SPY vs LQD — 23-Year Performance Comparison
S&P 500 vs Investment-Grade Corp Bonds — backtested 2002–2024
SPY wins$78,592 vs $26,647 on $10,000 over 23 years
SPYS&P 500
Final value$78,592
CAGR+9.4%
Max drawdown-37.0%
Best year+32% (2013)
Years won18 of 23
LQDInvestment-Grade Corp Bonds
Final value$26,647
CAGR+4.4%
Max drawdown-19.4%
Best year+17% (2019)
Years won5 of 23
Growth of $10,000
2002–2024SPYLQD
SPY$78,592
LQD$26,647
50/50 mix$49,931
50/50 blend: $49,931 (+7.2%/yr CAGR)
Splitting equally between SPY and LQD would have landed between the two — slightly lower CAGR than SPY but less volatility. Try a custom split →
Year-by-year: SPY vs LQD
| Year | SPY | LQD | Winner |
|---|---|---|---|
| 2024 | +23.3% | +0.9% | SPY |
| 2023 | +26.3% | +9.4% | SPY |
| 2022 | -18.2% | -17.9% | LQD |
| 2021 | +28.7% | -1.8% | SPY |
| 2020 | +18.4% | +11.0% | SPY |
| 2019 | +31.5% | +17.4% | SPY |
| 2018 | -4.4% | -3.8% | LQD |
| 2017 | +21.8% | +7.1% | SPY |
| 2016 | +12.0% | +6.2% | SPY |
| 2015 | +1.4% | -1.3% | SPY |
| 2014 | +13.7% | +8.2% | SPY |
| 2013 | +32.4% | -2.0% | SPY |
| 2012 | +16.0% | +10.6% | SPY |
| 2011 | +2.1% | +9.7% | LQD |
| 2010 | +15.1% | +9.3% | SPY |
| 2009 | +26.5% | +8.4% | SPY |
| 2008 | -37.0% | +2.4% | LQD |
| 2007 | +5.5% | +3.7% | SPY |
| 2006 | +15.8% | +4.2% | SPY |
| 2005 | +4.9% | +1.2% | SPY |
| 2004 | +10.9% | +5.7% | SPY |
| 2003 | +28.7% | +7.3% | SPY |
| 2002 | -22.1% | +9.9% | LQD |
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