State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) is a ETF from Xtrackers ETFs. Over the past year SPY returned +23.66% while USNZ returned +24.06%. Year to date, SPY is up 13.79% versus a gain of 14.03% for USNZ.

Over three years, SPY compounded at +21.40% per year against +20.71% for USNZ. Across the full 4-year window we track, USNZ has the edge at +19.85% annualized vs +8.85%. Past performance does not guarantee future results.

USNZ has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.

The deepest peak-to-trough decline in our data was -56.5% for SPY and -19.2% for USNZ. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.

The two funds' monthly returns correlate at 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.

SPY charges 0.09% per year while USNZ charges 0.10%. On a $10,000 position that is $9 vs $10 annually, a gap of $1 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.97% for USNZ.