ACSTX vs. SPY

Last updated Aug 1, 2026

ACSTX (Invesco Comstock Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - ACSTX is a Large Cap Value Equities fund managed by Invesco, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ACSTX returned 12.73%/yr vs 15.07%/yr for SPY. Their correlation of 0.85 means they have usually moved in the same direction. ACSTX charges 0.80%/yr vs 0.09%/yr for SPY.

Performance

ACSTX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Comstock Fund (ACSTX) 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, ACSTX achieves a 12.80% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, ACSTX has underperformed SPY with an annualized return of 12.73%, while SPY has yielded a comparatively higher 15.07% annualized return.

ACSTX

• 1D: 0.47%
• 1M: 0.82%
• 6M: 9.59%
• YTD: 12.80%
• 1Y: 24.16%
• 3Y*: 16.09%
• 5Y*: 13.28%
• 10Y*: 12.73%
• ALL TIME*: 9.54%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ACSTX Invesco Comstock Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

ACSTX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACSTX Invesco Comstock Fund	12.80%	17.22%	15.00%	12.37%	0.74%	33.33%	-0.78%	24.35%	-12.34%	17.75%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ACSTX and SPY is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.85

Over the past year, the correlation between ACSTX and SPY has dropped to 0.65 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

ACSTX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ACSTX

ACSTX Risk / Return Rank: 83
ACSTX Sharpe Ratio Rank: 83
ACSTX Sortino Ratio Rank: 83
ACSTX Omega Ratio Rank: 80
ACSTX Calmar Ratio Rank: 82
ACSTX Martin Ratio Rank: 86

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ACSTX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Comstock Fund (ACSTX) 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.

	ACSTX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.52	+0.48
Sortino ratio: Return per unit of downside risk	2.89	2.11	+0.78
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	2.71	2.20	+0.51
Martin ratio: Return relative to average drawdown	10.66	9.40	+1.26

ACSTX vs. SPY - Sharpe Ratio Comparison

The current ACSTX Sharpe Ratio is 2.00, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of ACSTX 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

ACSTX vs. SPY - Drawdown Comparison

The maximum ACSTX drawdown since its inception was -58.61%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ACSTX and SPY.

Drawdown Indicators

	ACSTX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.61%	-55.19%	-3.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.02%	-8.88%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-15.61%	-18.76%	+3.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.25%	-24.50%	+7.25%
Max Drawdown (10Y) Largest decline over 10 years	-44.80%	-33.72%	-11.08%
Current Drawdown Current decline from peak	-0.52%	-1.40%	+0.88%
Average Drawdown Average peak-to-trough decline	-9.32%	-9.01%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.08%	-0.02%

Volatility

ACSTX vs. SPY - Volatility Comparison

The current volatility for Invesco Comstock Fund (ACSTX) is 2.32%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that ACSTX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACSTX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	3.58%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	8.00%	10.14%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.90%	12.89%	-1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	17.18%	-1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.32%	17.95%	+1.37%

ACSTX vs. SPY - Expense Ratio Comparison

ACSTX has a 0.80% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ACSTX vs. SPY - Dividend Comparison

ACSTX's dividend yield for the trailing twelve months is around 7.87%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACSTX Invesco Comstock Fund	7.87%	8.79%	10.17%	8.44%	13.00%	8.66%	2.05%	6.66%	10.03%	3.60%	6.98%	1.10%
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 ACSTX and SPY in my portfolio?

ACSTX and SPY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACSTX or SPY?

SPY has higher volatility (3.58%) compared to ACSTX (2.32%). In terms of maximum drawdown, ACSTX dropped -58.61% vs SPY's -55.19%.

Which has better risk-adjusted returns?

ACSTX currently has the higher Sharpe Ratio (2.00 vs 1.52), 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.