Tearsheet

State Street SPDR S&P 500 ETF Trust (SPY)

Market Price (6/25/2026): $737.129

State Street SPDR S&P 500 ETF Trust (SPY)

Market Price (6/25/2026): $737.129

Key Takeaways

SPY has returned +7.8% YTD vs +15.8% for QQQ, +10.3% for RSP, +8.8% for VTI; +21.9% over the past 12 months (QQQ +32.1%, RSP +18.2%, VTI +22.8%). details →
Priced in gold, SPY has returned -17.9% over the past 3 years, vs +75.2% in dollars — its dollar gains have lagged gold. details →
Over the past month, SPY has seen net inflows of +$15.24B (+2.0% of assets). details →
Analysts expect +8% revenue growth across SPY's holdings (next fiscal year) vs +16% for QQQ; expected earnings growth: +16% vs +25%. details →
SPY's portfolio trades at 20.3x forward earnings — a 14% discount to QQQ (23.6x). details →

Last updated: 6/24/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with SPY

Risk Tolerance:

ConservativeModerateAggressive

Moderate — 55% equity / 25% bonds / 20% alternatives

10Y Return (ann.)

+12.0%

Volatility

10.9%

Sharpe

0.84

YTD

+4.8%

Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

	ETF	%	1D	1W	1M	YTD
Equity	SPY	25.0%	-0.0%	-2.3%	-1.7%	7.8%
Bond	BND	50.0%	0.5%	0.2%	1.1%	0.9%
Gold	GLD	10.0%	-3.0%	-8.0%	-11.6%	-7.7%
Commodity	DBC	2.5%	-2.5%	-5.2%	-13.4%	18.3%
Real Estate	VNQ	5.0%	0.0%	-0.2%	1.1%	11.8%
Bitcoin	BTCUSD	0.0%	0.3%	-4.2%	-16.7%	-28.1%
Cash	GOVT	7.5%	0.5%	0.2%	0.8%	0.3%
Conservative Portfolio		100.0%	-0.1%	-1.4%	-1.2%	2.7%

	ETF	%	1D	1W	1M	YTD
Equity	SPY	55.0%	-0.0%	-2.3%	-1.7%	7.8%
Bond	BND	25.0%	0.5%	0.2%	1.1%	0.9%
Gold	GLD	7.0%	-3.0%	-8.0%	-11.6%	-7.7%
Commodity	DBC	4.0%	-2.5%	-5.2%	-13.4%	18.3%
Real Estate	VNQ	5.0%	0.0%	-0.2%	1.1%	11.8%
Bitcoin	BTCUSD	2.0%	0.3%	-4.2%	-16.7%	-28.1%
Cash	GOVT	2.0%	0.5%	0.2%	0.8%	0.3%
Moderate Portfolio		100.0%	-0.2%	-2.1%	-2.2%	4.8%

	ETF	%	1D	1W	1M	YTD
Equity	SPY	80.0%	-0.0%	-2.3%	-1.7%	7.8%
Bond	BND	5.0%	0.5%	0.2%	1.1%	0.9%
Gold	GLD	3.0%	-3.0%	-8.0%	-11.6%	-7.7%
Commodity	DBC	2.2%	-2.5%	-5.2%	-13.4%	18.3%
Real Estate	VNQ	4.5%	0.0%	-0.2%	1.1%	11.8%
Bitcoin	BTCUSD	5.2%	0.3%	-4.2%	-16.7%	-28.1%
Cash	GOVT	0.0%	0.5%	0.2%	0.8%	0.3%
Aggressive Portfolio		100.0%	-0.1%	-2.4%	-2.8%	5.5%

	ETF	%	Return	Volatility	Sharpe
Equity	SPY	25.0%	15.3%	15.3%	0.83
Bond	BND	50.0%	1.6%	5.2%	-0.17
Gold	GLD	10.0%	11.5%	15.2%	0.63
Commodity	DBC	2.5%	5.7%	17.1%	0.25
Real Estate	VNQ	5.0%	5.6%	17.9%	0.27
Bitcoin	BTCUSD	0.0%	57.1%	76.2%	0.90
Cash	GOVT	7.5%	0.5%	4.9%	-0.40
Conservative Portfolio		100.0%	6.6%	7.2%	0.54

	ETF	%	Return	Volatility	Sharpe
Equity	SPY	55.0%	15.3%	15.3%	0.83
Bond	BND	25.0%	1.6%	5.2%	-0.17
Gold	GLD	7.0%	11.5%	15.2%	0.63
Commodity	DBC	4.0%	5.7%	17.1%	0.25
Real Estate	VNQ	5.0%	5.6%	17.9%	0.27
Bitcoin	BTCUSD	2.0%	57.1%	76.2%	0.90
Cash	GOVT	2.0%	0.5%	4.9%	-0.40
Moderate Portfolio		100.0%	12.0%	10.9%	0.84

	ETF	%	Return	Volatility	Sharpe
Equity	SPY	80.0%	15.3%	15.3%	0.83
Bond	BND	5.0%	1.6%	5.2%	-0.17
Gold	GLD	3.0%	11.5%	15.2%	0.63
Commodity	DBC	2.2%	5.7%	17.1%	0.25
Real Estate	VNQ	4.5%	5.6%	17.9%	0.27
Bitcoin	BTCUSD	5.2%	57.1%	76.2%	0.90
Cash	GOVT	0.0%	0.5%	4.9%	-0.40
Aggressive Portfolio		100.0%	17.2%	15.0%	0.95

Figures are on an annualized basis, based on monthly return data for the last 10 years

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	SPY	25.0%	-23.0%	-30.4%	-19.3%
Bond	BND	50.0%	-14.2%	-2.2%	1.3%
Gold	GLD	10.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.5%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	0.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	7.5%	-12.4%	4.4%	1.6%
Conservative Portfolio		100.0%	-15.5%	-11.7%	-4.5%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	SPY	55.0%	-23.0%	-30.4%	-19.3%
Bond	BND	25.0%	-14.2%	-2.2%	1.3%
Gold	GLD	7.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	4.0%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	2.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	2.0%	-12.4%	4.4%	1.6%
Moderate Portfolio		100.0%	-18.8%	-21.3%	-11.9%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	SPY	80.0%	-23.0%	-30.4%	-19.3%
Bond	BND	5.0%	-14.2%	-2.2%	1.3%
Gold	GLD	3.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.2%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	4.5%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	5.2%	-56.0%	-33.5%	-37.4%
Cash	GOVT	0.0%	-12.4%	4.4%	1.6%
Aggressive Portfolio		100.0%	-23.2%	-28.8%	-18.1%

The table shows the return of different asset classes during market crises - specifically during the period where the S&P fell and bottomed

