KGGIX vs. SPY

Last updated Jun 23, 2026

KGGIX (Kopernik Global All-Cap Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - KGGIX 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, KGGIX returned 12.73%/yr vs 15.70%/yr for SPY. At a 0.41 correlation, their price movements are largely independent. KGGIX charges 1.01%/yr vs 0.09%/yr for SPY.

Performance

KGGIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kopernik Global All-Cap Fund (KGGIX) 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, KGGIX achieves a 4.96% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, KGGIX has underperformed SPY with an annualized return of 12.73%, while SPY has yielded a comparatively higher 15.70% annualized return.

KGGIX

• 1D: -1.63%
• 1M: -4.18%
• YTD: 4.96%
• 6M: 4.99%
• 1Y: 32.02%
• 3Y*: 20.59%
• 5Y*: 11.07%
• 10Y*: 12.73%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

KGGIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGGIX Kopernik Global All-Cap Fund	4.96%	64.88%	-4.91%	13.43%	-9.05%	16.86%	37.23%	10.00%	-11.07%	8.98%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between KGGIX and SPY is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 6, 2013	0.41

The correlation between KGGIX and SPY shifts across timeframes, from 0.33 (3 years) to 0.50 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

KGGIX vs. SPY — Risk / Return Rank

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

KGGIX

KGGIX Risk / Return Rank: 49
KGGIX Sharpe Ratio Rank: 53
KGGIX Sortino Ratio Rank: 43
KGGIX Omega Ratio Rank: 48
KGGIX Calmar Ratio Rank: 60
KGGIX Martin Ratio Rank: 41

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

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

	KGGIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.16	-0.18
Sortino ratio: Return per unit of downside risk	2.55	2.91	-0.36
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	2.86	3.01	-0.15
Martin ratio: Return relative to average drawdown	8.36	13.54	-5.18

KGGIX vs. SPY - Sharpe Ratio Comparison

The current KGGIX Sharpe Ratio is 1.98, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of KGGIX 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

KGGIX vs. SPY - Drawdown Comparison

The maximum KGGIX drawdown since its inception was -45.11%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for KGGIX and SPY.

Drawdown Indicators

	KGGIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-45.11%	-55.19%	+10.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-8.88%	-1.77%
Max Drawdown (3Y) Largest decline over 3 years	-13.76%	-18.76%	+5.00%
Max Drawdown (5Y) Largest decline over 5 years	-26.43%	-24.50%	-1.93%
Max Drawdown (10Y) Largest decline over 10 years	-31.59%	-33.72%	+2.13%
Current Drawdown Current decline from peak	-9.20%	-1.75%	-7.45%
Average Drawdown Average peak-to-trough decline	-9.50%	-9.04%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	1.97%	+1.67%

Volatility

KGGIX vs. SPY - Volatility Comparison

Kopernik Global All-Cap Fund (KGGIX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.81% and 4.64%, 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

	KGGIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	4.64%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	9.75%	+3.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.39%	12.43%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	17.14%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.00%	17.99%	-2.99%

KGGIX vs. SPY - Expense Ratio Comparison

KGGIX has a 1.01% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

KGGIX vs. SPY - Dividend Comparison

KGGIX's dividend yield for the trailing twelve months is around 15.68%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KGGIX Kopernik Global All-Cap Fund	15.68%	16.46%	1.04%	8.60%	13.59%	9.30%	4.81%	3.02%	0.25%	4.40%	3.34%	0.81%
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 KGGIX and SPY in my portfolio?

KGGIX and SPY have a correlation of 0.50, 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 SPY?

KGGIX has higher volatility (4.81%) compared to SPY (4.64%). In terms of maximum drawdown, KGGIX dropped -45.11% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.98), 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.