OAKEX vs. SPY

Last updated Jun 23, 2026

OAKEX (Oakmark International Small Cap Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - OAKEX is a Foreign Small & Mid Cap Equities fund managed by Oakmark, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, OAKEX returned 7.33%/yr vs 15.70%/yr for SPY. At a 0.46 correlation, their price movements are largely independent. OAKEX charges 1.34%/yr vs 0.09%/yr for SPY.

Performance

OAKEX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Oakmark International Small Cap Fund (OAKEX) 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, OAKEX achieves a -2.37% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, OAKEX has underperformed SPY with an annualized return of 7.33%, while SPY has yielded a comparatively higher 15.70% annualized return.

OAKEX

• 1D: -0.37%
• 1M: -1.38%
• YTD: -2.37%
• 6M: -2.10%
• 1Y: 4.67%
• 3Y*: 9.06%
• 5Y*: 4.49%
• 10Y*: 7.33%

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)

OAKEX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OAKEX Oakmark International Small Cap Fund	-2.37%	29.51%	-3.00%	19.59%	-14.50%	17.90%	5.00%	31.91%	-23.71%	26.03%
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 OAKEX and SPY is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Oct 31, 1995	0.46

The correlation between OAKEX and SPY shifts across timeframes, from 0.46 (all time) to 0.62 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

OAKEX vs. SPY — Risk / Return Rank

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

OAKEX

OAKEX Risk / Return Rank: 4
OAKEX Sharpe Ratio Rank: 5
OAKEX Sortino Ratio Rank: 5
OAKEX Omega Ratio Rank: 5
OAKEX Calmar Ratio Rank: 4
OAKEX Martin Ratio Rank: 4

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.

OAKEX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oakmark International Small Cap Fund (OAKEX) 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.

	OAKEX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.28	2.16	-1.88
Sortino ratio: Return per unit of downside risk	0.50	2.91	-2.41
Omega ratio: Gain probability vs. loss probability	1.06	1.39	-0.33
Calmar ratio: Return relative to maximum drawdown	0.24	3.01	-2.77
Martin ratio: Return relative to average drawdown	0.71	13.54	-12.83

OAKEX vs. SPY - Sharpe Ratio Comparison

The current OAKEX Sharpe Ratio is 0.28, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of OAKEX 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

OAKEX vs. SPY - Drawdown Comparison

The maximum OAKEX drawdown since its inception was -70.12%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for OAKEX and SPY.

Drawdown Indicators

	OAKEX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-70.12%	-55.19%	-14.93%
Max Drawdown (1Y) Largest decline over 1 year	-17.18%	-8.88%	-8.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.18%	-18.76%	+1.58%
Max Drawdown (5Y) Largest decline over 5 years	-38.40%	-24.50%	-13.90%
Max Drawdown (10Y) Largest decline over 10 years	-49.61%	-33.72%	-15.89%
Current Drawdown Current decline from peak	-7.40%	-1.75%	-5.65%
Average Drawdown Average peak-to-trough decline	-13.48%	-9.04%	-4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.94%	1.97%	+3.97%

Volatility

OAKEX vs. SPY - Volatility Comparison

The current volatility for Oakmark International Small Cap Fund (OAKEX) is 4.02%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that OAKEX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OAKEX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	4.64%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	11.76%	9.75%	+2.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	12.43%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.73%	17.14%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.64%	17.99%	+0.65%

OAKEX vs. SPY - Expense Ratio Comparison

OAKEX has a 1.34% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

OAKEX vs. SPY - Dividend Comparison

OAKEX's dividend yield for the trailing twelve months is around 5.37%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OAKEX Oakmark International Small Cap Fund	5.37%	5.24%	6.38%	1.83%	1.89%	0.61%	1.87%	0.21%	8.93%	3.64%	3.09%	5.06%
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 OAKEX and SPY in my portfolio?

OAKEX and SPY have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OAKEX or SPY?

SPY has higher volatility (4.64%) compared to OAKEX (4.02%). In terms of maximum drawdown, OAKEX dropped -70.12% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 0.28), 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.