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^NDX vs. ^GSPC
Performance
Return for Risk
Drawdowns
Volatility

^NDX vs. ^GSPC

Last updated Jun 9, 2026

^NDX (NASDAQ 100 Index) and ^GSPC (S&P 500 Index) are both indexes. Over the past 10 years, ^NDX returned 20.76%/yr vs 13.45%/yr for ^GSPC. Their correlation of 0.84 suggests significant overlap in exposure.

Performance

^NDX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NASDAQ 100 Index (^NDX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ^NDX achieves a 16.49% return, which is significantly higher than ^GSPC's 8.18% return. Over the past 10 years, ^NDX has outperformed ^GSPC with an annualized return of 20.76%, while ^GSPC has yielded a comparatively lower 13.45% annualized return.

^NDX

1D
1.58%
1M
0.61%
YTD
16.49%
6M
14.77%
1Y
35.16%
3Y*
26.51%
5Y*
16.32%
10Y*
20.76%

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

^NDX vs. ^GSPC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
^NDX
NASDAQ 100 Index		16.49%20.17%24.88%53.81%-32.97%26.63%47.58%37.96%-1.04%31.52%
^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%

Correlation

The correlation between ^NDX and ^GSPC 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 Oct 2, 1985

0.84

The correlation between ^NDX and ^GSPC has been stable across timeframes, ranging from 0.84 to 0.94 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

NASDAQ 100 Index

S&P 500 Index

Often compared with ^NDX:
^NDX vs. BRK-B^NDX vs. SPY^NDX vs. ARKK^NDX vs. ^IXIC^NDX vs. TSLA^NDX vs. VOO^NDX vs. NQ=F
Often compared with ^GSPC:
^GSPC vs. ^IBEX^GSPC vs. AVGO^GSPC vs. SCHD^GSPC vs. GC=F^GSPC vs. TSMU^GSPC vs. QQQ^GSPC vs. ACWI

Return for Risk

^NDX vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
^NDX
^NDX Risk / Return Rank: 7676
Overall Rank
^NDX Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
^NDX Sortino Ratio Rank: 7575
Sortino Ratio Rank
^NDX Omega Ratio Rank: 7979
Omega Ratio Rank
^NDX Calmar Ratio Rank: 7575
Calmar Ratio Rank
^NDX Martin Ratio Rank: 7575
Martin Ratio Rank
^GSPC
^GSPC Risk / Return Rank: 6868
Overall Rank
^GSPC Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
^GSPC Sortino Ratio Rank: 6565
Sortino Ratio Rank
^GSPC Omega Ratio Rank: 7171
Omega Ratio Rank
^GSPC Calmar Ratio Rank: 6565
Calmar Ratio Rank
^GSPC Martin Ratio Rank: 7979
Martin Ratio Rank
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.

^NDX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 Index (^NDX) and S&P 500 Index (^GSPC). 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.

^NDX^GSPCDifference
Sharpe ratioReturn per unit of total volatility
2.10
1.94

+0.16

Sortino ratioReturn per unit of downside risk
2.72
2.63

+0.09

Omega ratioGain probability vs. loss probability

1.37

1.35

+0.01

Calmar ratioReturn relative to maximum drawdown

2.91

2.59

+0.33

Martin ratioReturn relative to average drawdown

11.03

11.84

-0.81

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^NDX vs. ^GSPC - Sharpe Ratio Comparison

The current ^NDX Sharpe Ratio is 2.10, which is comparable to the ^GSPC Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of ^NDX and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

^NDX^GSPCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.10

1.94

+0.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.71

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.92

0.75

+0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.47

+0.10

Drawdowns

^NDX vs. ^GSPC - Drawdown Comparison

The maximum ^NDX drawdown since its inception was -82.90%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for ^NDX and ^GSPC.

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Drawdown Indicators

^NDX^GSPCDifference

Max Drawdown

Largest peak-to-trough decline

-82.90%

-56.78%

-26.12%

Max Drawdown (1Y)

Largest decline over 1 year

-12.12%

-9.10%

-3.02%

Max Drawdown (3Y)

Largest decline over 3 years

-22.93%

-18.90%

-4.03%

Max Drawdown (5Y)

Largest decline over 5 years

-35.56%

-25.43%

-10.13%

Max Drawdown (10Y)

Largest decline over 10 years

-35.56%

-33.92%

-1.64%

Current Drawdown

Current decline from peak

-4.06%

-2.68%

-1.38%

Average Drawdown

Average peak-to-trough decline

-24.62%

-10.72%

-13.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

1.98%

+1.22%

Volatility

^NDX vs. ^GSPC - Volatility Comparison

NASDAQ 100 Index (^NDX) has a higher volatility of 6.84% compared to S&P 500 Index (^GSPC) at 3.80%. This indicates that ^NDX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

^NDX^GSPCDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.84%

3.80%

+3.04%

Volatility (6M)

Calculated over the trailing 6-month period

13.26%

9.41%

+3.85%

Volatility (1Y)

Calculated over the trailing 1-year period

16.87%

12.17%

+4.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.70%

16.94%

+5.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.59%

18.09%

+4.50%

Frequently Asked Questions

With a correlation of 0.94, ^NDX and ^GSPC 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.

^NDX has higher volatility (6.84%) compared to ^GSPC (3.80%). In terms of maximum drawdown, ^NDX dropped -82.90% vs ^GSPC's -56.78%.

^NDX currently has the higher Sharpe Ratio (2.10 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.

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