Learn More →

Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance

Learn More →

Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	6/30/27	6/25/26	2025	2024	2023	2022	2021
Share Price CYE		$733.24	$680.06	$577.70	$462.58	$366.62	$448.05
Dividend/Share TTM		$5.62	$7.28	$7.06	$6.63	$6.32	$5.72
Valuation [1]
P/S	3.29	3.68	3.43	3.18	2.73	2.28	3.19
P/E		27.58	27.40	26.67	23.63	20.73	23.55
P/E (Non-GAAP) [2]	20.23	24.41	25.23	25.07	19.80	18.76	26.37
P/FCF		37.25	38.26	33.89	26.17	21.57	27.49
Yields TTM
Earnings Yield	4.94%	3.63%	3.65%	3.75%	4.23%	4.82%	4.25%
Dividend Yield	0.77%	0.77%	1.07%	1.22%	1.43%	1.72%	1.28%
Total Yield (TY)	5.71%	4.39%	4.72%	4.97%	5.67%	6.55%	5.52%
Risk Premium [3]
Risk Free Rate (Rf)	4.51%	4.51%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	1.20%	-0.12%	0.54%	0.39%	1.79%	2.67%	4.00%
Growth Rates [6]
Sales Growth	8.2%	2.6%	7.8%	5.6%	3.8%	9.8%
Earnings Growth [7]	16.0%	8.8%	14.6%	8.8%	14.3%	-14.5%

[1] P/E uses the aggregate method over profitable constituents; P/FCF aggregates net free cash flow across all constituents (negative-FCF names reduce it); P/S uses all constituents. Ratios reflect current ETF holdings at current weights. P/FCF has no Forward column (no analyst FCF estimate).
[2] P/E (Non-GAAP) uses analyst consensus net income (adjusted basis) for all periods. The standard P/E row above uses GAAP net income.
[3] The premium above the risk free rate (US 10Y) offered by the investment. Negative premiums can indicate stretched valuations.
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Highlights

YIELD

SPY's earnings yield is 3.63%, based on its 27.6x trailing P/E. With a 0.77% dividend yield, SPY is yielding 4.39% in total.

RISK

Compared to US Treasuries at 4.51%, SPY's total yield implies a -0.12% risk premium. A negative risk premium means investors earn less than risk-free Treasuries — valuations are historically stretched, though expectations of falling interest rates or fast earnings growth can justify such levels.

FORWARD EXPECTATIONS

Based on analyst estimates, SPY's forward total yield is 5.71%, implying a 1.20% risk premium assuming stable Treasury rates.

Top 20 Holdings for SPY

Total Weights
Top 5: 26.1% | Top 10: 37.5% | Top 20: 48.0%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		99.65%	100.00%	100.00%	3.3	20.3	+8.2%	+15.9%
Top 20		48.03%	23.58%	43.32%	6.0	22.3	+16.2%	+20.8%
NVDA	NVIDIA	7.90%	1.52%	7.19%	10.5	18.7	+42.3%	+34.1%
AAPL	Apple	6.78%	2.61%	5.33%	8.5	31.3	+8.6%	+6.2%
MSFT	Microsoft	4.36%	1.85%	5.45%	7.2	19.1	+16.7%	+16.0%
AMZN	Amazon.com	3.70%	4.04%	3.71%	2.9	24.7	+13.2%	+14.4%
GOOGL	Alphabet	3.34%	1.24%	3.54%	7.9	23.8	+19.3%	+2.9%
AVGO	Broadcom	3.01%	0.46%	1.36%	12.4	22.4	+64.6%	+57.8%
GOOG	Alphabet	2.69%	1.00%	2.85%	7.9	23.8	+19.3%	+2.9%
MU	Micron Technology	1.98%	0.36%	1.12%	6.2	10.1	+80.6%	+81.3%
META	Meta Platforms	1.96%	1.09%	2.69%	5.1	16.3	+19.3%	+6.5%
TSLA	Tesla	1.75%	0.51%	0.15%	11.2	210.6	+14.9%	+53.2%
BRK-B	Berkshire Hathaway	1.39%	2.02%	2.62%	2.7	23.4	+3.7%	+3.5%
AMD	Advanced Micro Devices	1.36%	0.22%	0.22%	13.4	57.4	+53.6%	+42.1%
JPM	JPMorgan Chase	1.35%	1.03%	2.43%	4.5	14.3	+4.3%	+5.1%
LLY	Eli Lilly	1.35%	0.36%	0.95%	10.8	28.8	+15.9%	+22.1%
INTC	Intel	0.98%	0.29%	—	10.9	127.1	+11.2%	-3.9%
XOM	Exxon Mobil	0.88%	1.81%	1.06%	1.5	12.5	-9.0%	-7.1%
JNJ	Johnson & Johnson	0.85%	0.53%	0.86%	5.5	19.3	+6.8%	+11.1%
V	Visa	0.84%	0.22%	0.87%	12.1	21.0	+10.6%	+13.7%
WMT	Walmart	0.80%	2.24%	0.53%	1.2	39.1	+4.6%	+11.7%
AMAT	Applied Materials	0.76%	0.17%	0.38%	11.8	39.1	+26.8%	+32.7%

[1] Total and Top 20 rows are weighted aggregates across constituents.
[2] Forward P/S and P/E ratios use consensus sales and earnings for the 12 months ending 6/30/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 6/30/27.
[3] Forward Sales and Non-GAAP Earnings Growth are calculated as next fiscal year (FY2) consensus growth over current fiscal year (FY1) consensus. They are not derived from the forward P/S and P/E multiples shown.

Performance for SPY Top Holdings

Ticker	Holding	Weight	Mkt Price 6/24	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
SPY	State Street SPDR S&P 500 ETF Trust	100.00%	733.24	-0.0%	-1.7%	7.8%	21.9%	75.2%	83.4%	322.7%
NVDA	NVIDIA	7.90%	199.00	-0.5%	-7.5%	6.8%	34.7%	372.4%	949.3%	17,650.4%
AAPL	Apple	6.78%	293.08	-0.4%	-5.1%	8.0%	46.9%	59.2%	125.9%	1,278.4%
MSFT	Microsoft	4.36%	365.46	-2.3%	-12.7%	-24.1%	-24.8%	11.7%	43.7%	729.5%
AMZN	Amazon.com	3.70%	234.27	0.1%	-12.0%	1.5%	10.1%	81.1%	37.7%	570.3%
GOOGL	Alphabet	3.34%	345.29	-0.2%	-9.8%	10.5%	107.6%	184.7%	184.3%	916.8%
AVGO	Broadcom	3.01%	382.07	0.5%	-7.6%	10.8%	45.9%	381.8%	808.0%	3,204.8%
GOOG	Alphabet	2.69%	345.04	-0.3%	-9.0%	10.1%	106.3%	182.9%	174.1%	931.0%
MU	Micron Technology	1.98%	1,048.51	-0.3%	39.6%	267.5%	721.7%	1,526.9%	1,210.6%	8,038.4%
META	Meta Platforms	1.96%	557.67	-0.8%	-8.5%	-15.4%	-21.4%	94.8%	64.8%	401.9%
TSLA	Tesla	1.75%	375.53	-1.6%	-11.8%	-16.5%	10.3%	46.3%	67.7%	2,816.4%
BRK-B	Berkshire Hathaway	1.39%	494.81	0.4%	1.7%	-1.6%	0.3%	47.6%	77.7%	254.2%
AMD	Advanced Micro Devices	1.36%	519.74	-0.0%	11.2%	142.7%	275.5%	372.4%	507.0%	10,550.4%
JPM	JPMorgan Chase	1.35%	333.45	-0.2%	8.8%	4.5%	20.9%	157.1%	145.6%	630.0%
LLY	Eli Lilly	1.35%	1,117.26	0.9%	4.9%	4.3%	44.6%	148.7%	408.7%	1,666.4%
INTC	Intel	0.98%	131.65	-0.5%	9.9%	256.8%	483.8%	307.1%	157.3%	418.9%
XOM	Exxon Mobil	0.88%	136.90	-2.0%	-11.6%	15.3%	30.4%	47.8%	154.5%	136.4%
JNJ	Johnson & Johnson	0.85%	241.00	0.8%	3.4%	17.7%	62.3%	59.0%	68.9%	174.0%
V	Visa	0.84%	332.23	1.1%	1.0%	-4.9%	-4.8%	48.1%	45.3%	375.0%
WMT	Walmart	0.80%	119.00	-0.4%	-1.1%	7.2%	22.4%	137.3%	174.7%	488.9%
AMAT	Applied Materials	0.76%	588.97	0.5%	36.3%	129.8%	229.3%	343.6%	351.1%	2,727.5%

