AMAGX vs. SPY

Last updated Jun 23, 2026

AMAGX (Amana Growth Fund Investor Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - AMAGX is a Large Cap Growth Equities fund actively managed by Amana, while SPY is a S&P 500 fund tracking the S&P 500 Index. AMAGX is actively managed, while SPY is passively managed. Over the past 10 years, AMAGX returned 17.59%/yr vs 15.70%/yr for SPY. Their correlation of 0.87 suggests significant overlap in exposure. AMAGX charges 0.86%/yr vs 0.09%/yr for SPY.

Performance

AMAGX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amana Growth Fund Investor Shares (AMAGX) 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, AMAGX achieves a 14.81% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, AMAGX has outperformed SPY with an annualized return of 17.59%, while SPY has yielded a comparatively lower 15.70% annualized return.

AMAGX

• 1D: 1.65%
• 1M: 1.18%
• YTD: 14.81%
• 6M: 15.02%
• 1Y: 34.39%
• 3Y*: 19.60%
• 5Y*: 13.63%
• 10Y*: 17.59%

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)

AMAGX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMAGX Amana Growth Fund Investor Shares	14.81%	17.62%	15.73%	25.67%	-19.49%	31.51%	32.93%	33.09%	2.47%	28.91%
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 AMAGX and SPY is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 3, 1994	0.87

The correlation between AMAGX and SPY has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

Return for Risk

AMAGX vs. SPY — Risk / Return Rank

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

AMAGX

AMAGX Risk / Return Rank: 59
AMAGX Sharpe Ratio Rank: 55
AMAGX Sortino Ratio Rank: 50
AMAGX Omega Ratio Rank: 49
AMAGX Calmar Ratio Rank: 69
AMAGX Martin Ratio Rank: 75

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.

AMAGX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amana Growth Fund Investor Shares (AMAGX) 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.

	AMAGX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.16	-0.15
Sortino ratio: Return per unit of downside risk	2.74	2.91	-0.17
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	3.07	3.01	+0.05
Martin ratio: Return relative to average drawdown	13.16	13.54	-0.38

AMAGX vs. SPY - Sharpe Ratio Comparison

The current AMAGX Sharpe Ratio is 2.00, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of AMAGX 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

AMAGX vs. SPY - Drawdown Comparison

The maximum AMAGX drawdown since its inception was -57.64%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AMAGX and SPY.

Drawdown Indicators

	AMAGX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-57.64%	-55.19%	-2.45%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-8.88%	-2.16%
Max Drawdown (3Y) Largest decline over 3 years	-21.45%	-18.76%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-24.50%	-3.59%
Max Drawdown (10Y) Largest decline over 10 years	-28.09%	-33.72%	+5.63%
Current Drawdown Current decline from peak	-2.21%	-1.75%	-0.46%
Average Drawdown Average peak-to-trough decline	-10.26%	-9.04%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	1.97%	+0.60%

Volatility

AMAGX vs. SPY - Volatility Comparison

Amana Growth Fund Investor Shares (AMAGX) has a higher volatility of 6.35% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that AMAGX'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

	AMAGX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	4.64%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	9.75%	+4.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	12.43%	+4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	17.14%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.50%	17.99%	+0.51%

AMAGX vs. SPY - Expense Ratio Comparison

AMAGX has a 0.86% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

AMAGX vs. SPY - Dividend Comparison

AMAGX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMAGX Amana Growth Fund Investor Shares	0.00%	0.00%	3.95%	0.65%	3.64%	0.52%	5.44%	3.15%	3.47%	10.90%	13.67%	7.45%
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 AMAGX and SPY in my portfolio?

AMAGX and SPY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMAGX or SPY?

AMAGX has higher volatility (6.35%) compared to SPY (4.64%). In terms of maximum drawdown, AMAGX dropped -57.64% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 2.00), 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.