0.07
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.92	1.99	-0.07
Martin ratio: Return relative to average drawdown	8.21	8.54	-0.33

USSPX vs. SPY - Sharpe Ratio Comparison

The current USSPX Sharpe Ratio is 1.34, which is comparable to the SPY Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of USSPX 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

USSPX vs. SPY - Drawdown Comparison

The maximum USSPX drawdown since its inception was -55.39%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for USSPX and SPY.

Drawdown Indicators

	USSPX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.39%	-55.19%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-8.88%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-18.76%	-0.88%
Max Drawdown (5Y) Largest decline over 5 years	-26.88%	-24.50%	-2.38%
Max Drawdown (10Y) Largest decline over 10 years	-33.64%	-33.72%	+0.08%
Current Drawdown Current decline from peak	-2.63%	-2.21%	-0.42%
Average Drawdown Average peak-to-trough decline	-10.09%	-9.01%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.07%	+0.01%

Volatility

USSPX vs. SPY - Volatility Comparison

The current volatility for Victory 500 Index Fund Member Shares (USSPX) is 3.02%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.18%. This indicates that USSPX 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.

Volatility by Period

	USSPX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	3.18%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	9.97%	9.87%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.81%	12.68%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.59%	17.15%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	17.94%	+0.42%

USSPX vs. SPY - Expense Ratio Comparison

USSPX has a 0.23% 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

USSPX vs. SPY - Dividend Comparison

USSPX's dividend yield for the trailing twelve months is around 3.80%, more than SPY's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.02%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
USSPX Victory 500 Index Fund Member Shares	3.80%	4.14%	3.63%	2.07%	2.81%	4.98%	3.38%	4.98%	3.03%	1.34%	2.34%	1.89%

Frequently Asked Questions

Can I hold both USSPX and SPY in my portfolio?

With a correlation of 1.00, USSPX 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, USSPX or SPY?

SPY has higher volatility (3.18%) compared to USSPX (3.02%). In terms of maximum drawdown, USSPX dropped -55.39% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.39 vs 1.34), 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.