Guidance Updates for SPY Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
AMAT_5142026	AMAT	Applied Materials	5/14/2026	Q3 2026 Total Revenue	8.95 Bil	17.0%	RaisedRaised Prior Guidance of 7.65 Bil for Q2 2026
AMD_5052026	AMD	Advanced Micro Devices	5/5/2026	Q2 2026 Revenue	11.20 Bil	14.3%	Higher NewNew Guidance Higher than Prior Actual of 9.80 Bil for Q1 2026
AMZN_4292026	AMZN	Amazon.com	4/29/2026	Q2 2026 Revenue	196.50 Bil	11.6%	Higher NewNew Guidance Higher than Prior Actual of 176.00 Bil for Q1 2026
AVGO_6032026	AVGO	Broadcom	6/3/2026	Q3 2026 Revenue	29.40 Bil	33.6%	Higher NewNew Guidance Higher than Prior Actual of 22.00 Bil for Q2 2026
META_4292026	META	Meta Platforms	4/29/2026	Q2 2026 Revenue	59.50 Bil	8.2%	Higher NewNew Guidance Higher than Prior Actual of 55.00 Bil for Q1 2026
MU_6242026	MU	Micron Technology	6/24/2026	Q4 2026 Revenue	50.00 Bil	49.2%	RaisedRaised Prior Guidance of 33.50 Bil for Q3 2026
NVDA_5202026	NVDA	NVIDIA	5/20/2026	Q2 2027 Revenue	91.00 Bil	16.7%	RaisedRaised Prior Guidance of 78.00 Bil for Q1 2027

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SPY Return	29%	-18%	26%	25%	18%	8%	111%
Peers Return	28%	-19%	27%	25%	14%	8%	103%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	96%
Monthly Win Rates [3]
SPY Win Rate	75%	42%	67%	75%	75%	50%
Peers Win Rate	75%	38%	67%	75%	77%	50%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
SPY Max Drawdown	-5%	-24%	-10%	-8%	-19%	-9%
Peers Max Drawdown	-5%	-25%	-10%	-9%	-19%	-9%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: VOO, IVV, SPYM, SCHX, VV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/24/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker	1Y	3Y	5Y
SPY	1.92	1.20	0.65
Equity Top Results (3Y)
NASA	5.73	5.73	5.73
ARKX	4.13	4.13	4.13
OMFL	3.75	3.75	3.75
IALT	2.84	2.84	2.84
NUSC	2.36	2.36	2.36

Results as of 5312026.

Event	SPY	S&P 500
2025 US Tariff Shock
% Loss	-18.8%	-18.8%
% Gain to Breakeven	23.1%	23.1%
Time to Breakeven	79 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-24.5%	-24.5%
% Gain to Breakeven	32.4%	32.4%
Time to Breakeven	427 days	427 days
2020 COVID-19 Crash
% Loss	-33.7%	-33.7%
% Gain to Breakeven	50.9%	50.9%
Time to Breakeven	140 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-19.2%	-19.2%
% Gain to Breakeven	23.8%	23.8%
Time to Breakeven	105 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-12.2%	-12.2%
% Gain to Breakeven	13.9%	13.9%
Time to Breakeven	62 days	62 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-17.9%	-17.9%
% Gain to Breakeven	21.8%	21.8%
Time to Breakeven	123 days	123 days

Compare to VOO, IVV, SPYM, SCHX, VV

In The Past

State Street SPDR S&P 500 ETF Trust's stock fell -18.8% during the 2025 US Tariff Shock. Such a loss loss requires a 23.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	SPY	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-24.5%	-24.5%
% Gain to Breakeven	32.4%	32.4%
Time to Breakeven	427 days	427 days
2020 COVID-19 Crash
% Loss	-33.7%	-33.7%
% Gain to Breakeven	50.9%	50.9%
Time to Breakeven	140 days	140 days
2008-2009 Global Financial Crisis
% Loss	-53.4%	-53.4%
% Gain to Breakeven	114.4%	114.4%
Time to Breakeven	1085 days	1085 days

Compare to VOO, IVV, SPYM, SCHX, VV

In The Past

State Street SPDR S&P 500 ETF Trust's stock fell -18.8% during the 2025 US Tariff Shock. Such a loss loss requires a 23.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

SPY Dip Buy History

SPY had 18 events since 1/1/2005 where the dip threshold of -5.0% within 60 days was triggered

17% median peak return within 1 year of dip event
291 days is the median time to peak return after a dip event
-7.4% median max drawdown within 1 year of dip event

60 Day Dip			SPY Subsequent Performance
Date	SPY	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			15%	17%	-7%	291
3202026	-5%	-5%	13%	17%	-3%	74
3062025	-5%	-5%	18%	23%	-13%	327
10182023	-5%	-5%	38%	38%	-5%	362
9302022	-8%	-8%	20%	29%	-0%	304
1262022	-5%	-5%	-5%	7%	-17%	62
3092020	-12%	-12%	44%	46%	-18%	340
10242018	-5%	-5%	16%	16%	-11%	275
4062018	-5%	-5%	13%	14%	-8%	167
1132016	-7%	-7%	23%	23%	-3%	359
8212015	-7%	-7%	13%	13%	-6%	360
10152014	-5%	-5%	11%	16%	-0%	278
6012012	-5%	-5%	29%	34%	-0%	354
8022011	-6%	-6%	12%	15%	-12%	244
6012010	-5%	-5%	28%	30%	-5%	332
6262008	-6%	-6%	-26%	2%	-46%	46
1022008	-7%	-7%	-36%	0%	-47%	0
8142007	-6%	-6%	-8%	10%	-14%	56
6132006	-6%	-6%	27%	28%	0%	356

[1] Dip event defined as first instance dip threshold is triggered within a 60-day time period.
[2] Analysis for period from 1/1/2005 to 6/24/2026

SPY had 13 events since 1/1/2005 where the dip threshold of -10% within 90 days was triggered

28% median peak return within 1 year of dip event
298 days is the median time to peak return after a dip event
-2.1% median max drawdown within 1 year of dip event

