CGRWX vs. SPY

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Comstock Select Fund (CGRWX) and State Street SPDR S&P 500 ETF (SPY).

CGRWX is managed by Invesco. It was launched on Sep 16, 1985. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

CGRWX vs. SPY - Performance Comparison

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

CGRWX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGRWX Invesco Comstock Select Fund	-1.07%	18.61%	11.95%	12.17%	3.29%	30.12%	-0.34%	27.31%	-11.40%	15.95%
SPY State Street SPDR S&P 500 ETF	-3.65%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, CGRWX achieves a -1.07% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, CGRWX has underperformed SPY with an annualized return of 11.27%, while SPY has yielded a comparatively higher 14.06% annualized return.

CGRWX

• 1D: 2.53%
• 1M: -5.39%
• YTD: -1.07%
• 6M: 4.36%
• 1Y: 15.49%
• 3Y*: 13.22%
• 5Y*: 10.88%
• 10Y*: 11.27%

SPY

• 1D: 0.75%
• 1M: -4.28%
• YTD: -3.65%
• 6M: -1.42%
• 1Y: 18.14%
• 3Y*: 18.48%
• 5Y*: 11.86%
• 10Y*: 14.06%

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

CGRWX vs. SPY - Expense Ratio Comparison

CGRWX has a 0.92% expense ratio, which is higher than SPY's 0.09% expense ratio.

CGRWX

Invesco Comstock Select Fund

SPY

State Street SPDR S&P 500 ETF

Return for Risk

CGRWX vs. SPY — Risk / Return Rank

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

CGRWX

CGRWX Risk / Return Rank: 34
CGRWX Sharpe Ratio Rank: 42
CGRWX Sortino Ratio Rank: 45
CGRWX Omega Ratio Rank: 40
CGRWX Calmar Ratio Rank: 21
CGRWX Martin Ratio Rank: 22

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 51
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 60
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 69

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.

CGRWX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Comstock Select Fund (CGRWX) 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.

	CGRWX	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.95	0.96	-0.01
Sortino ratio Return per unit of downside risk	1.45	1.49	-0.05
Omega ratio Gain probability vs. loss probability	1.20	1.23	-0.03
Calmar ratio Return relative to maximum drawdown	0.79	1.53	-0.74
Martin ratio Return relative to average drawdown	2.90	7.27	-4.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGRWX vs. SPY - Sharpe Ratio Comparison

The current CGRWX Sharpe Ratio is 0.95, which is comparable to the SPY Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of CGRWX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CGRWX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	0.96	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.70	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.79	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.56	+0.05

Correlation

The correlation between CGRWX and SPY is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CGRWX vs. SPY - Dividend Comparison

CGRWX's dividend yield for the trailing twelve months is around 13.65%, more than SPY's 1.13% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGRWX Invesco Comstock Select Fund	13.65%	13.46%	16.99%	5.10%	16.87%	5.35%	2.33%	27.71%	15.07%	5.43%	1.56%	1.20%
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

CGRWX vs. SPY - Drawdown Comparison

The maximum CGRWX drawdown since its inception was -58.28%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CGRWX and SPY.

Drawdown Indicators

	CGRWX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.28%	-55.19%	-3.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.60%	-12.05%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-24.79%	-24.50%	-0.29%
Max Drawdown (10Y) Largest decline over 10 years	-45.23%	-33.72%	-11.51%
Current Drawdown Current decline from peak	-7.38%	-5.53%	-1.85%
Average Drawdown Average peak-to-trough decline	-8.38%	-9.09%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	2.54%	+1.65%

Volatility

CGRWX vs. SPY - Volatility Comparison

The current volatility for Invesco Comstock Select Fund (CGRWX) is 4.50%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that CGRWX 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

	CGRWX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	5.35%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	9.50%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	17.62%	19.06%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	17.06%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.68%	17.92%	+2.76%