CSD vs. ^GSPC

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P Spin-Off ETF (CSD) and S&P 500 Index (^GSPC).

CSD is a passively managed fund by Invesco that tracks the performance of the S&P U.S. Spin-Off Index. It was launched on Dec 15, 2006.

Performance

CSD vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Spin-Off ETF (CSD) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

CSD vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSD Invesco S&P Spin-Off ETF	12.97%	21.58%	27.61%	23.77%	-15.04%	13.01%	10.79%	20.61%	-17.82%	20.64%
^GSPC S&P 500 Index	-4.63%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, CSD achieves a 12.97% return, which is significantly higher than ^GSPC's -4.63% return. Both investments have delivered pretty close results over the past 10 years, with CSD having a 12.09% annualized return and ^GSPC not far ahead at 12.16%.

CSD

• 1D: 4.82%
• 1M: -6.74%
• YTD: 12.97%
• 6M: 21.17%
• 1Y: 50.42%
• 3Y*: 26.15%
• 5Y*: 12.70%
• 10Y*: 12.09%

^GSPC

• 1D: 2.91%
• 1M: -5.09%
• YTD: -4.63%
• 6M: -2.39%
• 1Y: 16.33%
• 3Y*: 16.69%
• 5Y*: 10.18%
• 10Y*: 12.16%

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

Return for Risk

CSD vs. ^GSPC — Risk / Return Rank

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

CSD

CSD Risk / Return Rank: 88
CSD Sharpe Ratio Rank: 86
CSD Sortino Ratio Rank: 86
CSD Omega Ratio Rank: 85
CSD Calmar Ratio Rank: 90
CSD Martin Ratio Rank: 91

^GSPC

^GSPC Risk / Return Rank: 74
^GSPC Sharpe Ratio Rank: 69
^GSPC Sortino Ratio Rank: 68
^GSPC Omega Ratio Rank: 76
^GSPC Calmar Ratio Rank: 73
^GSPC Martin Ratio Rank: 85

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.

CSD vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Spin-Off ETF (CSD) 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.

	CSD	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.74	0.90	+0.84
Sortino ratio Return per unit of downside risk	2.30	1.39	+0.92
Omega ratio Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio Return relative to maximum drawdown	2.99	1.40	+1.59
Martin ratio Return relative to average drawdown	12.37	6.61	+5.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSD vs. ^GSPC - Sharpe Ratio Comparison

The current CSD Sharpe Ratio is 1.74, which is higher than the ^GSPC Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of CSD and ^GSPC, 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

	CSD	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	0.90	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.61	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.68	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.46	-0.07

Correlation

The correlation between CSD and ^GSPC is 0.78, 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.

Drawdowns

CSD vs. ^GSPC - Drawdown Comparison

The maximum CSD drawdown since its inception was -70.47%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for CSD and ^GSPC.

Drawdown Indicators

	CSD	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-70.47%	-56.78%	-13.69%
Max Drawdown (1Y) Largest decline over 1 year	-17.08%	-12.14%	-4.94%
Max Drawdown (5Y) Largest decline over 5 years	-30.15%	-25.43%	-4.72%
Max Drawdown (10Y) Largest decline over 10 years	-57.55%	-33.92%	-23.63%
Current Drawdown Current decline from peak	-7.06%	-6.45%	-0.61%
Average Drawdown Average peak-to-trough decline	-14.35%	-10.75%	-3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.57%	+1.56%

Volatility

CSD vs. ^GSPC - Volatility Comparison

Invesco S&P Spin-Off ETF (CSD) has a higher volatility of 10.52% compared to S&P 500 Index (^GSPC) at 5.34%. This indicates that CSD'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

	CSD	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.52%	5.34%	+5.18%
Volatility (6M) Calculated over the trailing 6-month period	19.01%	9.54%	+9.47%
Volatility (1Y) Calculated over the trailing 1-year period	29.16%	18.33%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.04%	16.91%	+6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.69%	18.05%	+6.64%