Figures as of the Nov 13, 2026 close. Updated after each trading day. Not a recommendation or a forecast.
From Nov 12, 2021 to the Nov 13, 2026 close, $1,000 in Microsoft (MSFT) became $1,621 and $1,000 in SPY became $1,726, with dividends reinvested.
From Nov 12, 2021 to Nov 13, 2026, Microsoft grew 10.1% a year and SPY grew 11.5%. The higher rate, SPY's, came with narrower daily swings. Volatility was 28.4% for Microsoft and 17.3% for SPY. The Sharpe ratio is the yearly return above a fixed 5% risk-free rate, per unit of volatility.
Sharpe ratios were 0.18 for Microsoft and 0.38 for SPY. Over the same dates, the price record shows deepest falls of 37.1% for Microsoft and 24.5% for SPY. From Nov 15, 2021 to Nov 13, 2026, betas to the S&P 500 were 1.13 for Microsoft and 1.00 for SPY.
The $1,000 in Microsoft and the $1,000 in SPY swapped places 5 times at month ends. The latest swap came at the end of Nov 2025. Since then, the $1,000 in SPY has been worth more at every month end. Across all 61 month ends, Microsoft's value was the higher one at 25 and SPY's at 36.
At the end of Jun 2026, $1,000 had become $1,152 in Microsoft and $1,704 in SPY. In relative terms, that was the widest gap between them at any month end. Neither the $1,000 in Microsoft nor the $1,000 in SPY reached $2,000 at a month end.
The highest month-end values were $1,635 for Microsoft (Jul 2025) and $1,751 for SPY (Aug 2026).
Every row ends at the Nov 13, 2026 close. The "a year" columns give the yearly rate from each start date. The yearly rates were furthest apart over the last 10 years. Over that span, Microsoft grew 26.1% a year and SPY grew 15.1%. The rates were closest over the last 5 years: 10.1% for Microsoft and 11.5% for SPY.
Both had a lower rate over the last year than their 10-year rate. For Microsoft it was 4.9% against 26.1%, and for SPY 13.5% against 15.1%. In every row, $1,000 in Microsoft and $1,000 in SPY both ended above $1,000.
| Period | $1,000 in Microsoft | $1,000 in SPY | Microsoft a year | SPY a year |
|---|---|---|---|---|
| Since both startedfrom Jan 29, 1993 | $319,281 | $31,362 | 18.6% | 10.7% |
| Last 20 yearsfrom Nov 13, 2006 | $25,480 | $7,846 | 17.6% | 10.8% |
| Last 10 yearsfrom Nov 14, 2016 | $10,151 | $4,078 | 26.1% | 15.1% |
| Last 5 yearsfrom Nov 12, 2021 | $1,621 | $1,726 | 10.1% | 11.5% |
| Last yearfrom Nov 13, 2025 | $1,049 | $1,135 | 4.9% | 13.5% |
At the Nov 13, 2026 close, Microsoft was 0.8% below its Jul 2025 month-end high. At the same close, SPY was 1.4% below its Aug 2026 month-end high. On daily closes, the deepest falls of Microsoft and SPY came in the same stretch. Microsoft fell 37.1% from Nov 19, 2021 to Nov 3, 2022.
SPY fell 24.5% from Jan 3, 2022 to Oct 12, 2022. Microsoft closed back at its old high on Jun 15, 2023, 7 months after the low. SPY closed back at its old high on Dec 13, 2023, 1 year and 2 months after the low. Microsoft was 20% or more below its high at 12 of 61 month ends.
SPY was 20% or more below its high at 1.
The S&P 500's 2022 fall ran from its Jan 3, 2022 high to its Oct 12, 2022 low. Over those dates, Microsoft fell 32.1% and SPY 24.5%.
The bars cover 4 full calendar years, 2022 to 2025. Microsoft rose in 3 of them and SPY in 3. Microsoft's yearly change was higher in 1 year and SPY's in 3. Both rose in 3 and both fell in 1. They never moved in opposite directions over a full year.
Both had their lowest year in 2022: Microsoft −28.0%, SPY −18.2%. Both had their highest year in 2023: Microsoft +58.2%, SPY +26.2%. The widest one-year gap between Microsoft and SPY came in 2023, one of the years above. In 2025, the latest full year, Microsoft rose 15.6% and SPY rose 17.7%.
