CAAPX vs. SPY

Last updated Aug 1, 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 8.98%/yr vs 15.07%/yr for SPY. Their correlation of 0.81 means they have usually moved in the same direction. 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 16.82% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, CAAPX has underperformed SPY with an annualized return of 8.98%, while SPY has yielded a comparatively higher 15.07% annualized return.

CAAPX

• 1D: -0.18%
• 1M: 1.51%
• 6M: 10.28%
• YTD: 16.82%
• 1Y: 27.00%
• 3Y*: 10.79%
• 5Y*: 6.75%
• 10Y*: 8.98%
• ALL TIME*: 10.20%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAAPX Ariel Appreciation Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

CAAPX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAAPX Ariel Appreciation Fund	16.82%	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	10.13%	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 0.65, 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.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	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 0.65 (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 historical risk-adjusted metric ranks over the past 12 months.

CAAPX

CAAPX Risk / Return Rank: 56
CAAPX Sharpe Ratio Rank: 55
CAAPX Sortino Ratio Rank: 60
CAAPX Omega Ratio Rank: 52
CAAPX Calmar Ratio Rank: 64
CAAPX Martin Ratio Rank: 48

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	1.42	1.52	-0.10
Sortino ratio: Return per unit of downside risk	2.13	2.11	+0.02
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	2.16	2.20	-0.04
Martin ratio: Return relative to average drawdown	6.65	9.40	-2.75

CAAPX vs. SPY - Sharpe Ratio Comparison

The current CAAPX Sharpe Ratio is 1.42, which is comparable to the SPY Sharpe Ratio of 1.52. 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	-1.81%	-1.40%	-0.41%
Average Drawdown Average peak-to-trough decline	-8.03%	-9.01%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	2.08%	+1.71%

Volatility

CAAPX vs. SPY - Volatility Comparison

Ariel Appreciation Fund (CAAPX) has a higher volatility of 4.32% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that CAAPX'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

	CAAPX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	3.58%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	10.14%	+2.50%
Volatility (1Y) Calculated over the trailing 1-year period	17.85%	12.89%	+4.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.22%	17.18%	+5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.09%	17.95%	+4.14%

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 11.01%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAAPX Ariel Appreciation Fund	11.01%	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 0.65, 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?

CAAPX has higher volatility (4.32%) compared to SPY (3.58%). 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 (1.52 vs 1.42), 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.