CWGIX vs. SPY

Last updated Jun 4, 2026

CWGIX (American Funds Capital World Growth and Income Fund Class A) and SPY (State Street SPDR S&P 500 ETF) are both funds - CWGIX is a Global Equities fund managed by American Funds, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, CWGIX returned 12.15%/yr vs 15.49%/yr for SPY. A 0.80 correlation means they provide meaningful diversification when combined. CWGIX charges 0.75%/yr vs 0.09%/yr for SPY.

Performance

CWGIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Capital World Growth and Income Fund Class A (CWGIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWGIX achieves a 16.44% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, CWGIX has underperformed SPY with an annualized return of 12.15%, while SPY has yielded a comparatively higher 15.49% annualized return.

CWGIX

• 1D: 0.67%
• 1M: 6.71%
• YTD: 16.44%
• 6M: 17.98%
• 1Y: 34.17%
• 3Y*: 22.22%
• 5Y*: 11.45%
• 10Y*: 12.15%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

CWGIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWGIX American Funds Capital World Growth and Income Fund Class A	16.44%	24.68%	13.85%	20.55%	-17.32%	14.74%	15.31%	25.32%	-10.60%	24.55%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between CWGIX and SPY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Mar 29, 1993	0.80

The correlation between CWGIX and SPY shifts across timeframes, from 0.80 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CWGIX vs. SPY — Risk / Return Rank

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

CWGIX

CWGIX Risk / Return Rank: 74
CWGIX Sharpe Ratio Rank: 78
CWGIX Sortino Ratio Rank: 72
CWGIX Omega Ratio Rank: 70
CWGIX Calmar Ratio Rank: 72
CWGIX Martin Ratio Rank: 77

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

CWGIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Capital World Growth and Income Fund Class A (CWGIX) and State Street SPDR S&P 500 ETF (SPY). 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.

	CWGIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.38	+0.19
Sortino ratio: Return per unit of downside risk	3.54	3.24	+0.30
Omega ratio: Gain probability vs. loss probability	1.47	1.43	+0.04
Calmar ratio: Return relative to maximum drawdown	3.29	3.16	+0.12
Martin ratio: Return relative to average drawdown	14.47	14.72	-0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWGIX vs. SPY - Sharpe Ratio Comparison

The current CWGIX Sharpe Ratio is 2.56, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of CWGIX and SPY, 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

	CWGIX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.38	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.82	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.87	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.59	+0.10

Drawdowns

CWGIX vs. SPY - Drawdown Comparison

The maximum CWGIX drawdown since its inception was -54.47%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CWGIX and SPY.

Drawdown Indicators

	CWGIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-54.47%	-55.19%	+0.72%
Max Drawdown (1Y) Largest decline over 1 year	-10.52%	-8.88%	-1.64%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-18.76%	+3.20%
Max Drawdown (5Y) Largest decline over 5 years	-27.18%	-24.50%	-2.68%
Max Drawdown (10Y) Largest decline over 10 years	-32.00%	-33.72%	+1.72%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-7.13%	-9.05%	+1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	1.91%	+0.48%

Volatility

CWGIX vs. SPY - Volatility Comparison

American Funds Capital World Growth and Income Fund Class A (CWGIX) has a higher volatility of 4.41% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that CWGIX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWGIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	2.84%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	11.08%	8.90%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.51%	11.83%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	17.05%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	17.94%	-1.89%

CWGIX vs. SPY - Expense Ratio Comparison

CWGIX has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CWGIX vs. SPY - Dividend Comparison

CWGIX's dividend yield for the trailing twelve months is around 9.08%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWGIX American Funds Capital World Growth and Income Fund Class A	9.08%	10.54%	7.88%	3.20%	2.09%	6.82%	1.23%	2.44%	7.00%	6.63%	4.96%	3.78%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CWGIX and SPY in my portfolio?

With a correlation of 0.91, CWGIX and SPY 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.

Which is riskier, CWGIX or SPY?

CWGIX has higher volatility (4.41%) compared to SPY (2.84%). In terms of maximum drawdown, CWGIX dropped -54.47% vs SPY's -55.19%.

Which has better risk-adjusted returns?

CWGIX currently has the higher Sharpe Ratio (2.56 vs 2.38), 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.