VMAX vs. SPY

Last updated Jun 24, 2026

VMAX (Hartford US Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VMAX is a Large Cap Value Equities fund actively managed by Hartford, while SPY is a S&P 500 fund tracking the S&P 500 Index. VMAX is actively managed, while SPY is passively managed. Over the past year, VMAX returned 29.63% vs 23.59% for SPY. A 0.75 correlation means they provide meaningful diversification when combined. VMAX charges 0.29%/yr vs 0.09%/yr for SPY.

Performance

VMAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford US Value ETF (VMAX) 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, VMAX achieves a 15.44% return, which is significantly higher than SPY's 8.15% return.

VMAX

• 1D: -0.08%
• 1M: 3.05%
• YTD: 15.44%
• 6M: 14.38%
• 1Y: 29.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

VMAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VMAX Hartford US Value ETF	15.44%	15.65%	15.89%	5.71%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	4.52%

Correlation

The correlation between VMAX and SPY is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	0.75

The correlation between VMAX and SPY has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

VMAX vs. SPY - Sectors Allocation Comparison

Sectors	VMAX	SPY
Financial Services	32.4%	11.1%
Technology	13.3%	39.0%
Healthcare	11.1%	8.3%
Energy	11.0%	3.1%
Communication Services	6.6%	10.6%
Industrials	5.5%	7.8%
Utilities	5.3%	2.1%
Real Estate	4.4%	1.8%
Consumer Cyclical	3.7%	9.9%
Consumer Defensive	3.7%	4.5%
Basic Materials	2.8%	1.7%

Return for Risk

VMAX vs. SPY — Risk / Return Rank

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

VMAX

VMAX Risk / Return Rank: 85
VMAX Sharpe Ratio Rank: 81
VMAX Sortino Ratio Rank: 80
VMAX Omega Ratio Rank: 77
VMAX Calmar Ratio Rank: 93
VMAX Martin Ratio Rank: 92

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

VMAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford US Value ETF (VMAX) 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.

	VMAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.90	+0.52
Sortino ratio: Return per unit of downside risk	3.30	2.58	+0.71
Omega ratio: Gain probability vs. loss probability	1.42	1.34	+0.08
Calmar ratio: Return relative to maximum drawdown	6.04	2.67	+3.37
Martin ratio: Return relative to average drawdown	21.18	11.92	+9.26

VMAX vs. SPY - Sharpe Ratio Comparison

The current VMAX Sharpe Ratio is 2.42, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of VMAX 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

VMAX vs. SPY - Drawdown Comparison

The maximum VMAX drawdown since its inception was -19.05%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VMAX and SPY.

Drawdown Indicators

	VMAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-19.05%	-55.19%	+36.14%
Max Drawdown (1Y) Largest decline over 1 year	-4.93%	-8.88%	+3.95%
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	-0.39%	-3.17%	+2.78%
Average Drawdown Average peak-to-trough decline	-2.52%	-9.04%	+6.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	1.98%	-0.58%

Volatility

VMAX vs. SPY - Volatility Comparison

The current volatility for Hartford US Value ETF (VMAX) is 3.17%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that VMAX 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

	VMAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	4.87%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	8.83%	9.85%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.31%	12.50%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.41%	17.15%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.41%	17.95%	-2.54%

VMAX vs. SPY - Expense Ratio Comparison

VMAX has a 0.29% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VMAX vs. SPY - Dividend Comparison

VMAX's dividend yield for the trailing twelve months is around 1.85%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VMAX Hartford US Value ETF	1.85%	2.14%	1.95%	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 VMAX and SPY in my portfolio?

VMAX and SPY have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMAX or SPY?

SPY has higher volatility (4.87%) compared to VMAX (3.17%). In terms of maximum drawdown, VMAX dropped -19.05% vs SPY's -55.19%.

Which ETF is better, VMAX or SPY?

On 1-year performance, VMAX leads with 29.63% vs 23.59% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, VMAX has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VMAX or SPY?

Over the 1-year period, VMAX has performed better with a 29.63% return vs 23.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VMAX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.29% for VMAX.

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

VMAX has the higher dividend yield at 1.85%, compared with 1.03% for SPY.

What is the main difference between VMAX and SPY?

VMAX is categorized as Large Cap Value Equities, while SPY is S&P 500. They also come from different issuers: Hartford and State Street. Their fees differ too: 0.29% for VMAX and 0.09% for SPY.

Which has better risk-adjusted returns?

VMAX currently has the higher Sharpe Ratio (2.42 vs 1.90), 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.