CGCV vs. SPY

Last updated Jun 23, 2026

CGCV (Capital Group Conservative Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CGCV is a Large Cap Value Equities fund actively managed by Capital Group, while SPY is a S&P 500 fund tracking the S&P 500 Index. CGCV is actively managed, while SPY is passively managed. Over the past year, CGCV returned 17.41% vs 26.65% for SPY. Their correlation of 0.83 suggests significant overlap in exposure. CGCV charges 0.33%/yr vs 0.09%/yr for SPY.

Performance

CGCV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Conservative Equity ETF (CGCV) 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, CGCV achieves a 6.25% return, which is significantly lower than SPY's 9.74% return.

CGCV

• 1D: -0.15%
• 1M: 0.28%
• YTD: 6.25%
• 6M: 6.03%
• 1Y: 17.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

CGCV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CGCV Capital Group Conservative Equity ETF	6.25%	16.62%	7.21%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	8.13%

Correlation

The correlation between CGCV and SPY is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Jun 27, 2024	0.83

The correlation between CGCV and SPY has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

CGCV vs. SPY - Sectors Allocation Comparison

Sectors	CGCV	SPY
Technology	24.4%	39.0%
Healthcare	12.8%	8.3%
Financial Services	11.7%	11.1%
Industrials	11.5%	7.8%
Consumer Defensive	10.6%	4.5%
Utilities	7.5%	2.1%
Consumer Cyclical	6.4%	9.9%
Energy	4.8%	3.1%
Communication Services	4.4%	10.6%
Basic Materials	2.7%	1.7%
Real Estate	1.7%	1.8%

Return for Risk

CGCV vs. SPY — Risk / Return Rank

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

CGCV

CGCV Risk / Return Rank: 51
CGCV Sharpe Ratio Rank: 53
CGCV Sortino Ratio Rank: 53
CGCV Omega Ratio Rank: 51
CGCV Calmar Ratio Rank: 46
CGCV Martin Ratio Rank: 53

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.

CGCV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Conservative Equity ETF (CGCV) 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.

	CGCV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.16	-0.39
Sortino ratio: Return per unit of downside risk	2.48	2.91	-0.43
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.20	3.01	-0.81
Martin ratio: Return relative to average drawdown	8.89	13.54	-4.64

CGCV vs. SPY - Sharpe Ratio Comparison

The current CGCV Sharpe Ratio is 1.77, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of CGCV 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

CGCV vs. SPY - Drawdown Comparison

The maximum CGCV drawdown since its inception was -13.13%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CGCV and SPY.

Drawdown Indicators

	CGCV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-13.13%	-55.19%	+42.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-8.88%	+0.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
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	-0.68%	-1.75%	+1.07%
Average Drawdown Average peak-to-trough decline	-1.64%	-9.04%	+7.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.97%	-0.01%

Volatility

CGCV vs. SPY - Volatility Comparison

The current volatility for Capital Group Conservative Equity ETF (CGCV) is 2.72%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that CGCV 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

	CGCV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	4.64%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	7.65%	9.75%	-2.10%
Volatility (1Y) Calculated over the trailing 1-year period	9.92%	12.43%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.60%	17.14%	-4.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.60%	17.99%	-5.39%

CGCV vs. SPY - Expense Ratio Comparison

CGCV has a 0.33% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CGCV vs. SPY - Dividend Comparison

CGCV's dividend yield for the trailing twelve months is around 1.45%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGCV Capital Group Conservative Equity ETF	1.45%	1.44%	0.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	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 CGCV and SPY in my portfolio?

CGCV and SPY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGCV or SPY?

SPY has higher volatility (4.64%) compared to CGCV (2.72%). In terms of maximum drawdown, CGCV dropped -13.13% vs SPY's -55.19%.

Which ETF is better, CGCV or SPY?

On 1-year performance, SPY leads with 26.65% vs 17.41% for CGCV. On fees, SPY is cheaper at 0.09% per year. On volatility, CGCV has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGCV or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 17.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGCV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.33% for CGCV.

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

CGCV has the higher dividend yield at 1.45%, compared with 1.01% for SPY.

What is the main difference between CGCV and SPY?

CGCV is categorized as Large Cap Value Equities, while SPY is S&P 500. They also come from different issuers: Capital Group and State Street. Their fees differ too: 0.33% for CGCV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.77), 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.