90 Day Dip			SPY Subsequent Performance
Date	SPY	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			23%	28%	-2%	298
4042025	-14%	-14%	36%	39%	-2%	298
12202022	-10%	-10%	26%	27%	-1%	364
9262022	-10%	-10%	19%	27%	-2%	308
4262022	-11%	-11%	1%	4%	-14%	112
6262020	-10%	-10%	45%	44%	0%	364
3122020	-18%	-18%	62%	62%	-10%	365
12172018	-10%	-10%	28%	28%	-8%	365
9282015	-11%	-11%	17%	19%	-2%	322
11232011	-12%	-12%	23%	29%	-0%	296
8082011	-15%	-15%	28%	29%	-2%	238
8202010	-11%	-11%	7%	29%	-2%	252
9042008	-11%	-11%	-17%	2%	-44%	4
1222008	-11%	-11%	-34%	10%	-41%	118

[1] Dip event defined as first instance dip threshold is triggered within a 90-day time period.
[2] Analysis for period from 1/1/2005 to 6/24/2026

SPY had 3 events since 1/1/2005 where the dip threshold of -20% within 180 days was triggered

23% median peak return within 1 year of dip event
350 days is the median time to peak return after a dip event
-5.5% median max drawdown within 1 year of dip event

180 Day Dip			SPY Subsequent Performance
Date	SPY	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			16%	23%	-6%	350
9212022	-20%	-20%	16%	23%	-6%	313
3202020	-22%	-22%	74%	76%	-3%	362
10072008	-22%	-22%	9%	10%	-31%	350

[1] Dip event defined as first instance dip threshold is triggered within a 180-day time period.
[2] Analysis for period from 1/1/2005 to 6/24/2026

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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
XLG	Invesco S&P 500 Top 50 ETF	-7.5%	59.72	6242026	64.59	6012026	23
MAGS	Roundhill Magnificent Seven ETF	-11.6%	62.68	6242026	70.94	5142026	41
ONEQ	Fidelity Nasdaq Composite Index ETF	-5.9%	100.36	6242026	106.70	6022026	22
QQEW	First Trust Nasdaq-100 Select Equal Weight ETF	-5.3%	153.30	6242026	161.85	6012026	23
VUG	Vanguard Growth ETF	-7.2%	83.83	6242026	90.29	6012026	23
IWF	iShares Russell 1000 Growth ETF	-7.1%	119.67	6242026	128.77	6012026	23
IVW	iShares S&P 500 Growth ETF	-5.8%	133.36	6242026	141.59	6012026	23
SCHG	Schwab U.S. Large-Cap Growth ETF	-6.6%	32.98	6242026	35.30	6012026	23
SPYG	State Street SPDR Portfolio S&P 500 Growth ETF	-5.8%	115.46	6242026	122.60	6012026	23
VONG	Vanguard Russell 1000 Growth ETF	-7.0%	123.14	6242026	132.35	6012026	23
MGK	Vanguard Mega Cap Growth ETF	-7.5%	85.18	6242026	92.06	6012026	23
AKRE	Akre Focus ETF	-20.2%	53.12	6242026	66.59	1062026	169
FNDF	Schwab Fundamental International Equity ETF	-5.1%	52.33	6242026	55.17	6022026	22
EFV	iShares MSCI EAFE Value ETF	-5.3%	75.70	6242026	79.94	2252026	119
SCZ	iShares MSCI EAFE Small-Cap ETF	-5.1%	82.07	6242026	86.49	5312026	24
VSS	Vanguard FTSE All-World EX-US Small-Cap Index Fund	-5.1%	153.51	6242026	161.79	5112026	44
SCHC	Schwab International Small-Cap Equity ETF	-7.3%	47.78	6242026	51.54	3012026	115
FNDC	Schwab Fundamental International Small Equity ETF	-5.0%	48.12	6242026	50.67	5102026	45
IEMG	iShares Core MSCI Emerging Markets ETF	-5.3%	81.45	6242026	86.00	6222026	2
EEM	iShares MSCI Emerging Markets ETF	-5.6%	67.25	6242026	71.21	6222026	2
FNDE	Schwab Fundamental Emerging Markets Equity ETF	-6.3%	39.68	6242026	42.35	6022026	22
EWY	iShares MSCI South Korea ETF	-10.0%	197.26	6242026	219.20	6212026	3
EWZ	iShares MSCI Brazil ETF	-18.9%	33.85	6242026	41.73	4142026	71
FXI	iShares China Large-Cap ETF	-20.6%	32.36	6242026	40.78	1292026	146
ILF	iShares Latin America 40 ETF	-13.0%	33.16	6242026	38.10	4142026	71
KWEB	KraneShares CSI China Internet ETF	-35.5%	24.30	6242026	37.66	1122026	163
SCHY	Schwab International Dividend Equity ETF	-6.9%	31.42	6242026	33.73	3012026	115
ARKK	ARK Innovation ETF	-7.8%	76.72	6242026	83.21	1132026	162
URA	Global X Uranium ETF	-27.6%	44.72	6242026	61.81	1282026	147
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-12.1%	36.58	6242026	41.63	5132026	42
ROBO	ROBO Global Robotics & Automation Index ETF	-8.8%	82.35	6242026	90.34	6022026	22
LIT	Global X Lithium & Battery Tech ETF	-13.9%	78.91	6242026	91.62	5112026	44
ICLN	iShares Global Clean Energy ETF	-13.8%	20.48	6242026	23.75	6022026	22
ARKQ	ARK Autonomous Technology & Robotics ETF	-13.6%	124.22	6242026	143.82	5282026	27
ARKW	ARK Next Generation Internet ETF	-10.4%	138.48	6242026	154.48	12252025	181
ARKX	ARK Space & Defense Innovation ETF	-14.7%	32.18	6242026	37.74	5282026	27
NASA	Tema Space Innovators ETF	-34.7%	27.34	6242026	41.89	5272026	28
XOVR	EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF	-5.8%	19.72	6242026	20.93	6162026	8
AGIX	KraneShares Artificial Intelligence ETF	-8.9%	45.01	6242026	49.40	6012026	23
CGBL	Capital Group Core Balanced ETF	-6.2%	34.41	6242026	36.67	2252026	119
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-15.4%	59.54	6242026	70.39	5112026	44
RAAX	VanEck Real Assets ETF	-8.8%	38.94	6242026	42.70	5112026	44
VGT	Vanguard Information Technology ETF	-8.4%	115.13	6242026	125.62	6022026	22
XLK	State Street Technology Select Sector SPDR ETF	-7.6%	183.05	6242026	198.21	6022026	22
XLE	State Street Energy Select Sector SPDR ETF	-14.4%	53.57	6242026	62.56	3292026	87
XLC	State Street Communication Services Select Sector SPDR ETF	-11.0%	106.54	6242026	119.70	2012026	143
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-7.4%	115.07	6242026	124.27	1122026	163
XLP	State Street Consumer Staples Select Sector SPDR ETF	-5.7%	84.44	6242026	89.51	3012026	115
IYM	iShares U.S. Basic Materials ETF	-5.2%	179.26	6242026	189.08	3022026	114
FXN	First Trust Energy AlphaDEX Fund	-12.5%	20.28	6242026	23.18	3292026	87
SMH	VanEck Semiconductor ETF	-7.5%	618.92	6242026	668.91	6222026	2
SOXX	iShares Semiconductor ETF	-8.2%	601.50	6242026	655.01	6222026	2
ITA	iShares U.S. Aerospace & Defense ETF	-5.7%	236.19	6242026	250.42	3022026	114
XOP	State Street SPDR S&P Oil & Gas Exploration & Production ETF	-18.7%	153.03	6242026	188.18	3292026	87
IGV	iShares Expanded Tech-Software Sector ETF	-20.4%	86.17	6242026	108.23	12252025	181
MISL	First Trust Indxx Aerospace & Defense ETF	-13.7%	43.97	6242026	50.98	1192026	156
RING	iShares MSCI Global Gold Miners ETF	-35.6%	64.06	6242026	99.42	3012026	115
SOXQ	Invesco PHLX Semiconductor ETF	-8.1%	105.84	6242026	115.11	6222026	2
BWX	State Street SPDR Bloomberg International Treasury Bond ETF	-5.6%	21.66	6242026	22.95	2162026	128
PDBC	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	-16.6%	15.78	6242026	18.91	5122026	43
DBC	Invesco DB Commodity Index Tracking Fund	-16.5%	26.45	6242026	31.69	5122026	43
COMT	iShares GSCI Commodity Dynamic Roll Strategy ETF	-17.6%	30.11	6242026	36.53	5192026	36
GSG	iShares GSCI Commodity	-5.8%	30.01	6242026	31.85	3182026	98
BCI	abrdn Bloomberg All Commodity Strategy K-1 Free ETF	-14.8%	22.07	6242026	25.91	5122026	43
FTGC	First Trust Global Tactical Commodity Strategy Fund	-12.3%	26.76	6242026	30.53	5122026	43
HGER	Harbor Commodity All-Weather Strategy ETF	-14.0%	28.77	6242026	33.47	5122026	43
GLD	SPDR Gold Trust	-26.2%	365.92	6242026	495.90	1292026	146
IAU	iShares Gold Trust	-26.2%	74.99	6242026	101.57	1292026	146
GLDM	SPDR Gold MiniShares Trust	-26.1%	78.89	6242026	106.77	1292026	146
SGOL	ETFS Physical Swiss Gold Shares	-13.1%	44.66	6242026	51.41	1292026	146
BAR	Direxion Daily Gold Bull 3X Shares	-16.6%	44.34	6242026	53.16	1292026	146
SLV	iShares Silver Trust	-51.0%	51.78	6242026	105.60	1282026	147
SIVR	ETFS Physical Silver Shares Trust ETF	-24.8%	83.39	6242026	110.87	1282026	147
PPLT	ETFS Physical Platinum Shares	-43.6%	14.23	6242026	25.23	1252026	150
CPER	United States Copper Index Fund ETV	-13.9%	33.33	6242026	38.71	1292026	146
PALL	ETFS Physical Palladium Shares	-43.2%	21.12	6242026	37.18	1282026	147
USO	United States Oil Fund LP	-30.5%	106.29	6242026	152.96	5192026	36
UNG	United States Natural Gas Fund LP	-30.6%	11.73	6242026	16.90	2012026	143
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	6242026	60.13	5042026	51
IBIT	iShares Bitcoin Trust ETF	-38.9%	33.87	6242026	55.44	1142026	161
FBTC	Fidelity Wise Origin Bitcoin Fund	-38.9%	52.05	6242026	85.12	1142026	161
GBTC	Grayscale Bitcoin Trust ETF	-19.0%	61.84	6242026	76.31	1142026	161
ETHA	iShares Ethereum Trust ETF	-53.4%	11.92	6242026	25.59	1142026	161

