CVX vs. ^GSPC

Last updated Apr 11, 2026

CVX (Chevron Corporation) is a stock, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, CVX returned 11.45%/yr vs 12.70%/yr for ^GSPC. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

CVX vs. ^GSPC - Performance Comparison

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

Returns By Period

In the year-to-date period, CVX achieves a 24.92% return, which is significantly higher than ^GSPC's -0.42% return. Over the past 10 years, CVX has underperformed ^GSPC with an annualized return of 11.45%, while ^GSPC has yielded a comparatively higher 12.70% annualized return.

CVX

• 1D: -0.95%
• 1M: -4.27%
• YTD: 24.92%
• 6M: 29.30%
• 1Y: 45.27%
• 3Y*: 8.15%
• 5Y*: 17.67%
• 10Y*: 11.45%

^GSPC

• 1D: -0.11%
• 1M: 2.16%
• YTD: -0.42%
• 6M: 4.03%
• 1Y: 27.10%
• 3Y*: 18.38%
• 5Y*: 10.55%
• 10Y*: 12.70%

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

CVX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVX Chevron Corporation	24.92%	10.10%	1.29%	-13.63%	58.46%	46.24%	-25.95%	15.27%	-9.75%	10.59%
^GSPC S&P 500 Index	-0.42%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between CVX and ^GSPC is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Oct 22, 2001	0.55

Over the past year, the correlation between CVX and ^GSPC has dropped to 0.02 — well below their long-term average of 0.55, suggesting their price drivers have been diverging.

Return for Risk

CVX vs. ^GSPC — Risk / Return Rank

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

CVX

CVX Risk / Return Rank: 82
CVX Sharpe Ratio Rank: 84
CVX Sortino Ratio Rank: 81
CVX Omega Ratio Rank: 80
CVX Calmar Ratio Rank: 83
CVX Martin Ratio Rank: 83

^GSPC

^GSPC Risk / Return Rank: 85
^GSPC Sharpe Ratio Rank: 82
^GSPC Sortino Ratio Rank: 84
^GSPC Omega Ratio Rank: 85
^GSPC Calmar Ratio Rank: 81
^GSPC Martin Ratio Rank: 91

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.

CVX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Chevron Corporation (CVX) 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.

	CVX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	2.19	2.23	-0.04
Sortino ratio Return per unit of downside risk	2.88	3.12	-0.24
Omega ratio Gain probability vs. loss probability	1.37	1.42	-0.05
Calmar ratio Return relative to maximum drawdown	4.10	4.05	+0.05
Martin ratio Return relative to average drawdown	10.82	17.91	-7.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVX vs. ^GSPC - Sharpe Ratio Comparison

The current CVX Sharpe Ratio is 2.19, which is comparable to the ^GSPC Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of CVX and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.23	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.63	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.71	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.46	-0.09

Drawdowns

CVX vs. ^GSPC - Drawdown Comparison

The maximum CVX drawdown since its inception was -55.77%, roughly equal to the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for CVX and ^GSPC.

Drawdown Indicators

	CVX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-55.77%	-56.78%	+1.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-9.10%	-1.60%
Max Drawdown (5Y) Largest decline over 5 years	-24.95%	-25.43%	+0.48%
Max Drawdown (10Y) Largest decline over 10 years	-55.77%	-33.92%	-21.85%
Current Drawdown Current decline from peak	-10.70%	-2.32%	-8.38%
Average Drawdown Average peak-to-trough decline	-11.39%	-10.75%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	2.06%	+2.00%

Volatility

CVX vs. ^GSPC - Volatility Comparison

Chevron Corporation (CVX) has a higher volatility of 8.42% compared to S&P 500 Index (^GSPC) at 5.74%. This indicates that CVX'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

	CVX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.42%	5.74%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	16.30%	9.87%	+6.43%
Volatility (1Y) Calculated over the trailing 1-year period	22.53%	13.76%	+8.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	16.92%	+8.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.05%	18.05%	+11.00%