These counts cover 59 full months, Dec 2021 to Oct 2026. Microsoft rose in 30 of them and SPY in 37. Both rose in 25, both fell in 17, and in 17 one rose while the other fell. Microsoft's largest monthly fall was −17.2% in Jun 2026, and SPY's −9.2% in Sep 2022.
Microsoft's largest monthly rise was +24.6% in Jul 2026, and SPY's +10.5% in Apr 2026. Microsoft's longest run of falling months was 6, ending in Mar 2026. SPY's longest run of falling months was 3, ending in Oct 2023.
The latest cell is a part month, from the Oct 30, 2026 close to the Nov 13, 2026 close. Over those days, Microsoft changed +0.4% and SPY −0.2%.
| J | F | M | A | M | J | J | A | S | O | N | D | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −11.0 | −8.5 | −5.7 | +10.2 | +10.7 | −17.2 | +24.6 | +9.4 | +1.1 | +1.8 | +0.4 | |
| 2025 | −1.5 | −4.2 | −5.4 | +5.3 | +16.7 | +8.0 | +7.3 | −4.9 | +2.2 | −0.0 | −4.8 | −1.7 |
| 2024 | +5.7 | +4.2 | +1.7 | −7.5 | +6.8 | +7.7 | −6.4 | −0.1 | +3.2 | −5.6 | +4.4 | −0.5 |
| 2023 | +3.3 | +0.9 | +15.6 | +6.6 | +7.1 | +3.7 | −1.4 | −2.2 | −3.7 | +7.1 | +12.3 | −0.8 |
| 2022 | −7.5 | −3.7 | +3.2 | −10.0 | −1.8 | −5.5 | +9.3 | −6.7 | −10.9 | −0.3 | +10.2 | −6.0 |
| 2021 | +1.7 |
| J | F | M | A | M | J | J | A | S | O | N | D | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +1.5 | −0.9 | −4.9 | +10.5 | +5.3 | −1.0 | +0.0 | +2.7 | −0.3 | −0.9 | −0.2 | |
| 2025 | +2.7 | −1.3 | −5.6 | −0.9 | +6.3 | +5.1 | +2.3 | +2.1 | +3.6 | +2.4 | +0.2 | +0.1 |
| 2024 | +1.6 | +5.2 | +3.3 | −4.0 | +5.1 | +3.5 | +1.2 | +2.3 | +2.1 | −0.9 | +6.0 | −2.4 |
| 2023 | +6.3 | −2.5 | +3.7 | +1.6 | +0.5 | +6.5 | +3.3 | −1.6 | −4.7 | −2.2 | +9.1 | +4.6 |
| 2022 | −5.3 | −3.0 | +3.8 | −8.8 | +0.2 | −8.2 | +9.2 | −4.1 | −9.2 | +8.1 | +5.6 | −5.8 |
| 2021 | +4.6 |
The rolling 1-year return is the change over the 12 months to each month end. From Nov 2022 to Nov 2026, Microsoft's rolling 1-year return ran from −28.0% (12 months to Dec 2022) to +67.2% (to Feb 2024). Over the same months, SPY's ran from −18.2% (12 months to Dec 2022) to +37.8% (to Oct 2024).
Microsoft's 12-month change was below zero at 13 of those 49 month ends, and SPY's at 5. Microsoft's 12-month change was the higher one at 23 month ends and SPY's at 26. That is close to an even split.
These measures cover Nov 12, 2021 to Nov 13, 2026. Over those dates, volatility was 28.4% for Microsoft and 17.3% for SPY. The Sortino ratio counts only falling days as risk. Against the same 5% rate, Sortino ratios were 0.27 for Microsoft and 0.54 for SPY. The Calmar ratio is the yearly return divided by the deepest fall.
Calmar ratios were 0.27 for Microsoft and 0.47 for SPY.
Beta shows how much Microsoft tended to move on the days the S&P 500 (SPY) moved. A beta of 1 means moving by the same amount as the index. From Nov 15, 2021 to Nov 13, 2026, Microsoft's beta was 1.13, so it tended to move more than the index.
