PGIIX vs. SPY

Last updated Jun 24, 2026

PGIIX (Polen Global Growth Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - PGIIX is a Global Equities fund managed by Polen Capital, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, PGIIX returned 10.56%/yr vs 15.53%/yr for SPY. Their correlation of 0.87 suggests significant overlap in exposure. PGIIX charges 0.99%/yr vs 0.09%/yr for SPY.

Performance

PGIIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen Global Growth Fund (PGIIX) 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, PGIIX achieves a -8.28% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, PGIIX has underperformed SPY with an annualized return of 10.56%, while SPY has yielded a comparatively higher 15.53% annualized return.

PGIIX

• 1D: -1.73%
• 1M: -1.21%
• YTD: -8.28%
• 6M: -8.73%
• 1Y: -6.24%
• 3Y*: 6.19%
• 5Y*: 0.84%
• 10Y*: 10.56%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

PGIIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGIIX Polen Global Growth Fund	-8.28%	1.91%	16.43%	31.09%	-31.20%	17.43%	23.67%	35.47%	2.48%	31.52%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between PGIIX and SPY is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 31, 2014	0.87

The correlation between PGIIX and SPY has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

Return for Risk

PGIIX vs. SPY — Risk / Return Rank

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

PGIIX

PGIIX Risk / Return Rank: 1
PGIIX Sharpe Ratio Rank: 1
PGIIX Sortino Ratio Rank: 1
PGIIX Omega Ratio Rank: 1
PGIIX Calmar Ratio Rank: 2
PGIIX Martin Ratio Rank: 1

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

PGIIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen Global Growth Fund (PGIIX) 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.

	PGIIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	1.90	-2.28
Sortino ratio: Return per unit of downside risk	-0.42	2.58	-3.00
Omega ratio: Gain probability vs. loss probability	0.95	1.34	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.28	2.67	-2.95
Martin ratio: Return relative to average drawdown	-0.66	11.92	-12.58

PGIIX vs. SPY - Sharpe Ratio Comparison

The current PGIIX Sharpe Ratio is -0.38, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of PGIIX 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

PGIIX vs. SPY - Drawdown Comparison

The maximum PGIIX drawdown since its inception was -37.09%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PGIIX and SPY.

Drawdown Indicators

	PGIIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-55.19%	+18.10%
Max Drawdown (1Y) Largest decline over 1 year	-22.38%	-8.88%	-13.50%
Max Drawdown (3Y) Largest decline over 3 years	-22.38%	-18.76%	-3.62%
Max Drawdown (5Y) Largest decline over 5 years	-37.09%	-24.50%	-12.59%
Max Drawdown (10Y) Largest decline over 10 years	-37.09%	-33.72%	-3.37%
Current Drawdown Current decline from peak	-13.23%	-3.17%	-10.06%
Average Drawdown Average peak-to-trough decline	-7.06%	-9.04%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.28%	1.98%	+7.30%

Volatility

PGIIX vs. SPY - Volatility Comparison

Polen Global Growth Fund (PGIIX) has a higher volatility of 6.18% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that PGIIX'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

	PGIIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.18%	4.87%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	13.30%	9.85%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	16.43%	12.50%	+3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	17.15%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.31%	17.95%	+1.36%

PGIIX vs. SPY - Expense Ratio Comparison

PGIIX has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PGIIX vs. SPY - Dividend Comparison

PGIIX's dividend yield for the trailing twelve months is around 23.57%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGIIX Polen Global Growth Fund	23.57%	21.62%	7.45%	0.00%	1.15%	2.48%	0.00%	0.04%	1.93%	0.00%	0.05%	0.09%
SPY State Street SPDR S&P 500 ETF	1.03%	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 PGIIX and SPY in my portfolio?

PGIIX and SPY have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGIIX or SPY?

PGIIX has higher volatility (6.18%) compared to SPY (4.87%). In terms of maximum drawdown, PGIIX dropped -37.09% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs -0.38), 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.