PRPFX vs. SPY

Last updated Aug 1, 2026

PRPFX (Permanent Portfolio Class I) and SPY (State Street SPDR S&P 500 ETF) are both funds - PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio, while SPY is a S&P 500 fund tracking the S&P 500 Index. PRPFX is actively managed, while SPY is passively managed. Over the past 10 years, PRPFX returned 9.97%/yr vs 15.07%/yr for SPY. Their 0.59 correlation means they have sometimes moved together and sometimes differently. PRPFX charges 0.81%/yr vs 0.09%/yr for SPY.

Performance

PRPFX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Permanent Portfolio Class I (PRPFX) 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, PRPFX achieves a 2.08% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, PRPFX has underperformed SPY with an annualized return of 9.97%, while SPY has yielded a comparatively higher 15.07% annualized return.

PRPFX

• 1D: 0.71%
• 1M: -0.17%
• 6M: -2.57%
• YTD: 2.08%
• 1Y: 15.83%
• 3Y*: 17.56%
• 5Y*: 10.89%
• 10Y*: 9.97%
• ALL TIME*: 7.00%

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)
PRPFX Permanent Portfolio Class I	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

PRPFX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRPFX Permanent Portfolio Class I	2.08%	28.78%	19.36%	11.96%	-5.48%	10.87%	18.80%	19.20%	-7.02%	11.42%
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 PRPFX and SPY is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	0.67
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.59

The correlation between PRPFX and SPY has been stable across timeframes, ranging from 0.57 to 0.67 - a consistent structural relationship.

Return for Risk

PRPFX vs. SPY — Risk / Return Rank

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

PRPFX

PRPFX Risk / Return Rank: 38
PRPFX Sharpe Ratio Rank: 42
PRPFX Sortino Ratio Rank: 34
PRPFX Omega Ratio Rank: 48
PRPFX Calmar Ratio Rank: 41
PRPFX Martin Ratio Rank: 26

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.

PRPFX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Class I (PRPFX) 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.

	PRPFX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.52	-0.33
Sortino ratio: Return per unit of downside risk	1.52	2.11	-0.59
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.60	2.20	-0.61
Martin ratio: Return relative to average drawdown	3.56	9.40	-5.84

PRPFX vs. SPY - Sharpe Ratio Comparison

The current PRPFX Sharpe Ratio is 1.19, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of PRPFX 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

PRPFX vs. SPY - Drawdown Comparison

The maximum PRPFX drawdown since its inception was -27.16%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PRPFX and SPY.

Drawdown Indicators

	PRPFX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-27.16%	-55.19%	+28.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.74%	-8.88%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-9.74%	-18.76%	+9.02%
Max Drawdown (5Y) Largest decline over 5 years	-15.49%	-24.50%	+9.01%
Max Drawdown (10Y) Largest decline over 10 years	-20.84%	-33.72%	+12.88%
Current Drawdown Current decline from peak	-8.67%	-1.40%	-7.27%
Average Drawdown Average peak-to-trough decline	-3.54%	-9.01%	+5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	2.08%	+2.27%

Volatility

PRPFX vs. SPY - Volatility Comparison

The current volatility for Permanent Portfolio Class I (PRPFX) is 2.42%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that PRPFX 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

	PRPFX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	3.58%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	10.14%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.09%	12.89%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	17.18%	-6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.68%	17.95%	-7.27%

PRPFX vs. SPY - Expense Ratio Comparison

PRPFX has a 0.81% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PRPFX vs. SPY - Dividend Comparison

PRPFX's dividend yield for the trailing twelve months is around 3.20%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRPFX Permanent Portfolio Class I	3.20%	3.27%	1.86%	1.39%	1.58%	2.05%	5.38%	4.69%	6.90%	2.14%	0.95%	7.06%
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 PRPFX and SPY in my portfolio?

PRPFX and SPY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRPFX or SPY?

SPY has higher volatility (3.58%) compared to PRPFX (2.42%). In terms of maximum drawdown, PRPFX dropped -27.16% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.19), 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.