SPDR S&P 500 ETF (SPY) Performance
SPY total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +12.3% since Dec 31, 2025
- 1 year
- +14.4% total return
- 5 years
- +12.4% a year
- 10 years
- +15.3% a year
- Since first price
- +10.8% a year since 1993
SPY trailing returns vs QQQ, AGG, IWM
| Period | SPY total return | Price only | Nasdaq-100 (QQQ) | U.S. bonds (AGG) | Russell 2000 (IWM) |
|---|---|---|---|---|---|
| 1 month | −1.0% | −1.0% | −5.0% | +0.9% | −2.2% |
| 3 months | +3.2% | +3.0% | +1.9% | −0.4% | −5.3% |
| 6 months | +7.8% | +7.3% | +8.4% | −1.5% | +0.6% |
| YTD | +12.3% | +11.4% | +15.1% | −1.0% | +12.8% |
| 1 year | +14.4% | +13.1% | +15.9% | −1.1% | +13.0% |
| 3 years | +87.4%+23.3%/yr | +80.7% | +101.4%+26.3%/yr | +16.6%+5.2%/yr | +72.7%+20.0%/yr |
| 5 years | +79.3%+12.4%/yr | +67.7% | +94.0%+14.2%/yr | −0.8%−0.2%/yr | +29.0%+5.2%/yr |
| 10 years | +315.9%+15.3%/yr | +255.2% | +538.9%+20.4%/yr | +14.0%+1.3%/yr | +158.1%+9.9%/yr |
| 15 years | +696.0%+14.8%/yr | +513.0% | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr | +374.8%+10.9%/yr |
| 20 years | +696.9%+10.9%/yr | +452.8% | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr | +375.2%+8.1%/yr |
| 30 years | +1,693.8%+10.1%/yr | +972.5% | — | — | — |
| Since inceptionJan 29, 1993 | +3,059.0%+10.8%/yr | +1,629.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SPY vs AGG
From Sep 26, 2003: SPY grew to $115,672, AGG to $19,588.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SPY returns by calendar year
26 of 32 full years positive. Best 1995 (+38.0%), worst 2008 (−36.8%). 2026 is year to date.
SPY annual returns table
| Year | SPY | Largest drop | QQQ | AGG | IWM |
|---|---|---|---|---|---|
| 2026YTD | +12.3% | −8.9% | +15.1% | −1.0% | +12.8% |
| 2025 | +17.7% | −18.8% | +20.8% | +7.2% | +12.7% |
| 2024 | +24.9% | −8.4% | +25.6% | +1.3% | +11.4% |
| 2023 | +26.2% | −10.0% | +54.9% | +5.7% | +16.8% |
| 2022 | −18.2% | −24.5% | −32.6% | −13.0% | −20.5% |
| 2021 | +28.7% | −5.1% | +27.4% | −1.8% | +14.5% |
| 2020 | +18.3% | −33.7% | +48.6% | +7.5% | +20.0% |
| 2019 | +31.2% | −6.6% | +39.0% | +8.5% | +25.4% |
| 2018 | −4.6% | −19.3% | −0.1% | +0.1% | −11.1% |
| 2017 | +21.7% | −2.6% | +32.7% | +3.6% | +14.6% |
| 2016 | +12.0% | −9.2% | +7.1% | +2.4% | +21.6% |
| 2015 | +1.2% | −11.9% | +9.4% | +0.5% | −4.5% |
| 2014 | +13.5% | −7.3% | +19.2% | +6.0% | +5.0% |
| 2013 | +32.3% | −5.6% | +36.6% | −2.0% | +38.7% |
| 2012 | +16.0% | −9.7% | +18.1% | +3.8% | +16.7% |
| 2011 | +1.9% | −18.6% | +3.4% | +7.7% | −4.4% |
| 2010 | +15.1% | −15.7% | +19.9% | +6.4% | +26.9% |
| 2009 | +26.4% | −27.1% | +54.7% | +3.0% | +28.5% |
| 2008 | −36.8% | −47.1% | −41.7% | +7.9% | −34.2% |
| 2007 | +5.1% | −9.9% | +19.0% | +6.6% | −1.8% |
| 2006 | +15.8% | −7.6% | +7.1% | +3.9% | +18.3% |
| 2005 | +4.8% | −7.0% | +1.6% | +2.3% | +4.5% |
| 2004 | +10.7% | −7.5% | +10.5% | +3.8% | +18.1% |
| 2003 | +28.2% | −13.7% | +49.7% | — | +47.9% |
| 2002 | −21.6% | −33.0% | −37.4% | — | −20.4% |
| 2001 | −11.8% | −28.8% | −33.3% | — | +1.8% |
| 2000 | −9.7% | −17.1% | −36.1% | — | — |
| 1999 | +20.4% | −11.7% | — | — | — |
| 1998 | +28.7% | −19.0% | — | — | — |
| 1997 | +33.5% | −11.2% | — | — | — |
| 1996 | +22.6% | −7.6% | — | — | — |
| 1995 | +38.0% | −2.6% | — | — | — |
