VOC vs. SPY

Last updated Jul 14, 2026

VOC (VOC Energy Trust) 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, VOC returned 12.55%/yr vs 15.08%/yr for SPY. At a 0.21 correlation, their price movements are largely independent.

Performance

VOC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VOC Energy Trust (VOC) 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, VOC achieves a 25.13% return, which is significantly higher than SPY's 10.45% return. Over the past 10 years, VOC has underperformed SPY with an annualized return of 12.55%, while SPY has yielded a comparatively higher 15.08% annualized return.

VOC

• 1D: 4.93%
• 1M: 10.00%
• 6M: 17.31%
• YTD: 25.13%
• 1Y: 23.01%
• 3Y*: -18.39%
• 5Y*: 4.40%
• 10Y*: 12.55%

SPY

• 1D: -0.77%
• 1M: 1.26%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.46%
• 3Y*: 20.07%
• 5Y*: 12.94%
• 10Y*: 15.08%

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

VOC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOC VOC Energy Trust	25.13%	-35.74%	-24.87%	-23.37%	161.55%	138.08%	-47.61%	45.58%	-30.78%	108.09%
SPY State Street SPDR S&P 500 ETF	10.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VOC and SPY is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since May 6, 2011	0.21

The correlation between VOC and SPY shifts across timeframes, from -0.08 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VOC vs. SPY — Risk / Return Rank

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

VOC

VOC Risk / Return Rank: 63
VOC Sharpe Ratio Rank: 65
VOC Sortino Ratio Rank: 60
VOC Omega Ratio Rank: 59
VOC Calmar Ratio Rank: 65
VOC Martin Ratio Rank: 64

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 72

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.

VOC vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VOC Energy Trust (VOC) 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.

	VOC	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.57	1.71	-1.15
Sortino ratio: Return per unit of downside risk	1.04	2.37	-1.32
Omega ratio: Gain probability vs. loss probability	1.13	1.31	-0.18
Calmar ratio: Return relative to maximum drawdown	0.92	2.43	-1.51
Martin ratio: Return relative to average drawdown	1.89	10.57	-8.68

VOC vs. SPY - Sharpe Ratio Comparison

The current VOC Sharpe Ratio is 0.57, which is lower than the SPY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of VOC 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

VOC vs. SPY - Drawdown Comparison

The maximum VOC drawdown since its inception was -87.00%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VOC and SPY.

Drawdown Indicators

	VOC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-87.00%	-55.19%	-31.81%
Max Drawdown (1Y) Largest decline over 1 year	-25.24%	-8.88%	-16.36%
Max Drawdown (3Y) Largest decline over 3 years	-71.12%	-18.76%	-52.36%
Max Drawdown (5Y) Largest decline over 5 years	-75.56%	-24.50%	-51.06%
Max Drawdown (10Y) Largest decline over 10 years	-78.42%	-33.72%	-44.70%
Current Drawdown Current decline from peak	-63.33%	-1.12%	-62.21%
Average Drawdown Average peak-to-trough decline	-48.13%	-9.02%	-39.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.17%	2.03%	+10.14%

Volatility

VOC vs. SPY - Volatility Comparison

VOC Energy Trust (VOC) has a higher volatility of 10.78% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that VOC'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

	VOC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	4.26%	+6.52%
Volatility (6M) Calculated over the trailing 6-month period	32.13%	10.01%	+22.12%
Volatility (1Y) Calculated over the trailing 1-year period	40.93%	12.60%	+28.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.66%	17.17%	+31.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.27%	17.93%	+36.34%

Dividends

VOC vs. SPY - Dividend Comparison

VOC's dividend yield for the trailing twelve months is around 12.70%, more 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%
VOC VOC Energy Trust	12.70%	16.11%	15.27%	12.43%	12.30%	10.87%	10.14%	15.01%	19.67%	8.36%	8.96%	19.11%

Frequently Asked Questions

Can I hold both VOC and SPY in my portfolio?

VOC and SPY have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOC or SPY?

VOC has higher volatility (10.78%) compared to SPY (4.26%). In terms of maximum drawdown, VOC dropped -87.00% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.71 vs 0.57), 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.