ACFOX vs. SPY

Last updated Jun 23, 2026

ACFOX (American Century Investments Focused Dynamic Growth Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - ACFOX is a Large Cap Growth Equities fund managed by American Century, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ACFOX returned 19.22%/yr vs 15.70%/yr for SPY. Their correlation of 0.88 suggests significant overlap in exposure. ACFOX charges 0.85%/yr vs 0.09%/yr for SPY.

Performance

ACFOX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Investments Focused Dynamic Growth Fund (ACFOX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACFOX achieves a 5.91% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, ACFOX has outperformed SPY with an annualized return of 19.22%, while SPY has yielded a comparatively lower 15.70% annualized return.

ACFOX

• 1D: 1.86%
• 1M: -2.05%
• YTD: 5.91%
• 6M: 4.50%
• 1Y: 29.60%
• 3Y*: 25.36%
• 5Y*: 9.68%
• 10Y*: 19.22%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

ACFOX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACFOX American Century Investments Focused Dynamic Growth Fund	5.91%	20.51%	43.30%	35.66%	-36.32%	7.08%	73.31%	32.30%	6.51%	34.55%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ACFOX and SPY is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 31, 2006	0.88

The correlation between ACFOX and SPY has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

ACFOX vs. SPY — Risk / Return Rank

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

ACFOX

ACFOX Risk / Return Rank: 27
ACFOX Sharpe Ratio Rank: 30
ACFOX Sortino Ratio Rank: 26
ACFOX Omega Ratio Rank: 27
ACFOX Calmar Ratio Rank: 25
ACFOX Martin Ratio Rank: 27

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

ACFOX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Investments Focused Dynamic Growth Fund (ACFOX) and State Street SPDR S&P 500 ETF (SPY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ACFOX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.16	-0.70
Sortino ratio: Return per unit of downside risk	1.98	2.91	-0.93
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.14
Calmar ratio: Return relative to maximum drawdown	1.76	3.01	-1.26
Martin ratio: Return relative to average drawdown	6.02	13.54	-7.51

ACFOX vs. SPY - Sharpe Ratio Comparison

The current ACFOX Sharpe Ratio is 1.45, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ACFOX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ACFOX vs. SPY - Drawdown Comparison

The maximum ACFOX drawdown since its inception was -58.92%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ACFOX and SPY.

Drawdown Indicators

	ACFOX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.92%	-55.19%	-3.73%
Max Drawdown (1Y) Largest decline over 1 year	-16.52%	-8.88%	-7.64%
Max Drawdown (3Y) Largest decline over 3 years	-27.03%	-18.76%	-8.27%
Max Drawdown (5Y) Largest decline over 5 years	-43.77%	-24.50%	-19.27%
Max Drawdown (10Y) Largest decline over 10 years	-43.77%	-33.72%	-10.05%
Current Drawdown Current decline from peak	-4.11%	-1.75%	-2.36%
Average Drawdown Average peak-to-trough decline	-14.68%	-9.04%	-5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	1.97%	+2.84%

Volatility

ACFOX vs. SPY - Volatility Comparison

American Century Investments Focused Dynamic Growth Fund (ACFOX) has a higher volatility of 7.93% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that ACFOX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACFOX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	4.64%	+3.29%
Volatility (6M) Calculated over the trailing 6-month period	16.19%	9.75%	+6.44%
Volatility (1Y) Calculated over the trailing 1-year period	19.98%	12.43%	+7.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.43%	17.14%	+8.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.91%	17.99%	+5.92%

ACFOX vs. SPY - Expense Ratio Comparison

ACFOX has a 0.85% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ACFOX vs. SPY - Dividend Comparison

ACFOX's dividend yield for the trailing twelve months is around 7.13%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACFOX American Century Investments Focused Dynamic Growth Fund	7.13%	7.56%	0.00%	0.00%	0.00%	2.48%	0.62%	0.00%	0.00%	0.00%	1.15%	1.33%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ACFOX and SPY in my portfolio?

ACFOX and SPY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACFOX or SPY?

ACFOX has higher volatility (7.93%) compared to SPY (4.64%). In terms of maximum drawdown, ACFOX dropped -58.92% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.45), 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.