KGGAX vs. SPY

Last updated Aug 1, 2026

KGGAX (Kopernik Global All-Cap Fund Class A) and SPY (State Street SPDR S&P 500 ETF) are both funds - KGGAX is a Foreign Small & Mid Cap Equities fund managed by Kopernik, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, KGGAX returned 11.52%/yr vs 15.07%/yr for SPY. Their 0.41 correlation means their historical movements had little consistent relationship. KGGAX charges 1.26%/yr vs 0.09%/yr for SPY.

Performance

KGGAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kopernik Global All-Cap Fund Class A (KGGAX) 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, KGGAX achieves a 5.12% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, KGGAX has underperformed SPY with an annualized return of 11.52%, while SPY has yielded a comparatively higher 15.07% annualized return.

KGGAX

• 1D: 1.42%
• 1M: 3.40%
• 6M: -3.52%
• YTD: 5.12%
• 1Y: 29.50%
• 3Y*: 20.42%
• 5Y*: 11.38%
• 10Y*: 11.52%
• ALL TIME*: 9.03%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KGGAX Kopernik Global All-Cap Fund Class A	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

KGGAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGGAX Kopernik Global All-Cap Fund Class A	5.12%	64.46%	-4.79%	13.08%	-9.24%	16.59%	36.89%	9.76%	-11.34%	8.77%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between KGGAX and SPY is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.32
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (10Y) Provides a long-term view across more market conditions.	0.39
Correlation (All Time) Calculated using the full available price history since Nov 6, 2013	0.41

The correlation between KGGAX and SPY shifts across timeframes, from 0.32 (3 years) to 0.49 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

KGGAX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KGGAX

KGGAX Risk / Return Rank: 65
KGGAX Sharpe Ratio Rank: 78
KGGAX Sortino Ratio Rank: 71
KGGAX Omega Ratio Rank: 75
KGGAX Calmar Ratio Rank: 66
KGGAX Martin Ratio Rank: 37

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KGGAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kopernik Global All-Cap Fund Class A (KGGAX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	KGGAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.52	+0.31
Sortino ratio: Return per unit of downside risk	2.37	2.11	+0.26
Omega ratio: Gain probability vs. loss probability	1.32	1.27	+0.05
Calmar ratio: Return relative to maximum drawdown	2.13	2.20	-0.07
Martin ratio: Return relative to average drawdown	5.24	9.40	-4.16

KGGAX vs. SPY - Sharpe Ratio Comparison

The current KGGAX Sharpe Ratio is 1.83, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of KGGAX 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.

Drawdowns

KGGAX vs. SPY - Drawdown Comparison

The maximum KGGAX drawdown since its inception was -45.27%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for KGGAX and SPY.

Drawdown Indicators

	KGGAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-45.27%	-55.19%	+9.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.34%	-8.88%	-4.46%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-18.76%	+5.23%
Max Drawdown (5Y) Largest decline over 5 years	-26.59%	-24.50%	-2.09%
Max Drawdown (10Y) Largest decline over 10 years	-31.90%	-33.72%	+1.82%
Current Drawdown Current decline from peak	-9.02%	-1.40%	-7.62%
Average Drawdown Average peak-to-trough decline	-9.68%	-9.01%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.41%	2.08%	+3.33%

Volatility

KGGAX vs. SPY - Volatility Comparison

Kopernik Global All-Cap Fund Class A (KGGAX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.44% and 3.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGGAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	3.58%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	12.66%	10.14%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	12.89%	+2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	17.18%	-1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	17.95%	-3.01%

KGGAX vs. SPY - Expense Ratio Comparison

KGGAX has a 1.26% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

KGGAX vs. SPY - Dividend Comparison

KGGAX's dividend yield for the trailing twelve months is around 15.33%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KGGAX Kopernik Global All-Cap Fund Class A	15.33%	16.11%	1.04%	8.29%	13.22%	9.00%	4.59%	2.72%	0.00%	4.12%	3.09%	0.40%
SPY State Street SPDR S&P 500 ETF	1.01%	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 KGGAX and SPY in my portfolio?

KGGAX and SPY have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGGAX or SPY?

SPY has higher volatility (3.58%) compared to KGGAX (3.44%). In terms of maximum drawdown, KGGAX dropped -45.27% vs SPY's -55.19%.

Which has better risk-adjusted returns?

KGGAX currently has the higher Sharpe Ratio (1.83 vs 1.52), 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.