WKEY vs. SPY

Last updated Jun 24, 2026

WKEY (WISeKey International Holding AG) 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 5 years, WKEY returned -27.71%/yr vs 13.05%/yr for SPY. At a 0.27 correlation, their price movements are largely independent.

Performance

WKEY vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WISeKey International Holding AG (WKEY) 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, WKEY achieves a -4.33% return, which is significantly lower than SPY's 8.15% return.

WKEY

• 1D: -2.59%
• 1M: -29.02%
• YTD: -4.33%
• 6M: -15.43%
• 1Y: 26.86%
• 3Y*: 16.70%
• 5Y*: -27.71%
• 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)

WKEY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
WKEY WISeKey International Holding AG	-4.33%	-13.31%	417.40%	-60.67%	-77.35%	-44.57%	-39.61%	52.67%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	26.68%

Correlation

The correlation between WKEY and SPY is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019	0.27

Over the past year, WKEY and SPY have become more correlated (0.52) than their long-term average of 0.27, meaning their price movements have been converging.

Return for Risk

WKEY vs. SPY — Risk / Return Rank

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

WKEY

WKEY Risk / Return Rank: 54
WKEY Sharpe Ratio Rank: 52
WKEY Sortino Ratio Rank: 60
WKEY Omega Ratio Rank: 56
WKEY Calmar Ratio Rank: 52
WKEY Martin Ratio Rank: 50

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.

WKEY vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WISeKey International Holding AG (WKEY) 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.

	WKEY	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.26	1.90	-1.64
Sortino ratio: Return per unit of downside risk	1.20	2.58	-1.39
Omega ratio: Gain probability vs. loss probability	1.13	1.34	-0.21
Calmar ratio: Return relative to maximum drawdown	0.39	2.67	-2.28
Martin ratio: Return relative to average drawdown	0.60	11.92	-11.32

WKEY vs. SPY - Sharpe Ratio Comparison

The current WKEY Sharpe Ratio is 0.26, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of WKEY 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

WKEY vs. SPY - Drawdown Comparison

The maximum WKEY drawdown since its inception was -98.63%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for WKEY and SPY.

Drawdown Indicators

	WKEY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-98.63%	-55.19%	-43.44%
Max Drawdown (1Y) Largest decline over 1 year	-69.33%	-8.88%	-60.45%
Max Drawdown (3Y) Largest decline over 3 years	-75.23%	-18.76%	-56.47%
Max Drawdown (5Y) Largest decline over 5 years	-96.78%	-24.50%	-72.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-92.68%	-3.17%	-89.51%
Average Drawdown Average peak-to-trough decline	-72.54%	-9.04%	-63.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.86%	1.98%	+42.88%

Volatility

WKEY vs. SPY - Volatility Comparison

WISeKey International Holding AG (WKEY) has a higher volatility of 27.20% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that WKEY'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

	WKEY	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.20%	4.87%	+22.33%
Volatility (6M) Calculated over the trailing 6-month period	60.80%	9.85%	+50.95%
Volatility (1Y) Calculated over the trailing 1-year period	103.04%	12.50%	+90.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	121.81%	17.15%	+104.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	133.06%	17.95%	+115.11%

Dividends

WKEY vs. SPY - Dividend Comparison

WKEY has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.

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%
WKEY WISeKey International Holding AG	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 WKEY and SPY in my portfolio?

WKEY and SPY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WKEY or SPY?

WKEY has higher volatility (27.20%) compared to SPY (4.87%). In terms of maximum drawdown, WKEY dropped -98.63% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 0.26), 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.