AMCFX vs. VOO

Last updated Jun 24, 2026

AMCFX (American Funds AMCAP Fund Class F-2) and VOO (Vanguard S&P 500 ETF) are both funds - AMCFX is a Large Cap Growth Equities fund actively managed by American Funds, while VOO is a S&P 500 fund tracking the S&P 500 Index. AMCFX is actively managed, while VOO is passively managed. Over the past 10 years, AMCFX returned 13.06%/yr vs 15.61%/yr for VOO. With a 0.95 correlation, they move nearly in lockstep. AMCFX charges 0.43%/yr vs 0.03%/yr for VOO.

Performance

AMCFX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds AMCAP Fund Class F-2 (AMCFX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMCFX achieves a 4.27% return, which is significantly lower than VOO's 8.19% return. Over the past 10 years, AMCFX has underperformed VOO with an annualized return of 13.06%, while VOO has yielded a comparatively higher 15.61% annualized return.

AMCFX

• 1D: -1.28%
• 1M: 0.25%
• YTD: 4.27%
• 6M: 3.52%
• 1Y: 18.18%
• 3Y*: 18.79%
• 5Y*: 9.16%
• 10Y*: 13.06%

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

AMCFX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMCFX American Funds AMCAP Fund Class F-2	4.27%	17.94%	21.38%	31.35%	-28.53%	23.97%	21.71%	26.61%	-4.21%	22.29%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between AMCFX and VOO is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.95

The correlation between AMCFX and VOO has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

AMCFX vs. VOO — Risk / Return Rank

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

AMCFX

AMCFX Risk / Return Rank: 22
AMCFX Sharpe Ratio Rank: 23
AMCFX Sortino Ratio Rank: 22
AMCFX Omega Ratio Rank: 23
AMCFX Calmar Ratio Rank: 17
AMCFX Martin Ratio Rank: 25

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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.

AMCFX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds AMCAP Fund Class F-2 (AMCFX) and Vanguard S&P 500 ETF (VOO). 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.

	AMCFX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.91	-0.65
Sortino ratio: Return per unit of downside risk	1.80	2.60	-0.80
Omega ratio: Gain probability vs. loss probability	1.23	1.35	-0.12
Calmar ratio: Return relative to maximum drawdown	1.38	2.67	-1.30
Martin ratio: Return relative to average drawdown	5.48	11.96	-6.48

AMCFX vs. VOO - Sharpe Ratio Comparison

The current AMCFX Sharpe Ratio is 1.26, which is lower than the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of AMCFX and VOO, 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

AMCFX vs. VOO - Drawdown Comparison

The maximum AMCFX drawdown since its inception was -43.83%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for AMCFX and VOO.

Drawdown Indicators

	AMCFX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-43.83%	-33.99%	-9.84%
Max Drawdown (1Y) Largest decline over 1 year	-14.14%	-8.90%	-5.24%
Max Drawdown (3Y) Largest decline over 3 years	-19.69%	-18.69%	-1.00%
Max Drawdown (5Y) Largest decline over 5 years	-35.12%	-24.52%	-10.60%
Max Drawdown (10Y) Largest decline over 10 years	-35.12%	-33.99%	-1.13%
Current Drawdown Current decline from peak	-2.76%	-3.14%	+0.38%
Average Drawdown Average peak-to-trough decline	-6.56%	-3.68%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	1.99%	+1.55%

Volatility

AMCFX vs. VOO - Volatility Comparison

American Funds AMCAP Fund Class F-2 (AMCFX) has a higher volatility of 5.93% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that AMCFX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMCFX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.93%	4.83%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	9.82%	+2.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	12.46%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.38%	16.91%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	18.02%	+0.78%

AMCFX vs. VOO - Expense Ratio Comparison

AMCFX has a 0.43% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

AMCFX vs. VOO - Dividend Comparison

AMCFX's dividend yield for the trailing twelve months is around 12.53%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMCFX American Funds AMCAP Fund Class F-2	12.53%	8.57%	8.25%	3.59%	7.43%	5.87%	4.02%	5.04%	7.99%	5.50%	4.02%	8.82%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both AMCFX and VOO in my portfolio?

With a correlation of 0.94, AMCFX and VOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AMCFX or VOO?

AMCFX has higher volatility (5.93%) compared to VOO (4.83%). In terms of maximum drawdown, AMCFX dropped -43.83% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.91 vs 1.26), 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.