AKAF vs. SPGM
AKAF (The Frontier Economic Fund) and SPGM (SPDR Portfolio MSCI Global Stock Market ETF) are both Global Equities funds - AKAF tracks the Alaska Last Frontier Index while SPGM tracks the MSCI ACWI IMI Index. Both are passively managed. Over the past year, AKAF returned 30.14% vs 27.20% for SPGM. Their 0.77 correlation means they have sometimes moved together and sometimes differently. AKAF charges 0.20%/yr vs 0.09%/yr for SPGM.
Performance
AKAF vs. SPGM - Performance Comparison
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Returns By Period
In the year-to-date period, AKAF achieves a 13.79% return, which is significantly lower than SPGM's 15.04% return.
AKAF
- 1D
- 1.59%
- 1M
- 3.43%
- 6M
- 3.63%
- YTD
- 13.79%
- 1Y
- 30.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 29.69%
SPGM
- 1D
- 1.84%
- 1M
- 2.90%
- 6M
- 11.08%
- YTD
- 15.04%
- 1Y
- 27.20%
- 3Y*
- 20.67%
- 5Y*
- 11.53%
- 10Y*
- 12.78%
- ALL TIME*
- 11.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $446.98 | $1.16K | $1.31K | |
| $10.14M | $13.82M | $20.56M |
AKAF vs. SPGM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
AKAF The Frontier Economic Fund | 13.79% | 17.17% |
SPGM SPDR Portfolio MSCI Global Stock Market ETF | 15.04% | 14.57% |
Correlation
The correlation between AKAF and SPGM is 0.77, 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. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.77 |
The correlation between AKAF and SPGM has been stable across timeframes, ranging from 0.77 to 0.77 - a consistent structural relationship.
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Return for Risk
AKAF vs. SPGM — Risk / Return Rank
AKAF
SPGM
AKAF vs. SPGM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Frontier Economic Fund (AKAF) and SPDR Portfolio MSCI Global Stock Market ETF (SPGM). 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.
| AKAF | SPGM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.35 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 2.88 | +0.37 |
| Martin ratioReturn relative to average drawdown | 10.99 | 12.11 | -1.12 |
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Drawdowns
AKAF vs. SPGM - Drawdown Comparison
The maximum AKAF drawdown since its inception was -9.32%, smaller than the maximum SPGM drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for AKAF and SPGM.
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Drawdown Indicators
| AKAF | SPGM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.32% | -33.97% | +24.65% |
Max Drawdown (1Y)Largest decline over 1 year | -9.32% | -9.50% | +0.18% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.93% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.97% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.82% | -4.77% | +2.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 2.25% | +0.50% |
Volatility
AKAF vs. SPGM - Volatility Comparison
The current volatility for The Frontier Economic Fund (AKAF) is 3.31%, while SPDR Portfolio MSCI Global Stock Market ETF (SPGM) has a volatility of 4.34%. This indicates that AKAF experiences smaller price fluctuations and is considered to be less risky than SPGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AKAF | SPGM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.31% | 4.34% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.37% | 11.88% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.88% | 14.13% | +0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.61% | 16.21% | -1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.61% | 17.34% | -2.73% |
AKAF vs. SPGM - Expense Ratio Comparison
AKAF has a 0.20% expense ratio, which is higher than SPGM's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
AKAF vs. SPGM - Dividend Comparison
AKAF's dividend yield for the trailing twelve months is around 2.90%, more than SPGM's 1.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AKAF The Frontier Economic Fund | 2.90% | 2.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPGM SPDR Portfolio MSCI Global Stock Market ETF | 1.76% | 1.89% | 1.98% | 2.09% | 2.37% | 1.94% | 1.45% | 2.46% | 1.89% | 2.29% | 1.87% | 3.70% |
Frequently Asked Questions
AKAF and SPGM have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPGM has higher volatility (4.34%) compared to AKAF (3.31%). In terms of maximum drawdown, AKAF dropped -9.32% vs SPGM's -33.97%.
On 1-year performance, AKAF leads with 30.14% vs 27.20% for SPGM. On fees, SPGM is cheaper at 0.09% per year. On volatility, AKAF has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AKAF has performed better with a 30.14% return vs 27.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPGM is cheaper with a 0.09% expense ratio, compared with 0.20% for AKAF.
AKAF has the higher dividend yield at 2.90%, compared with 1.76% for SPGM.
AKAF tracks Alaska Last Frontier Index, while SPGM tracks MSCI ACWI IMI Index. They also come from different issuers: Vident and State Street. Their fees differ too: 0.20% for AKAF and 0.09% for SPGM.
AKAF currently has the higher Sharpe Ratio (2.05 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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