GAIOX vs. SPY

Last updated Jun 3, 2026

GAIOX (American Funds Growth and Income Portfolio) and SPY (State Street SPDR S&P 500 ETF) are both funds - GAIOX is a Diversified Portfolio fund managed by American Funds, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, GAIOX returned 10.83%/yr vs 15.57%/yr for SPY. Their correlation of 0.95 suggests significant overlap in exposure. GAIOX charges 0.66%/yr vs 0.09%/yr for SPY.

Performance

GAIOX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Growth and Income Portfolio (GAIOX) 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, GAIOX achieves a 8.64% return, which is significantly lower than SPY's 11.69% return. Over the past 10 years, GAIOX has underperformed SPY with an annualized return of 10.83%, while SPY has yielded a comparatively higher 15.57% annualized return.

GAIOX

• 1D: 0.00%
• 1M: 3.44%
• YTD: 8.64%
• 6M: 9.61%
• 1Y: 21.96%
• 3Y*: 17.44%
• 5Y*: 9.27%
• 10Y*: 10.83%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

GAIOX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAIOX American Funds Growth and Income Portfolio	8.64%	17.92%	14.54%	18.77%	-15.88%	16.31%	16.35%	21.90%	-5.91%	19.13%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between GAIOX and SPY is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 22, 2012	0.95

The correlation between GAIOX and SPY has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

GAIOX vs. SPY — Risk / Return Rank

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

GAIOX

GAIOX Risk / Return Rank: 57
GAIOX Sharpe Ratio Rank: 58
GAIOX Sortino Ratio Rank: 56
GAIOX Omega Ratio Rank: 57
GAIOX Calmar Ratio Rank: 50
GAIOX Martin Ratio Rank: 63

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

GAIOX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Growth and Income Portfolio (GAIOX) 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.

	GAIOX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.25	2.52	-0.27
Sortino ratio Return per unit of downside risk	3.17	3.42	-0.25
Omega ratio Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio Return relative to maximum drawdown	2.73	3.42	-0.69
Martin ratio Return relative to average drawdown	12.45	15.93	-3.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAIOX vs. SPY - Sharpe Ratio Comparison

The current GAIOX Sharpe Ratio is 2.25, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of GAIOX 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

	GAIOX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.52	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.84	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.87	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.59	+0.28

Drawdowns

GAIOX vs. SPY - Drawdown Comparison

The maximum GAIOX drawdown since its inception was -26.55%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GAIOX and SPY.

Drawdown Indicators

	GAIOX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-26.55%	-55.19%	+28.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.32%	-8.88%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-13.08%	-18.76%	+5.68%
Max Drawdown (5Y) Largest decline over 5 years	-23.11%	-24.50%	+1.39%
Max Drawdown (10Y) Largest decline over 10 years	-26.55%	-33.72%	+7.17%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.44%	-9.05%	+5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.91%	-0.09%

Volatility

GAIOX vs. SPY - Volatility Comparison

American Funds Growth and Income Portfolio (GAIOX) has a higher volatility of 3.03% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that GAIOX'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

	GAIOX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	2.75%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	8.08%	8.89%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	10.11%	11.81%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.58%	17.05%	-4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.19%	17.94%	-4.75%

GAIOX vs. SPY - Expense Ratio Comparison

GAIOX has a 0.66% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GAIOX vs. SPY - Dividend Comparison

GAIOX's dividend yield for the trailing twelve months is around 5.06%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAIOX American Funds Growth and Income Portfolio	5.06%	5.50%	4.81%	2.81%	6.45%	5.13%	4.00%	5.51%	6.10%	3.45%	4.39%	4.60%
SPY State Street SPDR S&P 500 ETF	0.97%	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 GAIOX and SPY in my portfolio?

With a correlation of 0.94, GAIOX 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, GAIOX or SPY?

GAIOX has higher volatility (3.03%) compared to SPY (2.75%). In terms of maximum drawdown, GAIOX dropped -26.55% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.25), 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.