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-06-23

Asset allocation rotation · Past week

Bond ETFs drew the largest net inflows (+$1.7B), followed by Cash (+$824M), while Equity (−$11.4B) and Crypto (−$623M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$29.0B) and out of Broad Sector (−$11.8B).
Relative to fund size, FLKR drew the largest inflow (+18.3% of AUM) and XMHQ the largest outflow (−26.9%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$33.95B	+4.0%
2	SPY this	State Street SPDR S&P 500 ETF Trust	Equity US Large Cap Core	+$27.19B	+3.5%
3	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$6.33B	+1.3%
4	DRAM	Roundhill Memory ETF	Other	+$2.95B	+13.1%
5	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$1.96B	+13.2%
6	VEA	Vanguard FTSE Developed Markets ETF	Equity International Developed Broad	+$1.3B	+0.6%
7	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$1.06B	+0.7%
8	IWD	iShares Russell 1000 Value ETF	Equity US Large Value	+$998M	+1.3%
9	VWO	Vanguard FTSE Emerging Markets ETF	Equity Emerging Markets	+$835M	+0.7%
10	VONG	Vanguard Russell 1000 Growth ETF	Equity US Large Growth	+$718M	+1.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	FLKR	Franklin FTSE South Korea ETF	Other	+$231M	+18.3%
2	TGRT	T. Rowe Price Growth ETF	Other	+$226M	+18.2%
3	CGSM	Capital Group Short Duration Municipal Income ETF	Other	+$202M	+14.2%
4	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$1.96B	+13.2%
5	DRAM	Roundhill Memory ETF	Other	+$2.95B	+13.1%
6	TSPA	T. Rowe Price U.S. Equity Research ETF	Other	+$437M	+11.8%
7	AVIV	Avantis International Large Cap Value ETF	Equity International Developed Broad	+$212M	+10.7%
8	SNXX	Tradr 2X Long SNDK Daily ETF	Other	+$459M	+8.8%
9	USO	United States Oil Fund LP	Commodity Energy	+$150M	+7.8%
10	CTA	Simplify Managed Futures Strategy ETF	Other	+$99M	+6.3%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$32.36B	-3.2%
2	XLK	State Street Technology Select Sector SPDR ETF	Equity Broad Sector	-$8.71B	-7.0%
3	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	-$7.94B	-10.3%
4	VO	Vanguard Mid-Cap ETF	Equity US Mid Cap Core	-$4.61B	-4.2%
5	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	-$4.38B	-4.6%
6	VXF	Vanguard Extended Market ETF	Other	-$2.78B	-9.0%
7	VB	Vanguard Small-Cap ETF	Equity US Small Cap Core	-$2.77B	-3.4%
8	IJR	iShares Core S&P Small-Cap ETF	Equity US Small Cap Core	-$2.69B	-2.5%
9	VTV	Vanguard Value ETF	Equity US Large Value	-$2.38B	-1.3%
10	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$2.01B	-15.4%

