WTBA vs. SPY

Last updated Jun 24, 2026

WTBA (West Bancorporation, Inc.) 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, WTBA returned 8.03%/yr vs 15.53%/yr for SPY. At a 0.42 correlation, their price movements are largely independent.

Performance

WTBA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in West Bancorporation, Inc. (WTBA) 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, WTBA achieves a 17.85% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, WTBA has underperformed SPY with an annualized return of 8.03%, while SPY has yielded a comparatively higher 15.53% annualized return.

WTBA

• 1D: 2.07%
• 1M: 8.37%
• YTD: 17.85%
• 6M: 14.80%
• 1Y: 38.96%
• 3Y*: 16.74%
• 5Y*: 3.55%
• 10Y*: 8.03%

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)

WTBA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WTBA West Bancorporation, Inc.	17.85%	7.67%	7.73%	-12.38%	-14.43%	66.46%	-21.18%	39.47%	-21.54%	4.94%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between WTBA and SPY is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since May 3, 1999	0.42

The correlation between WTBA and SPY shifts across timeframes, from 0.28 (1 year) to 0.42 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

WTBA vs. SPY — Risk / Return Rank

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

WTBA

WTBA Risk / Return Rank: 78
WTBA Sharpe Ratio Rank: 80
WTBA Sortino Ratio Rank: 77
WTBA Omega Ratio Rank: 74
WTBA Calmar Ratio Rank: 81
WTBA Martin Ratio Rank: 80

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.

WTBA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for West Bancorporation, Inc. (WTBA) 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.

	WTBA	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.90	-0.53
Sortino ratio: Return per unit of downside risk	2.01	2.58	-0.58
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.10
Calmar ratio: Return relative to maximum drawdown	2.64	2.67	-0.03
Martin ratio: Return relative to average drawdown	6.10	11.92	-5.82

WTBA vs. SPY - Sharpe Ratio Comparison

The current WTBA Sharpe Ratio is 1.37, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of WTBA 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

WTBA vs. SPY - Drawdown Comparison

The maximum WTBA drawdown since its inception was -75.16%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for WTBA and SPY.

Drawdown Indicators

	WTBA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-75.16%	-55.19%	-19.97%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-8.88%	-5.96%
Max Drawdown (3Y) Largest decline over 3 years	-26.90%	-18.76%	-8.14%
Max Drawdown (5Y) Largest decline over 5 years	-51.40%	-24.50%	-26.90%
Max Drawdown (10Y) Largest decline over 10 years	-51.40%	-33.72%	-17.68%
Current Drawdown Current decline from peak	-5.65%	-3.17%	-2.48%
Average Drawdown Average peak-to-trough decline	-21.85%	-9.04%	-12.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.40%	1.98%	+4.42%

Volatility

WTBA vs. SPY - Volatility Comparison

West Bancorporation, Inc. (WTBA) has a higher volatility of 6.74% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that WTBA'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

	WTBA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	4.87%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	20.33%	9.85%	+10.48%
Volatility (1Y) Calculated over the trailing 1-year period	28.85%	12.50%	+16.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.58%	17.15%	+14.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.90%	17.95%	+14.95%

Dividends

WTBA vs. SPY - Dividend Comparison

WTBA's dividend yield for the trailing twelve months is around 3.90%, 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%
WTBA West Bancorporation, Inc.	3.90%	4.51%	4.62%	4.72%	3.91%	3.03%	4.35%	3.24%	4.09%	2.82%	2.71%	3.14%

Frequently Asked Questions

Can I hold both WTBA and SPY in my portfolio?

WTBA and SPY have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WTBA or SPY?

WTBA has higher volatility (6.74%) compared to SPY (4.87%). In terms of maximum drawdown, WTBA dropped -75.16% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.37), 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.