CAMSX vs. SPY

Last updated Aug 1, 2026

CAMSX (Cambiar Small Cap Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - CAMSX is a Small Cap Blend Equities fund managed by Cambiar Funds, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, CAMSX returned 9.14%/yr vs 15.07%/yr for SPY. Their correlation of 0.83 means they have usually moved in the same direction. CAMSX charges 1.10%/yr vs 0.09%/yr for SPY.

Performance

CAMSX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambiar Small Cap Fund (CAMSX) 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, CAMSX achieves a 19.93% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, CAMSX has underperformed SPY with an annualized return of 9.14%, while SPY has yielded a comparatively higher 15.07% annualized return.

CAMSX

• 1D: 0.00%
• 1M: -0.21%
• 6M: 14.01%
• YTD: 19.93%
• 1Y: 29.89%
• 3Y*: 11.96%
• 5Y*: 7.48%
• 10Y*: 9.14%
• ALL TIME*: 9.06%

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)
CAMSX Cambiar Small Cap Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

CAMSX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAMSX Cambiar Small Cap Fund	19.93%	8.91%	6.01%	12.12%	-8.70%	17.24%	9.52%	29.01%	-12.51%	4.01%
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 CAMSX and SPY is 0.69, 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.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Aug 31, 2004	0.83

The correlation between CAMSX and SPY shifts across timeframes, from 0.69 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CAMSX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CAMSX

CAMSX Risk / Return Rank: 68
CAMSX Sharpe Ratio Rank: 67
CAMSX Sortino Ratio Rank: 67
CAMSX Omega Ratio Rank: 63
CAMSX Calmar Ratio Rank: 78
CAMSX Martin Ratio Rank: 66

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.

CAMSX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambiar Small Cap Fund (CAMSX) 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.

	CAMSX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.52	+0.08
Sortino ratio: Return per unit of downside risk	2.30	2.11	+0.18
Omega ratio: Gain probability vs. loss probability	1.28	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.56	2.20	+0.36
Martin ratio: Return relative to average drawdown	8.28	9.40	-1.12

CAMSX vs. SPY - Sharpe Ratio Comparison

The current CAMSX Sharpe Ratio is 1.60, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of CAMSX 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

CAMSX vs. SPY - Drawdown Comparison

The maximum CAMSX drawdown since its inception was -58.43%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CAMSX and SPY.

Drawdown Indicators

	CAMSX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.43%	-55.19%	-3.24%
Max Drawdown (1Y) Largest decline over 1 year	-10.44%	-8.88%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-18.76%	-3.38%
Max Drawdown (5Y) Largest decline over 5 years	-22.14%	-24.50%	+2.36%
Max Drawdown (10Y) Largest decline over 10 years	-41.99%	-33.72%	-8.27%
Current Drawdown Current decline from peak	-1.54%	-1.40%	-0.14%
Average Drawdown Average peak-to-trough decline	-8.78%	-9.01%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	2.08%	+1.15%

Volatility

CAMSX vs. SPY - Volatility Comparison

Cambiar Small Cap Fund (CAMSX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.43% and 3.58%, 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

	CAMSX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	3.58%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	12.04%	10.14%	+1.90%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	12.89%	+3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.71%	17.18%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	17.95%	+2.69%

CAMSX vs. SPY - Expense Ratio Comparison

CAMSX has a 1.10% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CAMSX vs. SPY - Dividend Comparison

CAMSX's dividend yield for the trailing twelve months is around 8.84%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAMSX Cambiar Small Cap Fund	8.84%	10.60%	3.52%	1.35%	0.48%	32.84%	0.34%	4.82%	24.24%	4.61%	0.00%	8.66%
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 CAMSX and SPY in my portfolio?

CAMSX 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, CAMSX or SPY?

SPY has higher volatility (3.58%) compared to CAMSX (3.43%). In terms of maximum drawdown, CAMSX dropped -58.43% vs SPY's -55.19%.

Which has better risk-adjusted returns?

CAMSX currently has the higher Sharpe Ratio (1.60 vs 1.52), 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.