CAAPX vs. SPY

Last updated Jun 23, 2026

CAAPX (Ariel Appreciation Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - CAAPX is a Mid Cap Value Equities fund managed by Ariel Investments, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, CAAPX returned 8.79%/yr vs 15.70%/yr for SPY. Their correlation of 0.81 suggests significant overlap in exposure. CAAPX charges 1.12%/yr vs 0.09%/yr for SPY.

Performance

CAAPX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ariel Appreciation Fund (CAAPX) 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, CAAPX achieves a 12.31% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, CAAPX has underperformed SPY with an annualized return of 8.79%, while SPY has yielded a comparatively higher 15.70% annualized return.

CAAPX

• 1D: 1.05%
• 1M: 4.46%
• YTD: 12.31%
• 6M: 10.62%
• 1Y: 32.06%
• 3Y*: 11.42%
• 5Y*: 6.57%
• 10Y*: 8.79%

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)

CAAPX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAAPX Ariel Appreciation Fund	12.31%	11.04%	6.07%	10.58%	-12.27%	25.72%	7.42%	24.58%	-13.93%	15.24%
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 CAAPX and SPY is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.81

The correlation between CAAPX and SPY shifts across timeframes, from 0.69 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CAAPX vs. SPY — Risk / Return Rank

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

CAAPX

CAAPX Risk / Return Rank: 47
CAAPX Sharpe Ratio Rank: 45
CAAPX Sortino Ratio Rank: 47
CAAPX Omega Ratio Rank: 41
CAAPX Calmar Ratio Rank: 60
CAAPX Martin Ratio Rank: 44

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.

CAAPX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ariel Appreciation Fund (CAAPX) 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.

	CAAPX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.16	-0.32
Sortino ratio: Return per unit of downside risk	2.67	2.91	-0.24
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.84	3.01	-0.17
Martin ratio: Return relative to average drawdown	8.75	13.54	-4.78

CAAPX vs. SPY - Sharpe Ratio Comparison

The current CAAPX Sharpe Ratio is 1.84, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of CAAPX 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

CAAPX vs. SPY - Drawdown Comparison

The maximum CAAPX drawdown since its inception was -61.92%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CAAPX and SPY.

Drawdown Indicators

	CAAPX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-61.92%	-55.19%	-6.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.70%	-8.88%	-2.82%
Max Drawdown (3Y) Largest decline over 3 years	-27.29%	-18.76%	-8.53%
Max Drawdown (5Y) Largest decline over 5 years	-33.40%	-24.50%	-8.90%
Max Drawdown (10Y) Largest decline over 10 years	-42.58%	-33.72%	-8.86%
Current Drawdown Current decline from peak	-0.66%	-1.75%	+1.09%
Average Drawdown Average peak-to-trough decline	-8.05%	-9.04%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	1.97%	+1.82%

Volatility

CAAPX vs. SPY - Volatility Comparison

Ariel Appreciation Fund (CAAPX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.41% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAPX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	4.64%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	9.75%	+3.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.09%	12.43%	+5.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.27%	17.14%	+5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.19%	17.99%	+4.20%

CAAPX vs. SPY - Expense Ratio Comparison

CAAPX has a 1.12% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CAAPX vs. SPY - Dividend Comparison

CAAPX's dividend yield for the trailing twelve months is around 11.45%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAAPX Ariel Appreciation Fund	11.45%	12.86%	6.11%	6.31%	10.51%	14.21%	9.85%	7.58%	7.37%	12.53%	7.88%	12.05%
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 CAAPX and SPY in my portfolio?

CAAPX and SPY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAAPX or SPY?

SPY has higher volatility (4.64%) compared to CAAPX (4.41%). In terms of maximum drawdown, CAAPX dropped -61.92% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.84), 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.