CSM vs. ^GSPC

Last updated Apr 1, 2026

Compare and contrast key facts about Proshares Large Cap Core Plus (CSM) and S&P 500 Index (^GSPC).

CSM is a passively managed fund by ProShares that tracks the performance of the Credit Suisse 130/30 Large-Cap Index. It was launched on Jul 13, 2009.

Performance

CSM vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Large Cap Core Plus (CSM) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

CSM vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSM Proshares Large Cap Core Plus	-5.83%	21.84%	22.09%	23.50%	-18.27%	33.13%	10.94%	29.26%	-7.88%	22.52%
^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, CSM achieves a -5.83% return, which is significantly lower than ^GSPC's -4.63% return. Over the past 10 years, CSM has outperformed ^GSPC with an annualized return of 12.84%, while ^GSPC has yielded a comparatively lower 12.16% annualized return.

CSM

• 1D: 2.46%
• 1M: -4.91%
• YTD: -5.83%
• 6M: -1.69%
• 1Y: 18.78%
• 3Y*: 17.57%
• 5Y*: 11.42%
• 10Y*: 12.84%

^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

CSM vs. ^GSPC — Risk / Return Rank

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

CSM

CSM Risk / Return Rank: 63
CSM Sharpe Ratio Rank: 58
CSM Sortino Ratio Rank: 62
CSM Omega Ratio Rank: 65
CSM Calmar Ratio Rank: 61
CSM Martin Ratio Rank: 70

^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.

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.

	CSM	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.99	0.90	+0.10
Sortino ratio Return per unit of downside risk	1.53	1.39	+0.14
Omega ratio Gain probability vs. loss probability	1.23	1.21	+0.02
Calmar ratio Return relative to maximum drawdown	1.49	1.40	+0.09
Martin ratio Return relative to average drawdown	6.81	6.61	+0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSM vs. ^GSPC - Sharpe Ratio Comparison

The current CSM Sharpe Ratio is 0.99, which is comparable to the ^GSPC Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of CSM 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

	CSM	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	0.90	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.61	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.68	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.46	+0.35

Correlation

The correlation between CSM and ^GSPC is 0.97, 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

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.

Drawdown Indicators

	CSM	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-36.11%	-56.78%	+20.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.92%	-12.14%	-0.78%
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 Drawdown Current decline from peak	-7.17%	-6.45%	-0.72%
Average Drawdown Average peak-to-trough decline	-4.07%	-10.75%	+6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.57%	+0.25%

Volatility

CSM vs. ^GSPC - Volatility Comparison

The current volatility for Proshares Large Cap Core Plus (CSM) is 4.79%, while S&P 500 Index (^GSPC) has a volatility of 5.34%. This indicates that CSM experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSM	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	5.34%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	9.54%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	18.97%	18.33%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	16.91%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	18.05%	+0.32%