SPY: SPDR S&P 500 ETF Trust returns, drawdowns and risk
Funds that track the S&P 500, the 500 largest US companies weighted by market value. They hold the same stocks, so differences come from fees, tracking, currency and how dividends are paid.
Data updated October 2026
SPY · US exchange · USDCategory: S&P 500 ETFsData from October 2006
From October 2006 to October 2026 SPY returned 11.0% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $80,739.
Its deepest fall was 55.2%, from October 2007 to March 2009, and it took about 58 months to get back to the previous high. Annual volatility was 19.4%; at the last close it was 1.6% below its high.
Against VOO (Vanguard S&P 500 ETF), over the 76 months both have data, the correlation of monthly returns was 1.00: they moved almost in lockstep. Beta was 1.00. In months when VOO rose, SPY moved 100% as much on average; in months when VOO fell, 100% as much.
Key figures
- Annual return (CAGR)
- +11.0%
- 1-year return
- +16.6%
- 5 years, a year
- +12.7%
- 10 years, a year
- +15.4%
- Annual volatility
- 19.4%
- Maximum drawdown
- −55.2%
- Sharpe ratio
- 0.55
- Worst year
- 2008: −36.8%
Trailing returns
| Period | SPY | VOO |
|---|---|---|
| 1 year | +16.6% | +16.7% |
| 3 years, a year | +23.1% | +23.2% |
| 5 years, a year | +12.7% | +12.8% |
| 10 years, a year | +15.4% | — |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: SPY vs VOO
Month-end values from July 2020, the first month both funds have data.
SPY drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | SPY | VOO |
|---|---|---|
| 2026(partial) | +13.3% | +13.3% |
| 2025 | +17.7% | +17.8% |
| 2024 | +24.9% | +25.0% |
| 2023 | +26.2% | +26.3% |
| 2022 | −18.2% | −18.2% |
| 2021 | +28.7% | +28.8% |
| 2020 | +18.3% | +23.0% |
| 2019 | +31.2% | — |
| 2018 | −4.6% | — |
| 2017 | +21.7% | — |
| 2016 | +12.0% | — |
| 2015 | +1.2% | — |
| 2014 | +13.5% | — |
| 2013 | +32.3% | — |
| 2012 | +16.0% | — |
| 2011 | +1.9% | — |
| 2010 | +15.1% | — |
| 2009 | +26.4% | — |
| 2008 | −36.8% | — |
| 2007 | +5.1% | — |
| 2006(partial) | +4.1% | — |
SPY compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of SPY?
From October 2006 to October 2026 SPY returned 11.0% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +12.7% a year. Over the last 12 months: +16.6%.
What was the worst drawdown of SPY?
55.2%, from October 2007 to March 2009; it took about 58 months from the previous high to get back to it.
How volatile is SPY?
Annual volatility was 19.4% over the period. Its worst month was −16.5% and 67% of months were positive. Worst calendar year: 2008 (−36.8%).
How closely does SPY follow VOO?
Over 76 months the correlation of monthly returns was 1.00, so they moved almost in lockstep, with a beta of 1.00.
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Other S&P 500 ETFs
- All S&P 500 ETFsReturns and risk side by side
- VOO — Vanguard S&P 500 ETFCAGR +17.1%
- IVV — iShares Core S&P 500 ETFCAGR +11.1%
- CSSPX — iShares Core S&P 500 UCITS ETF (Acc)CAGR +15.2%
- VUAA — Vanguard S&P 500 UCITS ETF (Acc)CAGR +14.1%
- SPLG — SPDR Portfolio S&P 500 ETFCAGR +17.2%
- VUSA — Vanguard S&P 500 UCITS ETF (Dist)CAGR +14.9%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.