CAR-UN.TO vs. ^GSPC

Last updated Jun 5, 2026

CAR-UN.TO (Canadian Apartment Properties Real Estate Investment Trust) is a stock, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, CAR-UN.TO returned 4.79%/yr vs 14.59%/yr for ^GSPC. At a 0.25 correlation, their price movements are largely independent.

Performance

CAR-UN.TO vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CAR-UN.TO is traded in CAD, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CAR-UN.TO achieves a -5.50% return, which is significantly lower than ^GSPC's 12.32% return. Over the past 10 years, CAR-UN.TO has underperformed ^GSPC with an annualized return of 4.79%, while ^GSPC has yielded a comparatively higher 14.59% annualized return.

CAR-UN.TO

• 1D: 0.35%
• 1M: -5.98%
• YTD: -5.50%
• 6M: -5.29%
• 1Y: -19.33%
• 3Y*: -7.51%
• 5Y*: -5.53%
• 10Y*: 4.79%

^GSPC

• 1D: 0.51%
• 1M: 6.71%
• YTD: 12.32%
• 6M: 10.23%
• 1Y: 29.18%
• 3Y*: 22.45%
• 5Y*: 15.62%
• 10Y*: 14.59%

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

CAR-UN.TO vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAR-UN.TO Canadian Apartment Properties Real Estate Investment Trust	-5.50%	-10.17%	-6.48%	19.26%	-26.56%	22.96%	-2.97%	22.93%	22.52%	23.53%
^GSPC S&P 500 Index	12.32%	11.05%	33.90%	21.49%	-13.70%	25.75%	14.29%	22.54%	1.71%	11.82%

Correlation

The correlation between CAR-UN.TO and ^GSPC is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jun 24, 2009	0.25

The correlation between CAR-UN.TO and ^GSPC shifts across timeframes, from 0.15 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CAR-UN.TO vs. ^GSPC — Risk / Return Rank

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

CAR-UN.TO

CAR-UN.TO Risk / Return Rank: 8
CAR-UN.TO Sharpe Ratio Rank: 3
CAR-UN.TO Sortino Ratio Rank: 6
CAR-UN.TO Omega Ratio Rank: 8
CAR-UN.TO Calmar Ratio Rank: 13
CAR-UN.TO Martin Ratio Rank: 11

^GSPC

^GSPC Risk / Return Rank: 80
^GSPC Sharpe Ratio Rank: 79
^GSPC Sortino Ratio Rank: 79
^GSPC Omega Ratio Rank: 79
^GSPC Calmar Ratio Rank: 76
^GSPC Martin Ratio Rank: 86

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.

CAR-UN.TO vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) 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.

	CAR-UN.TO	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	2.51	-3.63
Sortino ratio: Return per unit of downside risk	-1.50	3.38	-4.88
Omega ratio: Gain probability vs. loss probability	0.83	1.48	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.77	3.31	-4.08
Martin ratio: Return relative to average drawdown	-1.31	12.49	-13.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAR-UN.TO vs. ^GSPC - Sharpe Ratio Comparison

The current CAR-UN.TO Sharpe Ratio is -1.12, which is lower than the ^GSPC Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of CAR-UN.TO and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CAR-UN.TO	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.12	2.51	-3.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	1.05	-1.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.90	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.99	-0.87

Drawdowns

CAR-UN.TO vs. ^GSPC - Drawdown Comparison

The maximum CAR-UN.TO drawdown since its inception was -41.12%, which is greater than ^GSPC's maximum drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for CAR-UN.TO and ^GSPC.

Drawdown Indicators

	CAR-UN.TO	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-41.12%	-27.59%	-13.53%
Max Drawdown (1Y) Largest decline over 1 year	-25.08%	-8.86%	-16.22%
Max Drawdown (3Y) Largest decline over 3 years	-34.90%	-19.23%	-15.67%
Max Drawdown (5Y) Largest decline over 5 years	-34.95%	-22.60%	-12.35%
Max Drawdown (10Y) Largest decline over 10 years	-38.20%	-27.59%	-10.61%
Current Drawdown Current decline from peak	-32.96%	0.00%	-32.96%
Average Drawdown Average peak-to-trough decline	-9.24%	-3.51%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.80%	2.34%	+12.46%

Volatility

CAR-UN.TO vs. ^GSPC - Volatility Comparison

Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) has a higher volatility of 6.82% compared to S&P 500 Index (^GSPC) at 2.72%. This indicates that CAR-UN.TO'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

	CAR-UN.TO	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	2.72%	+4.10%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	8.87%	+3.94%
Volatility (1Y) Calculated over the trailing 1-year period	17.29%	11.70%	+5.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	14.99%	+6.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	16.33%	+4.73%

Frequently Asked Questions

Can I hold both CAR-UN.TO and ^GSPC in my portfolio?

CAR-UN.TO and ^GSPC have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.