TFSA vs SPY

Comparison between Terra Income Fund 6, LLC 7.00% Notes due 2026 (TFSA, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed TFSA, delivering a return of +14.0% compared to -3.2%

TFSA vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	TFSA(COMPANY)	SPY(ETF)
Market Cap / Net Assets	$124M	$735B
Expense Ratio	N/A	0.09%
Max Drawdown	55.49%	56.47%
Sharpe Ratio	-0.65	1.89
5Y Beta	N/A	1.00
P/E Ratio	30.15	28.99
Forward P/E	N/A	22.40
Dividend Yield	5.28%	N/A
5Y Dividends CAGR	N/A	5.43%
5Y EPS CAGR	N/A	26.05%
Debt to Equity	N/A	32.40%
Free Cash Flow Yield	-0.36%	N/A
P/S Ratio	N/A	3.74
P/B Ratio	N/A	5.61

Market Cap / Net Assets

TFSA

$124M

Winner

SPY

$735B

Expense Ratio

TFSA

N/A

SPY

0.09%

Max Drawdown

Winner

TFSA

55.49%

SPY

56.47%

Sharpe Ratio

TFSA

-0.65

Winner

SPY

1.89

5Y Beta

TFSA

N/A

SPY

1.00

P/E Ratio

TFSA

30.15

Winner

SPY

28.99

Forward P/E

TFSA

N/A

SPY

22.40

Dividend Yield

TFSA

5.28%

SPY

N/A

5Y Dividends CAGR

TFSA

N/A

SPY

5.43%

5Y EPS CAGR

TFSA

N/A

SPY

26.05%

Debt to Equity

TFSA

N/A

SPY

32.40%

Free Cash Flow Yield

TFSA

-0.36%

SPY

N/A

P/S Ratio

TFSA

N/A

SPY

3.74

P/B Ratio

TFSA

N/A

SPY

5.61

TFSA vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	TFSA	SPY
1 month	-36.40%	+5.05%
3 months	-36.95%	+11.17%
6 months	-35.97%	+10.92%
1 year	-33.35%	+27.98%
5 years(CAGR)	-3.20%	+14.04%
10 years(CAGR)	N/A	+15.50%
Max(CAGR)	-2.59%	+8.56%

TFSA

-36.40%

Winner

SPY

+5.05%

TFSA

-36.95%

Winner

SPY

+11.17%

TFSA

-35.97%

Winner

SPY

+10.92%

TFSA

-33.35%

Winner

SPY

+27.98%

5Y(CAGR)

TFSA

-3.20%

Winner

SPY

+14.04%

10Y(CAGR)

TFSA

N/A

SPY

+15.50%

Max(CAGR)

TFSA

-2.59%

Winner

SPY

+8.56%

TFSA vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	TFSA	SPY
2026	-36.81%	+10.71%
2025	+9.45%	+18.00%
2024	+10.86%	+25.59%
2023	+10.51%	+26.72%
2022	-3.49%	-18.64%
2021	+7.02%	+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%

TFSA vs SPY Drawdown Comparison

The maximum drawdown for TFSA was -51.94%, occurring on Mar 16, 2026. This drawdown has not yet recovered.

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

The current TFSA drawdown is -37.63%. The current SPY drawdown is -0.70%.

Rank	TFSA	SPY
#1	-51.94% Jan 22, 2026 - Mar 16, 2026	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-20.89% Sep 8, 2022 - Apr 3, 2023	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-10.33% Oct 2, 2023 - Jan 31, 2024	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-9.60% Mar 27, 2024 - Sep 16, 2024	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-9.28% Apr 3, 2023 - Jun 5, 2023	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-7.42% Jan 31, 2024 - Feb 29, 2024	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-6.67% Jun 14, 2023 - Oct 2, 2023	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-6.44% May 30, 2025 - Jul 30, 2025	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-6.07% Mar 18, 2022 - Aug 16, 2022	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-5.71% Mar 21, 2025 - May 30, 2025	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-4.23% Feb 29, 2024 - Mar 19, 2024	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-3.97% Aug 16, 2022 - Sep 8, 2022	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-3.84% Feb 3, 2025 - Mar 19, 2025	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-3.84% Sep 16, 2024 - Dec 30, 2024	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-3.71% Aug 17, 2021 - Dec 14, 2021	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between TFSA and SPY is 0.84 which considered as a strong positive correlation - the stocks tend to move together.

0.84

-101

Dividend Comparison (1999 - 2026)

TFSA vs SPY dividend yield comparison.

Year	TFSA	SPY
2026	2.87%	0.24%
2025	7.04%	1.07%
2024	7.26%	1.21%
2023	7.41%	1.40%
2022	7.59%	1.65%
2021	3.41%	1.20%
2020	0.00%	1.52%
2019	0.00%	1.75%
2018	0.00%	2.04%
2017	0.00%	1.80%
2016	0.00%	2.03%
2015	0.00%	2.06%
2014	0.00%	1.87%
2013	0.00%	1.81%
2012	0.00%	2.18%
2011	0.00%	2.05%
2010	0.00%	1.80%
2009	0.00%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%