CWBFX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about American Funds Capital World Bond Fund (CWBFX) and S&P 500 Index (^GSPC).

CWBFX is managed by American Funds. It was launched on Aug 3, 1987.

Performance

CWBFX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Capital World Bond Fund (CWBFX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

CWBFX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWBFX American Funds Capital World Bond Fund	-2.08%	7.78%	-3.25%	5.81%	-17.52%	-5.17%	9.91%	7.66%	-1.81%	7.26%
^GSPC S&P 500 Index	-3.95%	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, CWBFX achieves a -2.08% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, CWBFX has underperformed ^GSPC with an annualized return of 0.20%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

CWBFX

• 1D: 0.57%
• 1M: -2.97%
• YTD: -2.08%
• 6M: -2.02%
• 1Y: 2.27%
• 3Y*: 1.69%
• 5Y*: -2.42%
• 10Y*: 0.20%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

CWBFX vs. ^GSPC — Risk / Return Rank

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

CWBFX

CWBFX Risk / Return Rank: 16
CWBFX Sharpe Ratio Rank: 15
CWBFX Sortino Ratio Rank: 13
CWBFX Omega Ratio Rank: 12
CWBFX Calmar Ratio Rank: 21
CWBFX Martin Ratio Rank: 20

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

CWBFX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Capital World Bond Fund (CWBFX) 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.

	CWBFX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.46	0.92	-0.45
Sortino ratio Return per unit of downside risk	0.69	1.41	-0.73
Omega ratio Gain probability vs. loss probability	1.08	1.21	-0.13
Calmar ratio Return relative to maximum drawdown	0.70	1.41	-0.72
Martin ratio Return relative to average drawdown	2.42	6.61	-4.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWBFX vs. ^GSPC - Sharpe Ratio Comparison

The current CWBFX Sharpe Ratio is 0.46, which is lower than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of CWBFX 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

	CWBFX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	0.92	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	0.61	-0.99
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.04	0.68	-0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.46	+0.39

Correlation

The correlation between CWBFX and ^GSPC is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

CWBFX vs. ^GSPC - Drawdown Comparison

The maximum CWBFX drawdown since its inception was -27.91%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for CWBFX and ^GSPC.

Drawdown Indicators

	CWBFX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-27.91%	-56.78%	+28.87%
Max Drawdown (1Y) Largest decline over 1 year	-4.45%	-12.14%	+7.69%
Max Drawdown (5Y) Largest decline over 5 years	-26.34%	-25.43%	-0.91%
Max Drawdown (10Y) Largest decline over 10 years	-27.91%	-33.92%	+6.01%
Current Drawdown Current decline from peak	-15.72%	-5.78%	-9.94%
Average Drawdown Average peak-to-trough decline	-4.14%	-10.75%	+6.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	2.60%	-1.32%

Volatility

CWBFX vs. ^GSPC - Volatility Comparison

The current volatility for American Funds Capital World Bond Fund (CWBFX) is 2.07%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that CWBFX 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

	CWBFX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.07%	5.37%	-3.30%
Volatility (6M) Calculated over the trailing 6-month period	3.14%	9.55%	-6.41%
Volatility (1Y) Calculated over the trailing 1-year period	5.50%	18.33%	-12.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.50%	16.90%	-10.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.63%	18.05%	-12.42%