KGGIX vs. ^GSPC

Last updated Jun 3, 2026

KGGIX (Kopernik Global All-Cap Fund) is Foreign Small & Mid Cap Equities fund managed by Kopernik, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, KGGIX returned 13.62%/yr vs 13.75%/yr for ^GSPC. At a 0.41 correlation, their price movements are largely independent.

Performance

KGGIX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kopernik Global All-Cap Fund (KGGIX) 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, KGGIX achieves a 10.44% return, which is significantly lower than ^GSPC's 11.16% return. Both investments have delivered pretty close results over the past 10 years, with KGGIX having a 13.62% annualized return and ^GSPC not far ahead at 13.75%.

KGGIX

• 1D: -0.23%
• 1M: -0.87%
• YTD: 10.44%
• 6M: 14.21%
• 1Y: 43.50%
• 3Y*: 23.21%
• 5Y*: 11.23%
• 10Y*: 13.62%

^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)

KGGIX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGGIX Kopernik Global All-Cap Fund	10.44%	64.88%	-4.91%	13.43%	-9.05%	16.86%	37.23%	10.00%	-11.07%	8.98%
^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 KGGIX and ^GSPC is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 7, 2013	0.41

The correlation between KGGIX and ^GSPC shifts across timeframes, from 0.32 (3 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

KGGIX vs. ^GSPC — Risk / Return Rank

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

KGGIX

KGGIX Risk / Return Rank: 82
KGGIX Sharpe Ratio Rank: 91
KGGIX Sortino Ratio Rank: 78
KGGIX Omega Ratio Rank: 80
KGGIX Calmar Ratio Rank: 87
KGGIX Martin Ratio Rank: 72

^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.

KGGIX vs. ^GSPC - Risk-Adjusted Trends Comparison

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

	KGGIX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	3.02	2.39	+0.63
Sortino ratio Return per unit of downside risk	3.73	3.25	+0.48
Omega ratio Gain probability vs. loss probability	1.53	1.43	+0.09
Calmar ratio Return relative to maximum drawdown	4.15	3.16	+1.00
Martin ratio Return relative to average drawdown	13.83	14.61	-0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KGGIX vs. ^GSPC - Sharpe Ratio Comparison

The current KGGIX Sharpe Ratio is 3.02, which is comparable to the ^GSPC Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of KGGIX 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

	KGGIX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	2.39	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.75	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.76	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.47	+0.16

Drawdowns

KGGIX vs. ^GSPC - Drawdown Comparison

The maximum KGGIX drawdown since its inception was -45.11%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for KGGIX and ^GSPC.

Drawdown Indicators

	KGGIX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-45.11%	-56.78%	+11.67%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-9.10%	-1.55%
Max Drawdown (3Y) Largest decline over 3 years	-13.76%	-18.90%	+5.14%
Max Drawdown (5Y) Largest decline over 5 years	-26.43%	-25.43%	-1.00%
Max Drawdown (10Y) Largest decline over 10 years	-31.59%	-33.92%	+2.33%
Current Drawdown Current decline from peak	-4.46%	0.00%	-4.46%
Average Drawdown Average peak-to-trough decline	-9.51%	-10.72%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	1.97%	+1.23%

Volatility

KGGIX vs. ^GSPC - Volatility Comparison

Kopernik Global All-Cap Fund (KGGIX) has a higher volatility of 3.76% compared to S&P 500 Index (^GSPC) at 2.84%. This indicates that KGGIX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGGIX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	2.84%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	12.16%	8.98%	+3.18%
Volatility (1Y) Calculated over the trailing 1-year period	14.99%	11.87%	+3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.19%	16.90%	-1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.00%	18.07%	-3.07%

Frequently Asked Questions

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

KGGIX and ^GSPC have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGGIX or ^GSPC?

KGGIX has higher volatility (3.76%) compared to ^GSPC (2.84%). In terms of maximum drawdown, KGGIX dropped -45.11% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

KGGIX currently has the higher Sharpe Ratio (3.02 vs 2.39), 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.