BRSIX vs. ^GSPC

Last updated Apr 1, 2026

Compare and contrast key facts about Bridgeway Ultra Small Company Market Fund (BRSIX) and S&P 500 Index (^GSPC).

BRSIX is managed by Bridgeway. It was launched on Jul 31, 1997.

Performance

BRSIX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bridgeway Ultra Small Company Market Fund (BRSIX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

BRSIX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRSIX Bridgeway Ultra Small Company Market Fund	-3.39%	20.09%	14.92%	11.46%	-23.43%	-1.93%	25.50%	15.34%	-17.23%	12.29%
^GSPC S&P 500 Index	-4.63%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, BRSIX achieves a -3.39% return, which is significantly higher than ^GSPC's -4.63% return. Over the past 10 years, BRSIX has underperformed ^GSPC with an annualized return of 6.58%, while ^GSPC has yielded a comparatively higher 12.16% annualized return.

BRSIX

• 1D: -1.13%
• 1M: -7.88%
• YTD: -3.39%
• 6M: 4.17%
• 1Y: 40.23%
• 3Y*: 14.23%
• 5Y*: -3.16%
• 10Y*: 6.58%

^GSPC

• 1D: 2.91%
• 1M: -5.09%
• YTD: -4.63%
• 6M: -2.39%
• 1Y: 16.33%
• 3Y*: 16.69%
• 5Y*: 10.18%
• 10Y*: 12.16%

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

Return for Risk

BRSIX vs. ^GSPC — Risk / Return Rank

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

BRSIX

BRSIX Risk / Return Rank: 80
BRSIX Sharpe Ratio Rank: 80
BRSIX Sortino Ratio Rank: 82
BRSIX Omega Ratio Rank: 67
BRSIX Calmar Ratio Rank: 89
BRSIX Martin Ratio Rank: 82

^GSPC

^GSPC Risk / Return Rank: 74
^GSPC Sharpe Ratio Rank: 69
^GSPC Sortino Ratio Rank: 68
^GSPC Omega Ratio Rank: 76
^GSPC Calmar Ratio Rank: 73
^GSPC Martin Ratio Rank: 85

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.

BRSIX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bridgeway Ultra Small Company Market Fund (BRSIX) and S&P 500 Index (^GSPC). 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.

	BRSIX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.45	0.90	+0.56
Sortino ratio Return per unit of downside risk	2.07	1.39	+0.68
Omega ratio Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio Return relative to maximum drawdown	2.41	1.40	+1.01
Martin ratio Return relative to average drawdown	8.20	6.61	+1.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRSIX vs. ^GSPC - Sharpe Ratio Comparison

The current BRSIX Sharpe Ratio is 1.45, which is higher than the ^GSPC Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of BRSIX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BRSIX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	0.90	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.61	-0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.68	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.46	-0.05

Correlation

The correlation between BRSIX and ^GSPC is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

BRSIX vs. ^GSPC - Drawdown Comparison

The maximum BRSIX drawdown since its inception was -61.79%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for BRSIX and ^GSPC.

Drawdown Indicators

	BRSIX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-61.79%	-56.78%	-5.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-12.14%	-1.43%
Max Drawdown (5Y) Largest decline over 5 years	-53.66%	-25.43%	-28.23%
Max Drawdown (10Y) Largest decline over 10 years	-54.09%	-33.92%	-20.17%
Current Drawdown Current decline from peak	-21.53%	-6.45%	-15.08%
Average Drawdown Average peak-to-trough decline	-15.68%	-10.75%	-4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.20%	2.57%	+1.63%

Volatility

BRSIX vs. ^GSPC - Volatility Comparison

Bridgeway Ultra Small Company Market Fund (BRSIX) has a higher volatility of 7.06% compared to S&P 500 Index (^GSPC) at 5.34%. This indicates that BRSIX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRSIX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.06%	5.34%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	17.25%	9.54%	+7.71%
Volatility (1Y) Calculated over the trailing 1-year period	26.41%	18.33%	+8.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.41%	16.91%	+7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.00%	18.05%	+5.95%