TERN vs SPY

Comparison between Terns Pharmaceuticals Inc (TERN, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceTERN has outperformed SPY, delivering a return of +25.4% compared to +13.8%

TERN vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	TERN(COMPANY)	SPY(ETF)
Market Cap / Net Assets	$5.95B	$735B
Expense Ratio	N/A	0.09%
Max Drawdown	94.50%	56.47%
Sharpe Ratio	3.07	1.71
5Y Beta	N/A	1.00
Industry	Biotechnology	N/A
P/E Ratio	-50.88	28.81
Forward P/E	N/A	22.10
5Y Dividends CAGR	N/A	5.43%
5Y EPS CAGR	N/A	25.84%
Debt to Equity	0.00%	34.16%
Free Cash Flow Yield	-1.38%	N/A
P/S Ratio	N/A	3.69
P/B Ratio	N/A	5.54

Market Cap / Net Assets

TERN

$5.95B

Winner

SPY

$735B

Expense Ratio

TERN

N/A

SPY

0.09%

Max Drawdown

TERN

94.50%

Winner

SPY

56.47%

Sharpe Ratio

Winner

TERN

3.07

SPY

1.71

5Y Beta

TERN

N/A

SPY

1.00

Industry

TERN

Biotechnology

SPY

N/A

P/E Ratio

Winner

TERN

-50.88

SPY

28.81

Forward P/E

TERN

N/A

SPY

22.10

5Y Dividends CAGR

TERN

N/A

SPY

5.43%

5Y EPS CAGR

TERN

N/A

SPY

25.84%

Debt to Equity

Winner

TERN

0.00%

SPY

34.16%

Free Cash Flow Yield

TERN

-1.38%

SPY

N/A

P/S Ratio

TERN

N/A

SPY

3.69

P/B Ratio

TERN

N/A

SPY

5.54

TERN vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	TERN	SPY
1 month	+0.32%	+3.53%
3 months	+49.83%	+7.49%
6 months	+191.09%	+11.36%
1 year	+1504.55%	+24.76%
5 years(CAGR)	+25.44%	+13.85%
10 years(CAGR)	N/A	+15.52%
Max(CAGR)	+22.35%	+8.46%

TERN

+0.32%

Winner

SPY

+3.53%

Winner

TERN

+49.83%

SPY

+7.49%

Winner

TERN

+191.09%

SPY

+11.36%

Winner

TERN

+1504.55%

SPY

+24.76%

5Y(CAGR)

Winner

TERN

+25.44%

SPY

+13.85%

10Y(CAGR)

TERN

N/A

SPY

+15.52%

Max(CAGR)

Winner

TERN

+22.35%

SPY

+8.46%

TERN vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	TERN	SPY
2026	+32.01%	+7.70%
2025	+612.52%	+18.00%
2024	-14.51%	+25.59%
2023	-26.08%	+26.72%
2022	+51.94%	-18.64%
2021	-61.56%	+30.52%
2020	N/A	+17.28%
2019	N/A	+31.09%
2018	N/A	-5.24%
2017	N/A	+20.78%
2016	N/A	+13.59%
2015	N/A	+1.31%
2014	N/A	+14.56%
2013	N/A	+29.00%
2012	N/A	+14.17%
2011	N/A	+0.85%
2010	N/A	+13.14%
2009	N/A	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

TERN vs SPY Drawdown Comparison

The maximum drawdown for TERN was -94.50%, occurring on May 11, 2022. Recovery took 1173 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current TERN drawdown is -0.41%. The current SPY drawdown is -1.93%.

Rank	TERN	SPY
#1	-94.50% Mar 19, 2021 - Nov 18, 2025	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-32.02% Mar 3, 2021 - Mar 12, 2021	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-27.56% Dec 11, 2025 - Mar 18, 2026	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-16.13% Feb 10, 2021 - Feb 24, 2021	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-12.11% Nov 25, 2025 - Dec 5, 2025	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-5.26% Nov 18, 2025 - Nov 24, 2025	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-4.09% Mar 12, 2021 - Mar 18, 2021	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-2.27% Mar 1, 2021 - Mar 3, 2021	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-1.26% Mar 19, 2026 - Mar 23, 2026	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-1.15% Mar 26, 2026 - Apr 9, 2026	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-0.13% Feb 25, 2021 - Mar 1, 2021	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	N/A	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	N/A	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	N/A	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	N/A	-7.27% Sep 18, 2014 - Oct 31, 2014