#	Ticker	Name	Type	Net flow	% of AUM
1	XMHQ	Invesco S&P MidCap Quality ETF	Other	-$1.43B	-26.9%
2	DIVB	iShares Core Dividend ETF	Other	-$393M	-26.3%
3	VFLO	VictoryShares Free Cash Flow ETF	Other	-$1.87B	-24.7%
4	KOMP	State Street SPDR S&P Kensho New Economies Composite ETF	Other	-$562M	-20.0%
5	USVM	VictoryShares US Small Mid Cap Value Momentum ETF	Other	-$311M	-18.2%
6	IMCG	iShares Morningstar Mid-Cap Growth ETF	Other	-$704M	-17.9%
7	XSD	State Street SPDR S&P Semiconductor ETF	Other	-$615M	-17.0%
8	NASA	Tema Space Innovators ETF	Equity Thematic	-$343M	-16.3%
9	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$2.01B	-15.4%
10	MOAT	VanEck Morningstar Wide Moat ETF	Other	-$1.64B	-14.4%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$83.6B), followed by Bond (+$20.8B), while Crypto (−$4.5B) and Commodity (−$4.3B) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$42.4B) and out of Factor Smart Beta (−$5.8B).
Relative to fund size, DRAM drew the largest inflow (+52.7% of AUM) and THRO the largest outflow (−36.7%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$40.28B	+4.8%
2	SPY this	State Street SPDR S&P 500 ETF Trust	Equity US Large Cap Core	+$15.24B	+2.0%
3	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$9.23B	+1.9%
4	DRAM	Roundhill Memory ETF	Other	+$8.74B	+52.7%
5	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$6.92B	+4.7%
6	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$5.39B	+5.5%
7	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$5.16B	+12.4%
8	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$4.53B	+4.8%
9	VHT	Vanguard Health Care ETF	Equity Broad Sector	+$4.38B	+26.3% ⚠
10	VTI	Vanguard Total Stock Market ETF	Equity US Total Market	+$4.05B	+0.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	DRAM	Roundhill Memory ETF	Other	+$8.74B	+52.7%
2	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$1.21B	+52.4% ⚠
3	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$3.71B	+50.5%
4	NASA	Tema Space Innovators ETF	Equity Thematic	+$1.25B	+50.5%
5	IALT	iShares Systematic Alternatives Active ETF	Equity Asset Allocation	+$1.88B	+42.2% ⚠
6	FTLS	First Trust Long/Short Equity ETF	Equity Asset Allocation	+$816M	+34.8%
7	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	+$703M	+32.2%
8	USO	United States Oil Fund LP	Commodity Energy	+$545M	+28.8%
9	VHT	Vanguard Health Care ETF	Equity Broad Sector	+$4.38B	+26.3% ⚠
10	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$679M	+25.4% ⚠

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$20.47B	-2.1%
2	QUAL	iShares MSCI USA Quality Factor ETF	Equity Factor Smart Beta	-$7.01B	-15.4%
3	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	-$5.7B	-22.7%
4	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	-$3.13B	-7.7%
5	IBIT	iShares Bitcoin Trust ETF	Crypto	-$3.12B	-6.3%
6	IAGG	iShares Core International Aggregate Bond ETF	Bond International	-$2.79B	-25.3%
7	IVE	iShares S&P 500 Value ETF	Equity US Large Value	-$2.69B	-5.6%
8	THRO	iShares U.S. Thematic Rotation Active ETF	Equity Thematic	-$2.4B	-36.7%
9	GLD	SPDR Gold Shares	Commodity Gold	-$2.38B	-1.7%
10	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	-$2.21B	-5.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	THRO	iShares U.S. Thematic Rotation Active ETF	Equity Thematic	-$2.4B	-36.7%
2	MAGS	Roundhill Investments - Magnificent Seven ETF	Equity US Large Concentrated	-$1.05B	-28.1%
3	IAGG	iShares Core International Aggregate Bond ETF	Bond International	-$2.79B	-25.3%
4	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	-$5.7B	-22.7%
5	IYK	iShares U.S. Consumer Staples ETF	Other	-$251M	-18.0%
6	DBA	Invesco DB Agriculture Fund	Other	-$213M	-17.8%
7	KWEB	KraneShares CSI China Internet ETF	Equity Emerging Markets	-$1.06B	-17.8%
8	ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	Equity Emerging Markets	-$327M	-17.7%
9	QUAL	iShares MSCI USA Quality Factor ETF	Equity Factor Smart Beta	-$7.01B	-15.4%
10	ILF	iShares Latin America 40 ETF	Equity Emerging Markets	-$497M	-12.4%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$206.8B), followed by Bond (+$55.0B), while Commodity (−$5.4B) and Crypto (−$4.2B) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$111.4B) and out of US Large Concentrated (−$5.5B).
Relative to fund size, DRAM drew the largest inflow (+208.4% of AUM) and MISL the largest outflow (−47.6%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$66.76B	+8.3%
2	SPY this	State Street SPDR S&P 500 ETF Trust	Equity US Large Cap Core	+$26.28B	+3.5%
3	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$19.28B	+13.8%
4	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$19.03B	+4.1%
5	DRAM	Roundhill Memory ETF	Other	+$17.45B	+208.4%
6	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$13.95B	+16.0%
7	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$13.08B	+14.5%
8	VTI	Vanguard Total Stock Market ETF	Equity US Total Market	+$12.82B	+2.1%
9	SPLG	SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$8.52B	+7.2%
10	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$8.14B	+9.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	DRAM	Roundhill Memory ETF	Other	+$17.45B	+208.4%
2	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	+$1.49B	+131.9%
3	FXN	First Trust Energy AlphaDEX Fund	Equity Broad Sector	+$903M	+75.6%
4	IYT	iShares U.S. Transportation ETF	Equity Industry Subsector	+$1.29B	+61.5%
5	AVIV	Avantis International Large Cap Value ETF	Equity International Developed Broad	+$799M	+61.3%
6	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$1.26B	+58.0% ⚠
7	TSPA	T. Rowe Price U.S. Equity Research ETF	Other	+$1.55B	+52.7%
8	KLMN		Other	+$1.01B	+45.8%
9	SOXQ	Invesco PHLX Semiconductor ETF	Equity Industry Subsector	+$869M	+45.4%
10	DTCR	Global X - Data Center & Digital Infrastructure ETF	Other	+$827M	+45.0%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$10.73B	-1.2%
2	QUAL	iShares MSCI USA Quality Factor ETF	Equity Factor Smart Beta	-$7.41B	-15.2%
3	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	-$5.75B	-19.5%
4	GLD	SPDR Gold Shares	Commodity Gold	-$4.9B	-3.2%
5	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$4.76B	-6.2%
6	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	-$3.76B	-8.6%
7	IVE	iShares S&P 500 Value ETF	Equity US Large Value	-$2.51B	-5.2%
8	THRO	iShares U.S. Thematic Rotation Active ETF	Equity Thematic	-$2.21B	-28.1%
9	VB	Vanguard Small-Cap ETF	Equity US Small Cap Core	-$2.13B	-2.8%
10	XLP	State Street Consumer Staples Select Sector SPDR ETF	Equity Broad Sector	-$2.08B	-14.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	MISL	First Trust Indxx Aerospace & Defense ETF	Equity Industry Subsector	-$661M	-47.6%
2	THRO	iShares U.S. Thematic Rotation Active ETF	Equity Thematic	-$2.21B	-28.1%
3	OMFL	Invesco Russell 1000 Dynamic Multifactor ETF	Equity Factor Smart Beta	-$1.29B	-27.9%
4	SH	ProShares - Short S&P500	Other	-$282M	-25.5%
5	AKRE	Akre Focus ETF	Equity US Large Growth	-$1.45B	-23.1%
6	IYJ	iShares U.S. Industrials ETF	Equity Broad Sector	-$449M	-23.0%
7	IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	Equity Industry Subsector	-$325M	-21.9%
8	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	-$5.75B	-19.5%
9	RING	iShares MSCI Global Gold Miners ETF	Equity Industry Subsector	-$543M	-18.7%
10	IXC	iShares Global Energy ETF	Other	-$416M	-15.8%

