VEGN vs. SPY

Last updated Aug 2, 2026

VEGN (US Vegan Climate ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VEGN is a Large Cap Growth Equities fund tracking the US Vegan Climate Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, VEGN returned 13.97%/yr vs 12.76%/yr for SPY. Their correlation of 0.94 means they have usually moved in the same direction. VEGN charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

VEGN vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Vegan Climate ETF (VEGN) 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, VEGN achieves a 23.72% return, which is significantly higher than SPY's 10.13% return.

VEGN

• 1D: 0.28%
• 1M: -3.86%
• 6M: 22.47%
• YTD: 23.72%
• 1Y: 37.13%
• 3Y*: 23.68%
• 5Y*: 13.97%
• 10Y*: —
• ALL TIME*: 18.07%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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	$37.27B	$35.99B	$39.23B
VEGN US Vegan Climate ETF	$398.12K	$577.59K	$470.77K

VEGN vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEGN US Vegan Climate ETF	23.72%	13.71%	25.42%	38.10%	-26.87%	26.01%	27.72%	9.45%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	8.97%

Correlation

The correlation between VEGN and SPY is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Sep 10, 2019	0.94

The correlation between VEGN and SPY has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

VEGN vs. SPY - Sectors Allocation Comparison

Sectors	VEGN	SPY
Technology	63.6%	36.9%
Financial Services	13.1%	12.5%
Communication Services	7.8%	9.7%
Industrials	4.8%	7.6%
Healthcare	3.9%	9.4%
Real Estate	3.9%	2.0%
Consumer Cyclical	1.8%	8.9%
Basic Materials	0.5%	1.9%
Utilities	0.1%	2.6%
Consumer Defensive	0.0%	4.8%
Energy	0.0%	3.4%

Return for Risk

VEGN vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VEGN

VEGN Risk / Return Rank: 75
VEGN Sharpe Ratio Rank: 75
VEGN Sortino Ratio Rank: 72
VEGN Omega Ratio Rank: 70
VEGN Calmar Ratio Rank: 79
VEGN Martin Ratio Rank: 76

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VEGN vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Vegan Climate ETF (VEGN) 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.

	VEGN	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.52	+0.19
Sortino ratio: Return per unit of downside risk	2.32	2.11	+0.21
Omega ratio: Gain probability vs. loss probability	1.29	1.27	+0.02
Calmar ratio: Return relative to maximum drawdown	2.84	2.20	+0.64
Martin ratio: Return relative to average drawdown	9.45	9.40	+0.05

VEGN vs. SPY - Sharpe Ratio Comparison

The current VEGN Sharpe Ratio is 1.71, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VEGN 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

VEGN vs. SPY - Drawdown Comparison

The maximum VEGN drawdown since its inception was -34.14%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VEGN and SPY.

Drawdown Indicators

	VEGN	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.14%	-55.19%	+21.05%
Max Drawdown (1Y) Largest decline over 1 year	-12.25%	-8.88%	-3.37%
Max Drawdown (3Y) Largest decline over 3 years	-20.91%	-18.76%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-33.40%	-24.50%	-8.90%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-8.77%	-1.40%	-7.37%
Average Drawdown Average peak-to-trough decline	-7.52%	-9.01%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	2.08%	+1.60%

Volatility

VEGN vs. SPY - Volatility Comparison

US Vegan Climate ETF (VEGN) has a higher volatility of 7.86% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that VEGN'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

	VEGN	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	3.58%	+4.28%
Volatility (6M) Calculated over the trailing 6-month period	17.87%	10.14%	+7.73%
Volatility (1Y) Calculated over the trailing 1-year period	20.38%	12.89%	+7.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.97%	17.18%	+3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.03%	17.95%	+5.08%

VEGN vs. SPY - Expense Ratio Comparison

VEGN has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VEGN vs. SPY - Dividend Comparison

VEGN's dividend yield for the trailing twelve months is around 0.52%, 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%
VEGN US Vegan Climate ETF	0.52%	0.51%	0.51%	0.67%	0.81%	0.41%	0.71%	0.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VEGN and SPY in my portfolio?

VEGN and SPY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEGN or SPY?

VEGN has higher volatility (7.86%) compared to SPY (3.58%). In terms of maximum drawdown, VEGN dropped -34.14% vs SPY's -55.19%.

Which ETF is better, VEGN or SPY?

On 5-year performance, VEGN leads with 13.97% vs 12.76% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEGN or SPY?

Over the 5-year period, VEGN has performed better with a 13.97% return vs 12.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEGN or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.60% for VEGN.

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

SPY has the higher dividend yield at 1.01%, compared with 0.52% for VEGN.

What is the main difference between VEGN and SPY?

VEGN is categorized as Large Cap Growth Equities, while SPY is S&P 500. VEGN tracks US Vegan Climate Index, while SPY tracks S&P 500 Index. They also come from different issuers: Beyond Investing and State Street. Their fees differ too: 0.60% for VEGN and 0.09% for SPY.

Which has better risk-adjusted returns?

VEGN currently has the higher Sharpe Ratio (1.71 vs 1.52), 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.