| 1994 | +0.4% | −8.5% | — | — | — |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SPY largest drawdowns
Now 2.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 9, 2007 | −55.2% | Mar 9, 2009 | Aug 16, 2012 | 1.4 years | 4.9 years |
| Mar 24, 2000 | −47.5% | Oct 9, 2002 | Oct 26, 2006 | 2.5 years | 6.6 years |
| Feb 19, 2020 | −33.7% | Mar 23, 2020 | Aug 10, 2020 | 33 days | 6 months |
| Jan 3, 2022 | −24.5% | Oct 12, 2022 | Dec 13, 2023 | 9 months | 1.9 years |
| Sep 20, 2018 | −19.3% | Dec 24, 2018 | Apr 12, 2019 | 3 months | 7 months |
| Jul 20, 1998 | −19.0% | Aug 31, 1998 | Nov 23, 1998 | 42 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SPY risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 1993 |
|---|---|---|---|---|
| Annualized return | +22.8% | +13.7% | +15.2% | +10.8% |
| Volatility (annualized) | 12.4% | 15.7% | 15.3% | 14.7% |
| Sharpe ratio | 1.38 | 0.68 | 0.86 | — |
| Sortino ratio | 2.87 | 1.08 | 1.35 | — |
| Best month | +10.5% | +10.5% | +12.7% | +12.7% |
| Worst month | −5.6% | −9.2% | −12.5% | −16.5% |
| Best 12 months | +37.8% | +37.8% | +56.2% | +56.2% |
| Worst 12 months | +8.3% | −18.2% | −18.2% | −43.4% |
| Positive months | 69% | 63% | 70% | 66% |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SPY rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 394 | −43.4% | +14.4% | +56.2% | 82% |
| 3-year (a year) | 370 | −16.3% | +12.1% | +32.4% | 84% |
| 5-year (a year) | 346 | −6.7% | +11.5% | +28.5% | 86% |
| 10-year (a year) | 286 | −3.4% | +8.8% | +16.5% | 92% |
Every holding period starting at a month-end since 1993. Returns for 3 years and longer are annualized.
SPY performance overview
SPDR S&P 500 ETF (SPY) returned +14.4% over the past year and +15.3% a year over ten years, with distributions reinvested. Since its first recorded price in 1993 it has returned +10.8% a year, turning $10,000 into about $315,901. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −55.2%, from Oct 9, 2007 to Mar 9, 2009, and it took 3.4 years to get back to the old high. SPY finished 26 of its 32 full calendar years with a gain; the best year was 1995 (+38.0%) and the worst 2008 (−36.8%). Volatility has been 14.7% a year.
Related: SPY chart, SPY holdings, SPY dividends, SPY valuation. See the SPY overview for the latest quote and fund facts.
SPY performance FAQ
What is the SPY return over the past year?
SPY returned +14.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.1%.
What is the average annual return of SPY?
SPY has returned +12.4% a year over 5 years, +15.3% a year over 10 years, +10.8% a year since January 29, 1993 (total return, distributions reinvested).
How much would $10,000 invested in SPY be worth?
$10,000 invested in SPY at its first recorded close on January 29, 1993 would be worth about $315,901 on October 23, 2026 with distributions reinvested.
What was the worst year for SPY?
The worst calendar year was 2008, with a total return of −36.8%. The best was 1995 at +38.0%.
What is the biggest drawdown of SPY?
The largest peak-to-trough decline was −55.2% between October 9, 2007 and March 9, 2009. It recovered to the old high on August 16, 2012, 3.4 years after the bottom.
How volatile is SPY?
Over the past 3 years SPY had an annualized volatility of 12.4% and a Sharpe ratio of 1.38 (excess return over 1–3 month T-bills per unit of risk).