Largest ETF fund flows across ~2564 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About SPY

Holdings Count: 504
Expense Ratio: 0.09%
Inception Date: 1993-01-22

State Street SPDR S&P 500 ETF Trust
The State Street SPDR S&P 500 ETF Trust, or SPY, aims to replicate the total return, encompassing both price appreciation and dividends, of the S&P 500 Index, prior to its operating expenses. This underlying benchmark represents a broad cross-section of leading U.S. corporations, featuring companies across all eleven GICS industry sectors. Notably, SPY debuted in January 1993, making it the pioneering exchange-traded fund to be listed in the United States.
Asset Class: Equity | ETF Website

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Stocks, Bonds, Gold & Crypto Market Update 3/31/2026: Where Is The Capital Flowing & Why It Matters?	04/01/2026
2	How Low Can Stocks Go During A Market Crash	09/18/2024
3	High Momentum Stocks: Last Week's Market Momentum Was Concentrated In These 5 Stock Groups (11/6/2023 )	11/06/2023
4	High Momentum Stocks: Last Week's Market Momentum Was Concentrated In These 5 Stock Groups (6/12/2023 )	06/12/2023
5	High Momentum Stocks: Last Week's Market Momentum Was Concentrated In These 5 Stock Groups (2/27/2023 )	02/27/2023
6	High Momentum Stocks: Last Week's Market Momentum Was Concentrated In These 5 Stock Groups (1/16/2023 )	01/16/2023
7	SPY Actively Managed Covered Call Fact Sheet	11/23/2022
8	SPY Actively Managed Covered Call	11/20/2022
9	US Light Oil prices vs S&P500 Correlation	08/08/2022
10	ARTICLES
11	Will The Fed Kill The S&P 500’s Relief Rally?	06/16/2026
12	Wall Street Is On Sale – Time To Buy?	04/01/2026
13	Stocks, Bonds, Gold, Crypto: Market Update 3/26/2026	03/27/2026
14	Stocks, Bonds, Gold, Crypto: Market Update 3/25/2026	03/26/2026
15	Squeeze an 8% Synthetic Dividend Out of Your SPY Shares	03/25/2026

	Title
0	DASHBOARDS
1	Stocks, Bonds, Gold & Crypto Market Update 3/31/2026: Where Is The Capital Flowing & Why It Matters?
2	How Low Can Stocks Go During A Market Crash
3	High Momentum Stocks: Last Week's Market Momentum Was Concentrated In These 5 Stock Groups (11/6/2023 )
4	High Momentum Stocks: Last Week's Market Momentum Was Concentrated In These 5 Stock Groups (6/12/2023 )
5	High Momentum Stocks: Last Week's Market Momentum Was Concentrated In These 5 Stock Groups (2/27/2023 )
6	High Momentum Stocks: Last Week's Market Momentum Was Concentrated In These 5 Stock Groups (1/16/2023 )
7	SPY Actively Managed Covered Call Fact Sheet
8	SPY Actively Managed Covered Call
9	US Light Oil prices vs S&P500 Correlation
10	ARTICLES
11	Will The Fed Kill The S&P 500’s Relief Rally?
12	Wall Street Is On Sale – Time To Buy?
13	Stocks, Bonds, Gold, Crypto: Market Update 3/26/2026
14	Stocks, Bonds, Gold, Crypto: Market Update 3/25/2026
15	Squeeze an 8% Synthetic Dividend Out of Your SPY Shares

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ABSI	Absci	1.5	36.0%	188.7%
WEN	Wendy's	1.5	25.7%	-2.1%
LIFE	Ethos Technologies	0.9	18.6%	2095.0%
KBH	KB Home	3.9	16.7%	10.0%
DFTX	Definium Therapeutics, Inc.	4.6	16.4%	211.8%
CCXI	Churchill Capital XI	0.7	15.1%	16.9%
FOUR	Shift4 Payments	3.3	14.4%	-29.8%
FMCC	Federal Home Loan Mortgage	20.8	14.3%	-36.7%
DFH	Dream Finders Homes	1.5	13.4%	-2.2%
FNMA	Federal National Mortgage Association...	41.0	13.4%	-34.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HTZ	Hertz Global	0.9	-40.7%	-41.6%
HYLN	Hyliion	0.9	-19.3%	167.4%
CNTN	Canton Strategic	0.6	-17.5%	-12.0%
AEVA	Aeva Technologies	1.3	-14.9%	50.9%
GTN-A	Gray Media	0.7	-14.6%	-40.7%
AVEX	AEVEX	0.7	-14.5%	-43.0%
NVTS	Navitas Semiconductor	4.2	-14.4%	156.6%
NG	Novagold Resources	2.6	-14.1%	-33.5%
YSS	York Space Systems	3.1	-14.1%	-27.0%
DGXX	Digi Power X	0.4	-12.8%	129.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	3.1	81.0%	104.1%
DFTX	Definium Therapeutics, Inc.	4.6	74.4%	211.8%
APGE	Apogee Therapeutics	9.2	55.7%	75.8%
ABSI	Absci	1.5	43.9%	188.7%
MNPR	Monopar Therapeutics	0.8	42.7%	36.3%
JBIO	Jade Biosciences	1.3	41.0%	41.9%
STTK	Shattuck Labs	0.7	38.8%	64.7%
BFLY	Butterfly Network	2.0	37.5%	104.5%
BRBR	BellRing Brands	1.4	34.9%	-55.4%
FDMT	4D Molecular Therapeutics	0.8	34.0%	54.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HTZ	Hertz Global	0.9	-39.9%	-41.6%
HYLN	Hyliion	0.9	-33.8%	167.4%
VELO	Velo3D	0.4	-27.9%	31.4%
NG	Novagold Resources	2.6	-25.6%	-33.5%
AXTI	AXT	3.7	-24.6%	329.0%
YSS	York Space Systems	3.1	-24.5%	-27.0%
INOD	Innodata	2.7	-24.1%	60.1%
NEWP	New Pacific Metals	0.7	-23.4%	7.1%
MSTR	Strategy	31.4	-23.4%	-38.1%
AVEX	AEVEX	0.7	-22.7%	-43.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NVRI	Enviri	1.8	301.6%	339.2%
REPL	Replimune	1.0	129.5%	15.9%
APPS	Digital Turbine	1.2	122.9%	102.8%
QURE	uniQure	3.1	101.9%	104.1%
ABSI	Absci	1.5	97.5%	188.7%
DFTX	Definium Therapeutics, Inc.	4.6	87.2%	211.8%
BFLY	Butterfly Network	2.0	73.8%	104.5%
CDNL	Cardinal Infrastructure	1.2	67.7%	238.9%
RXT	Rackspace Technology	1.7	64.3%	602.4%
APGE	Apogee Therapeutics	9.2	63.5%	75.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ADCT	ADC Therapeutics	0.2	-68.4%	-69.7%
VRRM	Verra Mobility	0.7	-67.5%	-80.4%
SATL	Satellogic	0.7	-52.5%	169.5%
AXTI	AXT	3.7	-50.2%	329.0%
LUNR	Intuitive Machines	2.3	-50.0%	17.9%
FLY	Firefly Aerospace	4.0	-49.5%	11.7%
TMCR	Metals Royalty	0.4	-47.5%	-48.4%
BKSY	BlackSky Technology	0.9	-47.3%	34.5%
SOC	Sable Offshore	1.1	-46.2%	-12.1%
HTZ	Hertz Global	0.9	-43.4%	-41.6%