SPY's beta is 1.00 by definition, since SPY stands for the index here. The correlation of Microsoft's and SPY's daily moves was 0.69, a partial link. A correlation of 1 would mean they always moved together, 0 no link and −1 always opposite.
| Measure | Microsoft | SPY |
|---|---|---|
| Volatility, a year | 28.4% | 17.3% |
| Sharpe ratio | 0.18 | 0.38 |
| Sortino ratio | 0.27 | 0.54 |
| Calmar ratio | 0.27 | 0.47 |
| Deepest fall | 37.1% | 24.5% |
| Beta to the S&P 500from Nov 15, 2021 | 1.13 | 1.00 |
| Upside capturemonths from Dec 2016 | 131% | 100% |
| Downside capturemonths from Dec 2016 | 90% | 100% |
| Biggest one-day rise | +15.51%Jul 30, 2026 | +10.50%Apr 9, 2025 |
| Biggest one-day fall | −9.99%Jan 29, 2026 | −5.85%Apr 4, 2025 |
| Price against its 50-day average | +0.9% | −1.3% |
| Price against its 200-day average | +18.9% | +3.4% |
| Correlation of daily movesfrom Nov 15, 2021 | 0.69 | |
What Microsoft does and what SPY holds, from their latest filings with the US Securities and Exchange Commission.
Microsoft Corporation, founded in 1975, develops and supports software, services, devices and solutions. It reports three segments. Productivity and Business Processes includes Microsoft 365 commercial and consumer products and cloud services, LinkedIn, and Dynamics business applications. Intelligent Cloud includes server products and cloud services, among them Azure and GitHub cloud services.
More Personal Computing includes Windows and Devices, with Surface; XBOX hardware, content and services; and search advertising through Bing, Copilot, Microsoft News and Microsoft Edge. The corporate headquarters is in Redmond, Washington. Microsoft's fiscal year ends on June 30, so the latest annual report covers the year ended June 30, 2026.
Source: 10-K (fiscal 2026, ended June 30, 2026), filed Jul 29, 2026 (SEC EDGAR)
The State Street SPDR S&P 500 ETF Trust (SPY) is an exchange-traded fund structured as a unit investment trust. A unit investment trust is a type of registered investment company. The issuer states that the fund seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index.
The issuer describes that index as designed to measure the performance of the large-cap segment of the US equity market, weighted by float-adjusted market capitalization. The fund's inception date is January 22, 1993, and it lists on NYSE Arca. Its trustee is State Street Global Advisors Trust Company.
Its fiscal year ends on September 30, according to its SEC filer record.
Source: Issuer fund page (State Street, ssga.com) (issuer page)
It depends on the period. Microsoft had the higher total return over the full span since Jan 1993 and the last 20 and 10 years. SPY had the higher total return over the last 5 years and the last year. From Jan 29, 1993 to the Nov 13, 2026 close, Microsoft returned +31,828% in total and SPY +3,036%.
Both include reinvested dividends, before taxes and fees. Over the last 10 years, Microsoft returned +915% and SPY +308%. Over the last 5 years, Microsoft returned +62.1% and SPY +72.6%. Over the last year, Microsoft returned +4.9% and SPY +13.5%. None of these Microsoft and SPY figures is a forecast.
SmartFin does not say which to buy. This page reports what Microsoft and SPY prices did. From Nov 12, 2021 to Nov 13, 2026, Microsoft grew 10.1% a year and SPY grew 11.5%. The record shows deepest falls of 37.1% for Microsoft and 24.5% for SPY. Past returns for Microsoft and SPY do not show what either will do next.
Yes. Every MSFT and SPY figure here uses closing prices adjusted for stock splits and dividends, so dividends count as reinvested. Taxes, fees and trading costs are left out of the Microsoft and SPY figures.
At the Nov 13, 2026 close, Microsoft was 0.8% below its highest month-end value, set in Jul 2025. At the same close, SPY was 1.4% below its highest month-end value, set in Aug 2026. Microsoft's deepest fall on daily closes was 37.1%, from Nov 2021 to Nov 2022. SPY's deepest fall was 24.5%, from Jan 2022 to Oct 2022.
Compare Microsoft and SPY with your own amount and dates in Compare Two Stocks
Daily closing prices adjusted for stock splits, with dividends reinvested, before taxes and fees. Both amounts are invested at the same close and valued at the Nov 13, 2026 close. See also: What if you invested in Microsoft · What if you invested in SPY.
This page presents historical market data and calculated results for a defined period. It is not a recommendation to buy, sell, or hold the security, fund, or index shown. Past performance is not indicative of future results.