CGNX vs. SPRX

Last updated Jun 5, 2026

CGNX (Cognex Corporation) is a stock, while SPRX (Spear Alpha ETF) is Technology Equities fund actively managed by Spear. Over the past 3 years, CGNX returned 6.00%/yr vs 47.54%/yr for SPRX. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

CGNX vs. SPRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cognex Corporation (CGNX) and Spear Alpha ETF (SPRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGNX achieves a 80.25% return, which is significantly higher than SPRX's 49.15% return.

CGNX

• 1D: -2.10%
• 1M: 10.07%
• YTD: 80.25%
• 6M: 66.72%
• 1Y: 118.36%
• 3Y*: 6.00%
• 5Y*: -3.43%
• 10Y*: 12.13%

SPRX

• 1D: -0.74%
• 1M: 29.77%
• YTD: 49.15%
• 6M: 42.36%
• 1Y: 108.80%
• 3Y*: 47.54%
• 5Y*: —
• 10Y*: —

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

CGNX vs. SPRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CGNX Cognex Corporation	80.25%	1.24%	-13.45%	-10.84%	-39.11%	-13.65%
SPRX Spear Alpha ETF	49.15%	41.91%	20.58%	88.02%	-44.99%	8.91%

Correlation

The correlation between CGNX and SPRX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.57

The correlation between CGNX and SPRX shifts across timeframes, from 0.47 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CGNX vs. SPRX — Risk / Return Rank

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

CGNX

CGNX Risk / Return Rank: 89
CGNX Sharpe Ratio Rank: 89
CGNX Sortino Ratio Rank: 91
CGNX Omega Ratio Rank: 91
CGNX Calmar Ratio Rank: 89
CGNX Martin Ratio Rank: 87

SPRX

SPRX Risk / Return Rank: 73
SPRX Sharpe Ratio Rank: 79
SPRX Sortino Ratio Rank: 63
SPRX Omega Ratio Rank: 63
SPRX Calmar Ratio Rank: 84
SPRX Martin Ratio Rank: 76

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.

CGNX vs. SPRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cognex Corporation (CGNX) and Spear Alpha ETF (SPRX). 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.

	CGNX	SPRX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.51	-0.44
Sortino ratio: Return per unit of downside risk	3.40	2.88	+0.52
Omega ratio: Gain probability vs. loss probability	1.45	1.38	+0.08
Calmar ratio: Return relative to maximum drawdown	4.27	4.52	-0.25
Martin ratio: Return relative to average drawdown	9.68	14.31	-4.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGNX vs. SPRX - Sharpe Ratio Comparison

The current CGNX Sharpe Ratio is 2.07, which is comparable to the SPRX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of CGNX and SPRX, 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

	CGNX	SPRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	2.51	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.59	-0.31

Drawdowns

CGNX vs. SPRX - Drawdown Comparison

The maximum CGNX drawdown since its inception was -83.71%, which is greater than SPRX's maximum drawdown of -51.21%. Use the drawdown chart below to compare losses from any high point for CGNX and SPRX.

Drawdown Indicators

	CGNX	SPRX	Difference
Max Drawdown Largest peak-to-trough decline	-83.71%	-51.21%	-32.50%
Max Drawdown (1Y) Largest decline over 1 year	-27.86%	-24.21%	-3.65%
Max Drawdown (3Y) Largest decline over 3 years	-59.98%	-42.12%	-17.86%
Max Drawdown (5Y) Largest decline over 5 years	-74.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-74.63%	—	—
Current Drawdown Current decline from peak	-28.84%	-2.30%	-26.54%
Average Drawdown Average peak-to-trough decline	-37.52%	-17.64%	-19.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.27%	7.63%	+4.64%

Volatility

CGNX vs. SPRX - Volatility Comparison

The current volatility for Cognex Corporation (CGNX) is 13.84%, while Spear Alpha ETF (SPRX) has a volatility of 15.04%. This indicates that CGNX experiences smaller price fluctuations and is considered to be less risky than SPRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGNX	SPRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.84%	15.04%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	41.63%	35.47%	+6.16%
Volatility (1Y) Calculated over the trailing 1-year period	57.57%	43.51%	+14.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.43%	41.72%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.79%	41.72%	+0.07%

Dividends

CGNX vs. SPRX - Dividend Comparison

CGNX's dividend yield for the trailing twelve months is around 0.52%, while SPRX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGNX Cognex Corporation	0.52%	0.90%	0.85%	0.68%	0.56%	0.32%	2.77%	0.37%	0.48%	0.27%	0.46%	0.62%
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGNX and SPRX in my portfolio?

CGNX and SPRX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGNX or SPRX?

SPRX has higher volatility (15.04%) compared to CGNX (13.84%). In terms of maximum drawdown, CGNX dropped -83.71% vs SPRX's -51.21%.

Which has better risk-adjusted returns?

SPRX currently has the higher Sharpe Ratio (2.51 vs 2.07), 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.