INDB vs SPY
Comparison between Independent Bank Corp (INDB, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed INDB, delivering a return of +14.0% compared to +3.2%
INDB vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
INDB vs SPY - Historical Returns
Returns include dividend reinvestment.
INDB vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | INDB | SPY |
|---|---|---|
| 2026 | +8.63% | +9.45% |
| 2025 | +19.78% | +18.00% |
| 2024 | +2.44% | +25.59% |
| 2023 | -17.02% | +26.72% |
| 2022 | +3.94% | -18.64% |
| 2021 | +15.04% | +30.52% |
| 2020 | -9.78% | +17.28% |
| 2019 | +18.14% | +31.09% |
| 2018 | +3.24% | -5.24% |
| 2017 | +1.19% | +20.78% |
| 2016 | +58.20% | +13.59% |
| 2015 | +13.16% | +1.31% |
| 2014 | +14.22% | +14.56% |
| 2013 | +34.53% | +29.00% |
| 2012 | +6.28% | +14.17% |
| 2011 | -0.44% | +0.85% |
| 2010 | +31.22% | +13.14% |
| 2009 | -17.19% | +22.67% |
| 2008 | +3.50% | -36.25% |
| 2007 | -22.69% | +5.32% |
| 2006 | +25.42% | +13.85% |
| 2005 | -11.86% | +5.32% |
| 2004 | +21.49% | +10.75% |
| 2003 | +24.60% | +24.18% |
| 2002 | +6.74% | -22.42% |
| 2001 | +81.79% | -10.13% |
| 2000 | +2.42% | -8.84% |
| 1999 | -5.83% | +8.61% |
INDB vs SPY Drawdown Comparison
The maximum drawdown for INDB was -68.87%, occurring on Mar 9, 2009. Recovery took 1526 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current INDB drawdown is -7.56%. The current SPY drawdown is -0.34%.
| Rank | INDB | SPY |
|---|---|---|
| #1 | -68.87% Dec 27, 2006 - Jan 22, 2013 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -52.59% Mar 12, 2021 - Feb 3, 2026 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -42.91% Sep 7, 2018 - Feb 24, 2021 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -33.80% Apr 16, 2002 - Aug 12, 2003 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -31.92% Nov 3, 1999 - Aug 11, 2000 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -30.44% Sep 20, 2000 - Feb 13, 2001 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -29.03% Dec 1, 2004 - Nov 15, 2006 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -27.91% Aug 21, 2001 - Nov 20, 2001 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -20.30% Nov 27, 2015 - Aug 5, 2016 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -17.28% Feb 10, 2004 - Sep 9, 2004 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -15.54% Jan 4, 2017 - Jul 21, 2017 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -14.30% Feb 6, 2026 - Mar 18, 2026 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -13.73% Jul 20, 2015 - Nov 6, 2015 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -13.47% Apr 1, 2014 - Oct 31, 2014 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -12.73% Dec 30, 2014 - Mar 16, 2015 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between INDB and SPY is 0.86 which considered as a strong positive correlation - the stocks tend to move together.
Dividend Comparison (1999 - 2026)
INDB vs SPY dividend yield comparison.
| Year | INDB | SPY |
|---|---|---|
| 2026 | 0.81% | 0.24% |
| 2025 | 3.23% | 1.07% |
| 2024 | 3.55% | 1.21% |
| 2023 | 3.34% | 1.40% |
| 2022 | 2.46% | 1.65% |
| 2021 | 2.35% | 1.20% |
| 2020 | 2.52% | 1.52% |
| 2019 | 2.11% | 1.75% |
| 2018 | 2.16% | 2.04% |
| 2017 | 1.83% | 1.80% |
| 2016 | 1.65% | 2.03% |
| 2015 | 2.24% | 2.06% |
| 2014 | 2.24% | 1.87% |
| 2013 | 2.25% | 1.81% |
| 2012 | 2.90% | 2.18% |
| 2011 | 2.78% | 2.05% |
| 2010 | 2.66% | 1.80% |
| 2009 | 3.45% | 1.95% |
| 2008 | 2.75% | 3.02% |
| 2007 | 2.50% | 1.85% |
| 2006 | 1.78% | 1.73% |
| 2005 | 2.10% | 1.73% |
| 2004 | 1.66% | 1.82% |
| 2003 | 1.84% | 1.47% |
| 2002 | 2.11% | 1.70% |
| 2001 | 2.05% | 1.25% |
| 2000 | 3.20% | 1.15% |
| 1999 | 0.80% | 0.24% |
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