WEAT vs. SPY
WEAT (Teucrium Wheat Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - WEAT is a Agricultural Commodities fund tracking the Teucrium Wheat Fund Benchmark, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, WEAT returned -6.15%/yr vs 15.70%/yr for SPY. At a 0.04 correlation, their price movements are largely independent. WEAT charges 1.91%/yr vs 0.09%/yr for SPY.
Performance
WEAT vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, WEAT achieves a 13.92% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, WEAT has underperformed SPY with an annualized return of -6.15%, while SPY has yielded a comparatively higher 15.70% annualized return.
WEAT
- 1D
- -0.83%
- 1M
- -7.33%
- YTD
- 13.92%
- 6M
- 12.62%
- 1Y
- -5.21%
- 3Y*
- -14.30%
- 5Y*
- -7.11%
- 10Y*
- -6.15%
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%
WEAT vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WEAT Teucrium Wheat Fund | 13.92% | -17.14% | -19.26% | -25.19% | 7.98% | 19.39% | 5.81% | -1.35% | -1.17% | -12.79% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between WEAT and SPY is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2011 | 0.04 |
The correlation between WEAT and SPY shifts across timeframes, from -0.14 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
WEAT vs. SPY — Risk / Return Rank
WEAT
SPY
WEAT vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Teucrium Wheat Fund (WEAT) 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.
| WEAT | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.40 | ||
| Sortino ratioReturn per unit of downside risk | -3.12 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.39 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.34 | 3.01 | -3.35 |
| Martin ratioReturn relative to average drawdown | -0.54 | 13.54 | -14.08 |
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Drawdowns
WEAT vs. SPY - Drawdown Comparison
The maximum WEAT drawdown since its inception was -84.32%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for WEAT and SPY.
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Drawdown Indicators
| WEAT | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.32% | -55.19% | -29.13% |
Max Drawdown (1Y)Largest decline over 1 year | -15.58% | -8.88% | -6.70% |
Max Drawdown (3Y)Largest decline over 3 years | -46.27% | -18.76% | -27.51% |
Max Drawdown (5Y)Largest decline over 5 years | -67.83% | -24.50% | -43.33% |
Max Drawdown (10Y)Largest decline over 10 years | -67.83% | -33.72% | -34.11% |
Current DrawdownCurrent decline from peak | -82.05% | -1.75% | -80.30% |
Average DrawdownAverage peak-to-trough decline | -63.17% | -9.04% | -54.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.96% | 1.97% | +8.99% |
Volatility
WEAT vs. SPY - Volatility Comparison
Teucrium Wheat Fund (WEAT) has a higher volatility of 4.91% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that WEAT'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.
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Volatility by Period
| WEAT | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 4.64% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 18.10% | 9.75% | +8.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.00% | 12.43% | +9.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.44% | 17.14% | +13.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.78% | 17.99% | +8.79% |
WEAT vs. SPY - Expense Ratio Comparison
WEAT has a 1.91% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
WEAT vs. SPY - Dividend Comparison
WEAT has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.
| 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% |
WEAT Teucrium Wheat Fund | 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
WEAT and SPY have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WEAT has higher volatility (4.91%) compared to SPY (4.64%). In terms of maximum drawdown, WEAT dropped -84.32% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs -6.15% for WEAT. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs -6.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.91% for WEAT.
SPY has the higher dividend yield at 1.01%, compared with 0.00% for WEAT.
WEAT is categorized as Agricultural Commodities, while SPY is S&P 500. WEAT tracks Teucrium Wheat Fund Benchmark, while SPY tracks S&P 500 Index. They also come from different issuers: Teucrium and State Street. Their fees differ too: 1.91% for WEAT and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs -0.24), 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.
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