FRA vs. ^GSPC

Last updated Jun 3, 2026

FRA (BlackRock Floating Rate Income Strategies Fund Inc) is Bank Loan fund managed by BlackRock, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, FRA returned 6.51%/yr vs 13.75%/yr for ^GSPC. At a 0.33 correlation, their price movements are largely independent.

Performance

FRA vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Floating Rate Income Strategies Fund Inc (FRA) 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, FRA achieves a -0.66% return, which is significantly lower than ^GSPC's 11.16% return. Over the past 10 years, FRA has underperformed ^GSPC with an annualized return of 6.51%, while ^GSPC has yielded a comparatively higher 13.75% annualized return.

FRA

• 1D: -0.09%
• 1M: -0.15%
• YTD: -0.66%
• 6M: 0.99%
• 1Y: -1.83%
• 3Y*: 9.60%
• 5Y*: 6.92%
• 10Y*: 6.51%

^GSPC

• 1D: 0.13%
• 1M: 5.25%
• YTD: 11.16%
• 6M: 11.43%
• 1Y: 28.20%
• 3Y*: 21.12%
• 5Y*: 12.66%
• 10Y*: 13.75%

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

FRA vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRA BlackRock Floating Rate Income Strategies Fund Inc	-0.66%	-3.75%	21.56%	25.46%	-10.59%	17.81%	-2.38%	20.82%	-8.27%	0.76%
^GSPC S&P 500 Index	11.16%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between FRA and ^GSPC is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 30, 2003	0.33

Return for Risk

FRA vs. ^GSPC — Risk / Return Rank

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

FRA

FRA Risk / Return Rank: 2
FRA Sharpe Ratio Rank: 2
FRA Sortino Ratio Rank: 2
FRA Omega Ratio Rank: 2
FRA Calmar Ratio Rank: 2
FRA Martin Ratio Rank: 2

^GSPC

^GSPC Risk / Return Rank: 79
^GSPC Sharpe Ratio Rank: 76
^GSPC Sortino Ratio Rank: 76
^GSPC Omega Ratio Rank: 77
^GSPC Calmar Ratio Rank: 79
^GSPC Martin Ratio Rank: 88

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.

FRA vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Strategies Fund Inc (FRA) 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.

	FRA	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	-0.18	2.39	-2.57
Sortino ratio Return per unit of downside risk	-0.20	3.25	-3.45
Omega ratio Gain probability vs. loss probability	0.98	1.43	-0.46
Calmar ratio Return relative to maximum drawdown	-0.09	3.16	-3.25
Martin ratio Return relative to average drawdown	-0.19	14.61	-14.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRA vs. ^GSPC - Sharpe Ratio Comparison

The current FRA Sharpe Ratio is -0.18, which is lower than the ^GSPC Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of FRA 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

	FRA	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.18	2.39	-2.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.75	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.76	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.47	-0.15

Drawdowns

FRA vs. ^GSPC - Drawdown Comparison

The maximum FRA drawdown since its inception was -51.43%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for FRA and ^GSPC.

Drawdown Indicators

	FRA	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-51.43%	-56.78%	+5.35%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-9.10%	-6.37%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-18.90%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-18.77%	-25.43%	+6.66%
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	-33.92%	-8.88%
Current Drawdown Current decline from peak	-9.13%	0.00%	-9.13%
Average Drawdown Average peak-to-trough decline	-7.21%	-10.72%	+3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.46%	1.97%	+5.49%

Volatility

FRA vs. ^GSPC - Volatility Comparison

The current volatility for BlackRock Floating Rate Income Strategies Fund Inc (FRA) is 2.17%, while S&P 500 Index (^GSPC) has a volatility of 2.84%. This indicates that FRA 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

	FRA	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.17%	2.84%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	8.98%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	9.94%	11.87%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.90%	16.90%	-4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.53%	18.07%	-2.54%

Frequently Asked Questions

Can I hold both FRA and ^GSPC in my portfolio?

FRA and ^GSPC have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRA or ^GSPC?

^GSPC has higher volatility (2.84%) compared to FRA (2.17%). In terms of maximum drawdown, FRA dropped -51.43% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.39 vs -0.18), 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.