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VOTE vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOTE vs. SPY

Last updated Jun 23, 2026

VOTE (Engine No. 1 Transform 500 ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VOTE is a Large Cap Blend Equities fund tracking the Morningstar US Large Cap Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, VOTE returned 13.26%/yr vs 13.51%/yr for SPY. With a 0.99 correlation, they move nearly in lockstep. VOTE charges 0.05%/yr vs 0.09%/yr for SPY.

Performance

VOTE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Engine No. 1 Transform 500 ETF (VOTE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with VOTE having a 9.91% return and SPY slightly lower at 9.74%.

VOTE

1D
-0.46%
1M
0.31%
YTD
9.91%
6M
9.47%
1Y
26.76%
3Y*
21.75%
5Y*
13.26%
10Y*
—

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VOTE vs. SPY - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VOTE
Engine No. 1 Transform 500 ETF		9.91%17.95%25.23%27.60%-19.74%11.77%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%13.01%

Correlation

The correlation between VOTE and SPY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2021

0.99

The correlation between VOTE and SPY has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

VOTE vs. SPY - Sectors Allocation Comparison

Sectors
VOTE
SPY

Technology

39.0%
39.0%

Financial Services

10.9%
11.1%

Communication Services

10.7%
10.6%

Consumer Cyclical

9.9%
9.9%

Healthcare

8.3%
8.3%

Industrials

8.1%
7.8%

Consumer Defensive

4.4%
4.5%

Energy

3.2%
3.1%

Utilities

2.0%
2.1%

Basic Materials

1.7%
1.7%

Real Estate

1.7%
1.8%

Technology

VOTE
39.0%
SPY
39.0%

Financial Services

VOTE
10.9%
SPY
11.1%

Communication Services

VOTE
10.7%
SPY
10.6%

Consumer Cyclical

VOTE
9.9%
SPY
9.9%

Healthcare

VOTE
8.3%
SPY
8.3%

Industrials

VOTE
8.1%
SPY
7.8%

Consumer Defensive

VOTE
4.4%
SPY
4.5%

Energy

VOTE
3.2%
SPY
3.1%

Utilities

VOTE
2.0%
SPY
2.1%

Basic Materials

VOTE
1.7%
SPY
1.7%

Real Estate

VOTE
1.7%
SPY
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Engine No. 1 Transform 500 ETF

State Street SPDR S&P 500 ETF

Often compared with VOTE:
VOTE vs. VOOVOTE vs. VBVOTE vs. XLGVOTE vs. ESGVVOTE vs. VEAVOTE vs. SPYXVOTE vs. VNQI
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

VOTE vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOTE
VOTE Risk / Return Rank: 6666
Overall Rank
VOTE Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
VOTE Sortino Ratio Rank: 6464
Sortino Ratio Rank
VOTE Omega Ratio Rank: 6666
Omega Ratio Rank
VOTE Calmar Ratio Rank: 6161
Calmar Ratio Rank
VOTE Martin Ratio Rank: 7272
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
Martin Ratio Rank
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.

VOTE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Engine No. 1 Transform 500 ETF (VOTE) 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.

VOTESPYDifference
Sharpe ratioReturn per unit of total volatility
2.12
2.16

-0.04

Sortino ratioReturn per unit of downside risk
2.87
2.91

-0.04

Omega ratioGain probability vs. loss probability

1.38

1.39

-0.01

Calmar ratioReturn relative to maximum drawdown

2.95

3.01

-0.06

Martin ratioReturn relative to average drawdown

13.11

13.54

-0.43

VOTE vs. SPY - Sharpe Ratio Comparison

The current VOTE Sharpe Ratio is 2.12, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of VOTE 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.

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Drawdowns

VOTE vs. SPY - Drawdown Comparison

The maximum VOTE drawdown since its inception was -25.71%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VOTE and SPY.

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Drawdown Indicators

VOTESPYDifference

Max Drawdown

Largest peak-to-trough decline

-25.71%

-55.19%

+29.48%

Max Drawdown (1Y)

Largest decline over 1 year

-9.10%

-8.88%

-0.22%

Max Drawdown (3Y)

Largest decline over 3 years

-19.08%

-18.76%

-0.32%

Max Drawdown (5Y)

Largest decline over 5 years

-25.71%

-24.50%

-1.21%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

-1.70%

-1.75%

+0.05%

Average Drawdown

Average peak-to-trough decline

-6.10%

-9.04%

+2.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

1.97%

+0.08%

Volatility

VOTE vs. SPY - Volatility Comparison

Engine No. 1 Transform 500 ETF (VOTE) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.71% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VOTESPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.71%

4.64%

+0.07%

Volatility (6M)

Calculated over the trailing 6-month period

10.03%

9.75%

+0.28%

Volatility (1Y)

Calculated over the trailing 1-year period

12.71%

12.43%

+0.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.17%

17.14%

+0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.17%

17.99%

-0.82%

VOTE vs. SPY - Expense Ratio Comparison

VOTE has a 0.05% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VOTE vs. SPY - Dividend Comparison

VOTE's dividend yield for the trailing twelve months is around 0.91%, less than SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VOTE
Engine No. 1 Transform 500 ETF		0.91%1.03%1.18%1.33%1.54%0.54%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.99, VOTE and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

VOTE has higher volatility (4.71%) compared to SPY (4.64%). In terms of maximum drawdown, VOTE dropped -25.71% vs SPY's -55.19%.

On 5-year performance, SPY leads with 13.51% vs 13.26% for VOTE. On fees, VOTE is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SPY has performed better with a 13.51% return vs 13.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOTE is cheaper with a 0.05% expense ratio, compared with 0.09% for SPY.

SPY has the higher dividend yield at 1.01%, compared with 0.91% for VOTE.

VOTE is categorized as Large Cap Blend Equities, while SPY is S&P 500. VOTE tracks Morningstar US Large Cap Index, while SPY tracks S&P 500 Index. They also come from different issuers: Engine No. 1 LLC and State Street. Their fees differ too: 0.05% for VOTE and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.16 vs 2.12), 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.

Portfolio Optimizer

Find the right allocation for VOTE and SPY

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