CAMX vs. SPY

Last updated Jun 24, 2026

CAMX (Cambiar Aggressive Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CAMX is a Large Cap Value Equities fund actively managed by Cambiar Funds, while SPY is a S&P 500 fund tracking the S&P 500 Index. CAMX is actively managed, while SPY is passively managed. Over the past 3 years, CAMX returned 13.67%/yr vs 20.68%/yr for SPY. A 0.74 correlation means they provide meaningful diversification when combined. CAMX charges 0.59%/yr vs 0.09%/yr for SPY.

Performance

CAMX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambiar Aggressive Value ETF (CAMX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CAMX having a 8.45% return and SPY slightly lower at 8.15%.

CAMX

• 1D: -0.40%
• 1M: -0.03%
• YTD: 8.45%
• 6M: 8.00%
• 1Y: 13.72%
• 3Y*: 13.67%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

CAMX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CAMX Cambiar Aggressive Value ETF	8.45%	9.49%	12.50%	9.65%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	18.26%

Correlation

The correlation between CAMX and SPY is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 13, 2023	0.74

The correlation between CAMX and SPY has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

CAMX vs. SPY - Sectors Allocation Comparison

Sectors	CAMX	SPY
Industrials	26.4%	7.8%
Healthcare	22.4%	8.3%
Communication Services	13.5%	10.6%
Technology	10.4%	39.0%
Consumer Cyclical	7.1%	9.9%
Energy	6.2%	3.1%
Financial Services	5.3%	11.1%
Consumer Defensive	4.5%	4.5%
Basic Materials	4.2%	1.7%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

CAMX vs. SPY — Risk / Return Rank

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

CAMX

CAMX Risk / Return Rank: 28
CAMX Sharpe Ratio Rank: 29
CAMX Sortino Ratio Rank: 29
CAMX Omega Ratio Rank: 27
CAMX Calmar Ratio Rank: 26
CAMX Martin Ratio Rank: 29

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY 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.

CAMX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambiar Aggressive Value ETF (CAMX) 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.

	CAMX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.90	-0.92
Sortino ratio: Return per unit of downside risk	1.49	2.58	-1.09
Omega ratio: Gain probability vs. loss probability	1.17	1.34	-0.17
Calmar ratio: Return relative to maximum drawdown	1.17	2.67	-1.50
Martin ratio: Return relative to average drawdown	3.82	11.92	-8.10

CAMX vs. SPY - Sharpe Ratio Comparison

The current CAMX Sharpe Ratio is 0.98, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of CAMX 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

CAMX vs. SPY - Drawdown Comparison

The maximum CAMX drawdown since its inception was -15.71%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CAMX and SPY.

Drawdown Indicators

	CAMX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-15.71%	-55.19%	+39.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.79%	-8.88%	-2.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.71%	-18.76%	+3.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.01%	-3.17%	+1.16%
Average Drawdown Average peak-to-trough decline	-2.73%	-9.04%	+6.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	1.98%	+1.62%

Volatility

CAMX vs. SPY - Volatility Comparison

The current volatility for Cambiar Aggressive Value ETF (CAMX) is 4.29%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that CAMX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAMX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	4.87%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	9.85%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	12.50%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.50%	17.15%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.50%	17.95%	-3.45%

CAMX vs. SPY - Expense Ratio Comparison

CAMX has a 0.59% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CAMX vs. SPY - Dividend Comparison

CAMX's dividend yield for the trailing twelve months is around 1.67%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAMX Cambiar Aggressive Value ETF	1.67%	1.81%	1.33%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	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 CAMX and SPY in my portfolio?

CAMX 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, CAMX or SPY?

SPY has higher volatility (4.87%) compared to CAMX (4.29%). In terms of maximum drawdown, CAMX dropped -15.71% vs SPY's -55.19%.

Which ETF is better, CAMX or SPY?

On 3-year performance, SPY leads with 20.68% vs 13.67% for CAMX. On fees, SPY is cheaper at 0.09% per year. On volatility, CAMX has been the lower-risk option at 4.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAMX or SPY?

Over the 3-year period, SPY has performed better with a 20.68% return vs 13.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAMX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.59% for CAMX.

Which ETF pays a higher dividend yield, CAMX or SPY?

CAMX has the higher dividend yield at 1.67%, compared with 1.03% for SPY.

What is the main difference between CAMX and SPY?

CAMX is categorized as Large Cap Value Equities, while SPY is S&P 500. They also come from different issuers: Cambiar Funds and State Street. Their fees differ too: 0.59% for CAMX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 0.98), 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.