Peer Comparisons

Peers to compare with:

Profile

	SPY	VOO	IVV	SPYM	SCHX	VV	Median
Name	State Stre.	Vanguard S.	iShares Co.	State Stre.	Schwab U.S.	Vanguard L.
Asset Class	Equity	Equity	Equity	Equity	Equity	Equity	-
AUM ($ Bil)	773.6	1,700.0	837.9	148.9	72.0	74.7	461.2
Expense Ratio	0.09%	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%
10-D Avg Volume (Mil)	60.20	8.78	8.31	14.34	16.63	0.38	11.56
Latest Day Volume (Mil)	45.16	5.57	16.40	7.71	12.25	0.23	9.98
Holdings Count	504	505	504	505	752	479	504
Inception Date	1/22/1993	9/7/2010	5/15/2000	11/8/2005	11/3/2009	1/27/2004	-

Fundamentals

	SPY	VOO	IVV	SPYM	SCHX	VV	Median
Name	State Stre.	Vanguard S.	iShares Co.	State Stre.	Schwab U.S.	Vanguard L.
Net Asset Value	744.36	688.66	750.56	86.98	29.50	345.20	-
Premium/Discount	-1.5%	-1.9%	-1.9%	-0.8%	-2.0%	-2.0%	-1.9%
Distribution Yield	1.0%	1.1%	1.1%	1.3%	1.0%	1.0%	1.0%
Sales Yield	27.1%	27.3%	27.0%	27.6%	28.3%	26.3%	27.2%
Earnings Yield	3.6%	3.7%	3.6%	3.7%	3.6%	3.6%	3.6%

Valuation

	SPY	VOO	IVV	SPYM	SCHX	VV	Median
Name	State Stre.	Vanguard S.	iShares Co.	State Stre.	Schwab U.S.	Vanguard L.
P/S (TTM)	3.7x	3.7x	3.7x	3.6x	3.5x	3.8x	3.7x
P/E (TTM)	27.6x	27.3x	27.5x	27.3x	28.0x	27.5x	27.5x
P/FCF (TTM)	37.3x	36.1x	37.8x	36.8x	36.9x	38.0x	37.1x
Forward P/E	20.2x	20.1x	20.2x	20.1x	20.2x	20.3x	20.2x
Forward P/S	3.3x	3.3x	3.3x	3.2x	3.2x	3.4x	3.3x

Risk

	SPY	VOO	IVV	SPYM	SCHX	VV	Median
Name	State Stre.	Vanguard S.	iShares Co.	State Stre.	Schwab U.S.	Vanguard L.
Volatility (1Y)	12.5%	12.4%	12.4%	13.6%	12.6%	12.6%	12.5%
Volatility (3Y)	15.2%	14.9%	14.9%	13.6%	15.1%	15.3%	15.0%
Volatility (5Y)	17.1%	16.9%	17.0%	13.6%	17.2%	17.3%	17.0%
Beta (1Y)	0.99	0.99	0.99	0.99	1.00	1.00	0.99
Beta (3Y)	1.01	0.99	0.99	0.99	1.00	1.01	1.00
Beta (5Y)	1.01	0.99	1.00	0.99	1.01	1.02	1.00
Sharpe Ratio (1Y)	1.74	1.76	1.75	1.09	1.68	1.72	1.73
Sharpe Ratio (3Y)	1.27	1.31	1.30	1.09	1.28	1.29	1.29
Sharpe Ratio (5Y)	0.81	0.82	0.82	1.09	0.78	0.79	0.81
Max Drawdown (1Y)	-8.9%	-8.9%	-8.9%	-8.9%	-9.0%	-9.2%	-8.9%
Max Drawdown (3Y)	-18.8%	-18.7%	-18.8%	-8.9%	-19.0%	-19.0%	-18.8%
Max Drawdown (5Y)	-24.5%	-24.5%	-24.5%	-8.9%	-25.4%	-25.7%	-24.5%

Returns

	SPY	VOO	IVV	SPYM	SCHX	VV	Median
Name	State Stre.	Vanguard S.	iShares Co.	State Stre.	Schwab U.S.	Vanguard L.
1M Return	-1.7%	-1.4%	-1.7%	-1.7%	-1.5%	-1.4%	-1.6%
3M Return	12.3%	12.5%	12.3%	12.2%	12.2%	12.8%	12.3%
6M Return	8.0%	8.3%	8.1%	8.0%	7.8%	8.0%	8.0%
YTD Return	7.8%	8.1%	7.8%	7.8%	7.7%	7.8%	7.8%
1Y Return	23.2%	23.6%	23.3%	-	22.7%	23.3%	23.3%
2Y Return	36.9%	37.4%	37.1%	-	37.1%	37.9%	37.1%
3Y Return	72.7%	73.6%	73.2%	-	72.9%	74.5%	73.2%

Short Interest

Short Interest: As Of Date	5292026
Short Interest: Shares Quantity	107.4 Mil
Short Interest: % Change Since 5152026	-1.6%
Average Daily Volume	45.9 Mil
Days-to-Cover Short Interest	2.3 days

Returns Analyses

	Title
0	How Low Can Stocks Go During A Market Crash
1	Compare Bear Markets
2	Near Term Risk To S&P 500 In Current Economy
3	[9/30/2021] SPDR S&P 500 (SPY) Stock Price Forecast: AI Forecasts SPY Stock Price To Be Around $443 In A Month (Up 3.3%)

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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State Street SPDR S&P 500 ETF Trust (SPY)

Market Price (6/25/2026): $737.129

State Street SPDR S&P 500 ETF Trust (SPY)

Market Price (6/25/2026): $737.129

Key Takeaways

Price Chart

Asset Allocation with SPY

Valuation & Yield

Top 20 Holdings for SPY

Performance for SPY Top Holdings

Guidance Updates for SPY Top Holdings

Return vs. Risk

Price Returns Compared

Sharpe Ratios Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

SPY Dip Buy History

Current Dip Buy Opportunities Across ETFs

ETF Fund Flows

Asset allocation rotation · Past week

Asset allocation rotation · Past month

Asset allocation rotation · Past 3 months

Set Alerts and Notifications

Stay Informed

Trade & Investment Ideas

Wealth

Alert Me Periodically

Inform Me Once

About SPY

Latest Trefis Analyses

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Profile

Fundamentals

Valuation

Risk

Returns

Short Interest

Returns Analyses

External Quote Links