# Indigo Protocol USD (INDYUSD) vs State Street SPDR S&P 500 ETF Trust (SPY) · total-return overlay

LOPJLB holding-return compare (5Y). Dividends and splits. Each path starts at 0% from the first adjusted close in the window.

Indigo Protocol USD (INDYUSD) vs State Street SPDR S&P 500 ETF Trust (SPY) total return over 5Y: INDYUSD -93.09%, SPY +90.22%. Regime INDYUSD RECOVERY · SPY BULL. As of Sep 25, 2026. Research only.

- Interactive: https://www.lopjlb.com/vs/INDYUSD/SPY
- API: `GET /bff/api/bigfive/compare-series?symbols=INDYUSD%2CSPY&range=5y`

## Window

| Symbol | Window % | Worst drawdown | YTD |
|---|---:|---:|---:|
| INDYUSD | -93.09% | -98.22% | -50.09% |
| SPY | +90.22% | -24.49% | +13.79% |

## Periods (calendar lookback)

| Symbol | 1Y | 2Y | 3Y | 5Y |
|---|---:|---:|---:|---:|
| INDYUSD | -88.24% | -70.51% | -89.89% | — |
| SPY | +18.48% | +38.44% | +85.06% | +90.22% |

## Annual

| Year | INDYUSD | SPY |
|---|---:|---:|
| YTD | -50.09% | +13.79% |
| 2025 | -86.15% | +18.01% |
| 2024 | -37.98% | +25.59% |
| 2023 | +39.43% | +26.73% |
| 2022 | — | -18.64% |
| 2021 | — | +9.90% |

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Research context only. Not personalized investment advice.