CSM vs. ^GSPC
CSM (Proshares Large Cap Core Plus) is Long-Short fund tracking the Credit Suisse 130/30 Large-Cap Index, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, CSM returned 14.08%/yr vs 13.26%/yr for ^GSPC. Their 0.97 correlation means they have historically moved very closely together.
Performance
CSM vs. ^GSPC - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with CSM having a 9.15% return and ^GSPC slightly higher at 9.41%. Over the past 10 years, CSM has outperformed ^GSPC with an annualized return of 14.08%, while ^GSPC has yielded a comparatively lower 13.26% annualized return.
CSM
- 1D
- 0.77%
- 1M
- 1.39%
- 6M
- 8.81%
- YTD
- 9.15%
- 1Y
- 23.59%
- 3Y*
- 19.26%
- 5Y*
- 12.61%
- 10Y*
- 14.08%
- ALL TIME*
- 14.88%
^GSPC
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
^GSPC S&P 500 Index | $37.98T | $37.61T | $41.48T |
| $421.46K | $485.98K | $561.72K |
CSM vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 9.15% | 21.84% | 22.09% | 23.50% | -18.27% | 33.13% | 10.94% | 29.26% | -7.88% | 22.52% |
^GSPC S&P 500 Index | 9.41% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between CSM and ^GSPC is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2009 | 0.97 |
The correlation between CSM and ^GSPC has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
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Return for Risk
CSM vs. ^GSPC — Risk / Return Rank
CSM
^GSPC
CSM vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) 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.
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.
| CSM | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.25 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 2.00 | +0.32 |
| Martin ratioReturn relative to average drawdown | 9.34 | 8.49 | +0.85 |
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Drawdowns
CSM vs. ^GSPC - Drawdown Comparison
The maximum CSM drawdown since its inception was -36.11%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for CSM and ^GSPC.
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Drawdown Indicators
| CSM | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.11% | -56.78% | +20.67% |
Max Drawdown (1Y)Largest decline over 1 year | -9.40% | -9.10% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -18.90% | +0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -23.82% | -25.43% | +1.61% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -33.92% | -2.19% |
Current DrawdownCurrent decline from peak | -0.69% | -1.58% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -4.02% | -10.70% | +6.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 2.14% | +0.20% |
Volatility
CSM vs. ^GSPC - Volatility Comparison
Proshares Large Cap Core Plus (CSM) and S&P 500 Index (^GSPC) have volatilities of 3.59% and 3.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSM | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 3.51% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 9.64% | 10.11% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.69% | 12.87% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.19% | 17.01% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 18.07% | +0.30% |
Frequently Asked Questions
With a correlation of 0.97, CSM and ^GSPC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
CSM has higher volatility (3.59%) compared to ^GSPC (3.51%). In terms of maximum drawdown, CSM dropped -36.11% vs ^GSPC's -56.78%.
CSM currently has the higher Sharpe Ratio (1.72 vs 1.42), 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.
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