^GSPC vs. NASDX

Last updated Jun 9, 2026

^GSPC (S&P 500 Index) is an index, while NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) is Large Cap Growth Equities fund tracking the NASDAQ-100 Index. Over the past 10 years, ^GSPC returned 13.45%/yr vs 21.88%/yr for NASDX. Their correlation of 0.88 suggests significant overlap in exposure.

Performance

^GSPC vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 Index (^GSPC) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^GSPC achieves a 8.18% return, which is significantly lower than NASDX's 14.68% return. Over the past 10 years, ^GSPC has underperformed NASDX with an annualized return of 13.45%, while NASDX has yielded a comparatively higher 21.88% annualized return.

^GSPC

• 1D: 0.30%
• 1M: 0.09%
• YTD: 8.18%
• 6M: 8.17%
• 1Y: 23.42%
• 3Y*: 19.88%
• 5Y*: 11.91%
• 10Y*: 13.45%

NASDX

• 1D: -4.76%
• 1M: -0.88%
• YTD: 14.68%
• 6M: 13.19%
• 1Y: 33.57%
• 3Y*: 30.14%
• 5Y*: 18.65%
• 10Y*: 21.88%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^GSPC vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^GSPC S&P 500 Index	8.18%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	14.68%	21.00%	36.91%	54.69%	-32.57%	27.32%	48.59%	38.22%	-1.21%	31.27%

Correlation

The correlation between ^GSPC and NASDX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 18, 2000	0.88

The correlation between ^GSPC and NASDX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

^GSPC vs. NASDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^GSPC

^GSPC Risk / Return Rank: 68
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 65
^GSPC Omega Ratio Rank: 71
^GSPC Calmar Ratio Rank: 65
^GSPC Martin Ratio Rank: 79

NASDX

NASDX Risk / Return Rank: 54
NASDX Sharpe Ratio Rank: 54
NASDX Sortino Ratio Rank: 44
NASDX Omega Ratio Rank: 49
NASDX Calmar Ratio Rank: 64
NASDX Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^GSPC vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Index (^GSPC) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^GSPC	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.09	-0.15
Sortino ratio: Return per unit of downside risk	2.63	2.70	-0.08
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.01
Calmar ratio: Return relative to maximum drawdown	2.59	2.95	-0.36
Martin ratio: Return relative to average drawdown	11.84	11.38	+0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^GSPC vs. NASDX - Sharpe Ratio Comparison

The current ^GSPC Sharpe Ratio is 1.94, which is comparable to the NASDX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of ^GSPC and NASDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^GSPC	NASDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	2.09	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.81	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.97	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.32	+0.15

Drawdowns

^GSPC vs. NASDX - Drawdown Comparison

The maximum ^GSPC drawdown since its inception was -56.78%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for ^GSPC and NASDX.

Drawdown Indicators

	^GSPC	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-56.78%	-83.16%	+26.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-11.90%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-22.71%	+3.81%
Max Drawdown (5Y) Largest decline over 5 years	-25.43%	-35.33%	+9.90%
Max Drawdown (10Y) Largest decline over 10 years	-33.92%	-35.33%	+1.41%
Current Drawdown Current decline from peak	-2.68%	-5.52%	+2.84%
Average Drawdown Average peak-to-trough decline	-10.72%	-34.36%	+23.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	3.08%	-1.10%

Volatility

^GSPC vs. NASDX - Volatility Comparison

The current volatility for S&P 500 Index (^GSPC) is 3.80%, while Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) has a volatility of 6.67%. This indicates that ^GSPC experiences smaller price fluctuations and is considered to be less risky than NASDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^GSPC	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	6.67%	-2.87%
Volatility (6M) Calculated over the trailing 6-month period	9.41%	13.18%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	16.82%	-4.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	23.13%	-6.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	22.72%	-4.63%

Frequently Asked Questions

Can I hold both ^GSPC and NASDX in my portfolio?

With a correlation of 0.94, ^GSPC and NASDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^GSPC or NASDX?

NASDX has higher volatility (6.67%) compared to ^GSPC (3.80%). In terms of maximum drawdown, ^GSPC dropped -56.78% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

NASDX currently has the higher Sharpe Ratio (2.09 vs 1.94), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.