CPOAX vs. SPY

Last updated Aug 1, 2026

CPOAX (Morgan Stanley Insight A) and SPY (State Street SPDR S&P 500 ETF) are both funds - CPOAX is a Large Cap Growth Equities fund tracking the Russell 3000 Growth Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CPOAX returned 15.28%/yr vs 15.07%/yr for SPY. Their 0.76 correlation means they have sometimes moved together and sometimes differently. CPOAX charges 1.15%/yr vs 0.09%/yr for SPY.

Performance

CPOAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Insight A (CPOAX) 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, CPOAX achieves a -5.56% return, which is significantly lower than SPY's 10.13% return. Both investments have delivered pretty close results over the past 10 years, with CPOAX having a 15.28% annualized return and SPY not far behind at 15.07%.

CPOAX

• 1D: 2.33%
• 1M: -6.85%
• 6M: 2.23%
• YTD: -5.56%
• 1Y: -1.57%
• 3Y*: 19.60%
• 5Y*: -3.57%
• 10Y*: 15.28%
• ALL TIME*: 10.54%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPOAX Morgan Stanley Insight A	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

CPOAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPOAX Morgan Stanley Insight A	-5.56%	18.91%	46.35%	52.72%	-61.02%	-6.83%	115.86%	33.08%	11.94%	48.40%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between CPOAX and SPY is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since Jul 28, 1997	0.76

The correlation between CPOAX and SPY has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Return for Risk

CPOAX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPOAX

CPOAX Risk / Return Rank: 4
CPOAX Sharpe Ratio Rank: 4
CPOAX Sortino Ratio Rank: 4
CPOAX Omega Ratio Rank: 4
CPOAX Calmar Ratio Rank: 4
CPOAX Martin Ratio Rank: 4

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPOAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Insight A (CPOAX) 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.

	CPOAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	1.52	-1.65
Sortino ratio: Return per unit of downside risk	0.03	2.11	-2.08
Omega ratio: Gain probability vs. loss probability	1.00	1.27	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.14	2.20	-2.34
Martin ratio: Return relative to average drawdown	-0.26	9.40	-9.66

CPOAX vs. SPY - Sharpe Ratio Comparison

The current CPOAX Sharpe Ratio is -0.13, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of CPOAX 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

CPOAX vs. SPY - Drawdown Comparison

The maximum CPOAX drawdown since its inception was -84.57%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CPOAX and SPY.

Drawdown Indicators

	CPOAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-84.57%	-55.19%	-29.38%
Max Drawdown (1Y) Largest decline over 1 year	-28.37%	-8.88%	-19.49%
Max Drawdown (3Y) Largest decline over 3 years	-31.38%	-18.76%	-12.62%
Max Drawdown (5Y) Largest decline over 5 years	-70.73%	-24.50%	-46.23%
Max Drawdown (10Y) Largest decline over 10 years	-71.33%	-33.72%	-37.61%
Current Drawdown Current decline from peak	-25.13%	-1.40%	-23.73%
Average Drawdown Average peak-to-trough decline	-39.12%	-9.01%	-30.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.43%	2.08%	+12.35%

Volatility

CPOAX vs. SPY - Volatility Comparison

Morgan Stanley Insight A (CPOAX) has a higher volatility of 8.00% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that CPOAX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPOAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	3.58%	+4.42%
Volatility (6M) Calculated over the trailing 6-month period	23.61%	10.14%	+13.47%
Volatility (1Y) Calculated over the trailing 1-year period	30.51%	12.89%	+17.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.99%	17.18%	+22.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.26%	17.95%	+16.31%

CPOAX vs. SPY - Expense Ratio Comparison

CPOAX has a 1.15% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CPOAX vs. SPY - Dividend Comparison

CPOAX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPOAX Morgan Stanley Insight A	0.00%	0.00%	0.61%	0.00%	51.84%	14.94%	9.06%	7.29%	9.33%	28.73%	9.83%	8.92%
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 CPOAX and SPY in my portfolio?

CPOAX and SPY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPOAX or SPY?

CPOAX has higher volatility (8.00%) compared to SPY (3.58%). In terms of maximum drawdown, CPOAX dropped -84.57% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs -0.13), 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.