XTR vs. SPY
XTR (Global X S&P 500 Tail Risk ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XTR is a Equity Hedged fund tracking the Cboe S&P 500 Tail Risk Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, XTR returned 17.45%/yr vs 21.27%/yr for SPY. With a 0.98 correlation, they move nearly in lockstep. XTR charges 0.25%/yr vs 0.09%/yr for SPY.
Performance
XTR vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XTR achieves a 7.44% return, which is significantly lower than SPY's 9.74% return.
XTR
- 1D
- -0.42%
- 1M
- 0.04%
- YTD
- 7.44%
- 6M
- 7.03%
- 1Y
- 21.44%
- 3Y*
- 17.45%
- 5Y*
- —
- 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%
XTR vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XTR Global X S&P 500 Tail Risk ETF | 7.44% | 13.66% | 21.85% | 21.16% | -17.67% | 4.25% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 6.51% |
Correlation
The correlation between XTR and SPY is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021 | 0.98 |
The correlation between XTR and SPY has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XTR vs. SPY — Risk / Return Rank
XTR
SPY
XTR vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) 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.
| XTR | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.39 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 3.01 | -0.48 |
| Martin ratioReturn relative to average drawdown | 10.48 | 13.54 | -3.05 |
Loading charts...
Drawdowns
XTR vs. SPY - Drawdown Comparison
The maximum XTR drawdown since its inception was -20.83%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XTR and SPY.
Loading charts...
Drawdown Indicators
| XTR | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.83% | -55.19% | +34.36% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -8.88% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -14.35% | -18.76% | +4.41% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -1.76% | -1.75% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -5.91% | -9.04% | +3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 1.97% | +0.08% |
Volatility
XTR vs. SPY - Volatility Comparison
Global X S&P 500 Tail Risk ETF (XTR) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.54% 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.
Loading charts...
Volatility by Period
| XTR | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.54% | 4.64% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 9.00% | 9.75% | -0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.36% | 12.43% | -1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.85% | 17.14% | -3.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.85% | 17.99% | -4.14% |
XTR vs. SPY - Expense Ratio Comparison
XTR has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XTR vs. SPY - Dividend Comparison
XTR's dividend yield for the trailing twelve months is around 16.59%, more than SPY's 1.01% yield.
| 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% |
XTR Global X S&P 500 Tail Risk ETF | 16.59% | 17.82% | 20.89% | 1.09% | 1.08% | 2.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, XTR 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.
SPY has higher volatility (4.64%) compared to XTR (4.54%). In terms of maximum drawdown, XTR dropped -20.83% vs SPY's -55.19%.
On 3-year performance, SPY leads with 21.27% vs 17.45% for XTR. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPY has performed better with a 21.27% return vs 17.45%. 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 0.25% for XTR.
XTR has the higher dividend yield at 16.59%, compared with 1.01% for SPY.
XTR is categorized as Equity Hedged, while SPY is S&P 500. XTR tracks Cboe S&P 500 Tail Risk Index, while SPY tracks S&P 500 Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.25% for XTR and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 1.90), 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.
Find the right allocation for XTR and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer