^SP400 vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about S&P 400 Index (^SP400) and S&P 500 Index (^GSPC).

Performance

^SP400 vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 400 Index (^SP400) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

^SP400 vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^SP400 S&P 400 Index	3.02%	5.90%	12.20%	14.45%	-14.48%	23.21%	11.81%	24.05%	-12.50%	14.45%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, ^SP400 achieves a 3.02% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, ^SP400 has underperformed ^GSPC with an annualized return of 8.90%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

^SP400

• 1D: 0.85%
• 1M: -5.55%
• YTD: 3.02%
• 6M: 3.99%
• 1Y: 15.98%
• 3Y*: 10.67%
• 5Y*: 5.16%
• 10Y*: 8.90%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

^SP400 vs. ^GSPC — Risk / Return Rank

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

^SP400

^SP400 Risk / Return Rank: 50
^SP400 Sharpe Ratio Rank: 46
^SP400 Sortino Ratio Rank: 48
^SP400 Omega Ratio Rank: 49
^SP400 Calmar Ratio Rank: 47
^SP400 Martin Ratio Rank: 58

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

^SP400 vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 400 Index (^SP400) 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.

	^SP400	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.77	0.92	-0.15
Sortino ratio Return per unit of downside risk	1.22	1.41	-0.20
Omega ratio Gain probability vs. loss probability	1.17	1.21	-0.05
Calmar ratio Return relative to maximum drawdown	1.18	1.41	-0.24
Martin ratio Return relative to average drawdown	4.99	6.61	-1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SP400 vs. ^GSPC - Sharpe Ratio Comparison

The current ^SP400 Sharpe Ratio is 0.77, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of ^SP400 and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^SP400	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	0.92	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.61	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.68	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.46	+0.02

Correlation

The correlation between ^SP400 and ^GSPC is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^SP400 vs. ^GSPC - Drawdown Comparison

The maximum ^SP400 drawdown since its inception was -56.32%, roughly equal to the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for ^SP400 and ^GSPC.

Drawdown Indicators

	^SP400	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-56.32%	-56.78%	+0.46%
Max Drawdown (1Y) Largest decline over 1 year	-14.11%	-12.14%	-1.97%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-25.43%	+0.97%
Max Drawdown (10Y) Largest decline over 10 years	-42.14%	-33.92%	-8.22%
Current Drawdown Current decline from peak	-5.60%	-5.78%	+0.18%
Average Drawdown Average peak-to-trough decline	-7.18%	-10.75%	+3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	2.60%	+0.74%

Volatility

^SP400 vs. ^GSPC - Volatility Comparison

S&P 400 Index (^SP400) has a higher volatility of 6.38% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that ^SP400'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.

Volatility by Period

	^SP400	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	5.37%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	11.84%	9.55%	+2.29%
Volatility (1Y) Calculated over the trailing 1-year period	20.98%	18.33%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.63%	16.90%	+2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	18.05%	+2.92%