V vs. SPY

Last updated Jun 6, 2026

V (Visa Inc.) is a stock, 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, V returned 15.72%/yr vs 15.16%/yr for SPY. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

V vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Visa Inc. (V) 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, V achieves a -7.36% return, which is significantly lower than SPY's 8.45% return. Both investments have delivered pretty close results over the past 10 years, with V having a 15.72% annualized return and SPY not far behind at 15.16%.

V

• 1D: 1.06%
• 1M: 1.71%
• YTD: -7.36%
• 6M: -1.91%
• 1Y: -11.91%
• 3Y*: 13.20%
• 5Y*: 7.86%
• 10Y*: 15.72%

SPY

• 1D: -2.58%
• 1M: 0.82%
• YTD: 8.45%
• 6M: 8.18%
• 1Y: 24.51%
• 3Y*: 21.43%
• 5Y*: 13.32%
• 10Y*: 15.16%

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

V vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
V Visa Inc.	-7.36%	11.76%	22.32%	26.31%	-3.40%	-0.31%	17.12%	43.33%	16.49%	47.18%
SPY State Street SPDR S&P 500 ETF	8.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between V and SPY is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Mar 20, 2008	0.63

Over the past year, the correlation between V and SPY has dropped to 0.37 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

V vs. SPY — Risk / Return Rank

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

V

V Risk / Return Rank: 20
V Sharpe Ratio Rank: 20
V Sortino Ratio Rank: 18
V Omega Ratio Rank: 18
V Calmar Ratio Rank: 22
V Martin Ratio Rank: 21

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 66
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

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.

V vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Visa Inc. (V) 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.

	V	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	2.14	-2.64
Sortino ratio: Return per unit of downside risk	-0.59	2.88	-3.46
Omega ratio: Gain probability vs. loss probability	0.93	1.39	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.55	2.92	-3.46
Martin ratio: Return relative to average drawdown	-1.01	13.50	-14.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

V vs. SPY - Sharpe Ratio Comparison

The current V Sharpe Ratio is -0.50, which is lower than the SPY Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of V 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

	V	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	2.14	-2.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.78	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.85	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.58	+0.11

Drawdowns

V vs. SPY - Drawdown Comparison

The maximum V drawdown since its inception was -51.90%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for V and SPY.

Drawdown Indicators

	V	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-51.90%	-55.19%	+3.29%
Max Drawdown (1Y) Largest decline over 1 year	-20.38%	-8.88%	-11.50%
Max Drawdown (3Y) Largest decline over 3 years	-20.38%	-18.76%	-1.62%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-24.50%	-4.10%
Max Drawdown (10Y) Largest decline over 10 years	-36.36%	-33.72%	-2.64%
Current Drawdown Current decline from peak	-12.64%	-2.90%	-9.74%
Average Drawdown Average peak-to-trough decline	-8.26%	-9.05%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.00%	1.91%	+9.09%

Volatility

V vs. SPY - Volatility Comparison

Visa Inc. (V) has a higher volatility of 5.65% compared to State Street SPDR S&P 500 ETF (SPY) at 3.73%. This indicates that V'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

	V	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	3.73%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	17.47%	9.31%	+8.16%
Volatility (1Y) Calculated over the trailing 1-year period	22.27%	12.12%	+10.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.79%	17.09%	+5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.46%	17.95%	+6.51%

Dividends

V vs. SPY - Dividend Comparison

V's dividend yield for the trailing twelve months is around 0.80%, less than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
V Visa Inc.	0.80%	0.70%	0.68%	0.72%	0.76%	0.62%	0.56%	0.56%	0.67%	0.61%	0.75%	0.64%

Frequently Asked Questions

Can I hold both V and SPY in my portfolio?

V and SPY have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, V or SPY?

V has higher volatility (5.65%) compared to SPY (3.73%). In terms of maximum drawdown, V dropped -51.90% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.14 vs -0.50), 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.