VIK vs. SPY

Last updated Jun 4, 2026

VIK (Viking Holdings Ltd) 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 year, VIK returned 90.95% vs 27.98% for SPY. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

VIK vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Viking Holdings Ltd (VIK) 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, VIK achieves a 24.13% return, which is significantly higher than SPY's 10.91% return.

VIK

• 1D: -0.99%
• 1M: 12.16%
• YTD: 24.13%
• 6M: 31.24%
• 1Y: 90.95%
• 3Y*: —
• 5Y*: —
• 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)

VIK vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VIK Viking Holdings Ltd	24.13%	62.07%	68.81%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	18.27%

Correlation

The correlation between VIK and SPY is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.53

The correlation between VIK and SPY has been stable across timeframes, ranging from 0.53 to 0.55 - a consistent structural relationship.

Return for Risk

VIK vs. SPY — Risk / Return Rank

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

VIK

VIK Risk / Return Rank: 91
VIK Sharpe Ratio Rank: 91
VIK Sortino Ratio Rank: 90
VIK Omega Ratio Rank: 86
VIK Calmar Ratio Rank: 93
VIK Martin Ratio Rank: 94

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.

VIK vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Viking Holdings Ltd (VIK) 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.

	VIK	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.38	+0.04
Sortino ratio: Return per unit of downside risk	3.19	3.24	-0.05
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	6.12	3.16	+2.96
Martin ratio: Return relative to average drawdown	16.95	14.72	+2.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIK vs. SPY - Sharpe Ratio Comparison

The current VIK Sharpe Ratio is 2.42, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of VIK 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

	VIK	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.38	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.96	0.59	+1.38

Drawdowns

VIK vs. SPY - Drawdown Comparison

The maximum VIK drawdown since its inception was -35.39%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VIK and SPY.

Drawdown Indicators

	VIK	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-55.19%	+19.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.94%	-8.88%	-6.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-4.22%	-0.70%	-3.52%
Average Drawdown Average peak-to-trough decline	-6.11%	-9.05%	+2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.38%	1.91%	+3.47%

Volatility

VIK vs. SPY - Volatility Comparison

Viking Holdings Ltd (VIK) has a higher volatility of 13.50% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that VIK'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

	VIK	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.50%	2.84%	+10.66%
Volatility (6M) Calculated over the trailing 6-month period	31.98%	8.90%	+23.08%
Volatility (1Y) Calculated over the trailing 1-year period	37.89%	11.83%	+26.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.95%	17.05%	+23.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.95%	17.94%	+23.01%

Dividends

VIK vs. SPY - Dividend Comparison

VIK has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

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%
VIK Viking Holdings Ltd	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VIK and SPY in my portfolio?

VIK and SPY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIK or SPY?

VIK has higher volatility (13.50%) compared to SPY (2.84%). In terms of maximum drawdown, VIK dropped -35.39% vs SPY's -55.19%.

Which has better risk-adjusted returns?

VIK currently has the higher Sharpe Ratio (2.42 vs 2.38), 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.