RGA vs. ^GSPC

Last updated Jun 4, 2026

RGA (Reinsurance Group of America, Incorporated) is a stock, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, RGA returned 9.26%/yr vs 13.66%/yr for ^GSPC. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

RGA vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reinsurance Group of America, Incorporated (RGA) 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, RGA achieves a -3.28% return, which is significantly lower than ^GSPC's 10.35% return. Over the past 10 years, RGA has underperformed ^GSPC with an annualized return of 9.26%, while ^GSPC has yielded a comparatively higher 13.66% annualized return.

RGA

• 1D: -1.64%
• 1M: -7.20%
• YTD: -3.28%
• 6M: 3.95%
• 1Y: -2.40%
• 3Y*: 12.31%
• 5Y*: 10.99%
• 10Y*: 9.26%

^GSPC

• 1D: -0.74%
• 1M: 4.90%
• YTD: 10.35%
• 6M: 10.28%
• 1Y: 26.52%
• 3Y*: 20.83%
• 5Y*: 12.30%
• 10Y*: 13.66%

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

RGA vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RGA Reinsurance Group of America, Incorporated	-3.28%	-2.97%	34.38%	16.39%	33.04%	-3.21%	-27.02%	18.29%	-8.71%	25.59%
^GSPC S&P 500 Index	10.35%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between RGA and ^GSPC is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
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	0.47
Correlation (All Time) Calculated using the full available price history since Sep 15, 2008	0.57

Over the past year, the correlation between RGA and ^GSPC has dropped to 0.29 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

Return for Risk

RGA vs. ^GSPC — Risk / Return Rank

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

RGA

RGA Risk / Return Rank: 33
RGA Sharpe Ratio Rank: 36
RGA Sortino Ratio Rank: 30
RGA Omega Ratio Rank: 30
RGA Calmar Ratio Rank: 35
RGA Martin Ratio Rank: 34

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

RGA vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reinsurance Group of America, Incorporated (RGA) 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.

	RGA	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	2.24	-2.35
Sortino ratio: Return per unit of downside risk	0.02	3.07	-3.06
Omega ratio: Gain probability vs. loss probability	1.00	1.41	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.17	2.93	-3.10
Martin ratio: Return relative to average drawdown	-0.37	13.52	-13.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RGA vs. ^GSPC - Sharpe Ratio Comparison

The current RGA Sharpe Ratio is -0.10, which is lower than the ^GSPC Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of RGA 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

	RGA	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.10	2.24	-2.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.73	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.76	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.47	-0.17

Drawdowns

RGA vs. ^GSPC - Drawdown Comparison

The maximum RGA drawdown since its inception was -65.75%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for RGA and ^GSPC.

Drawdown Indicators

	RGA	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-65.75%	-56.78%	-8.97%
Max Drawdown (1Y) Largest decline over 1 year	-14.06%	-9.10%	-4.96%
Max Drawdown (3Y) Largest decline over 3 years	-27.11%	-18.90%	-8.21%
Max Drawdown (5Y) Largest decline over 5 years	-27.11%	-25.43%	-1.68%
Max Drawdown (10Y) Largest decline over 10 years	-65.75%	-33.92%	-31.83%
Current Drawdown Current decline from peak	-13.56%	-0.74%	-12.82%
Average Drawdown Average peak-to-trough decline	-11.64%	-10.72%	-0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	1.97%	+4.53%

Volatility

RGA vs. ^GSPC - Volatility Comparison

Reinsurance Group of America, Incorporated (RGA) has a higher volatility of 5.85% compared to S&P 500 Index (^GSPC) at 2.93%. This indicates that RGA'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

	RGA	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	2.93%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	16.38%	8.99%	+7.39%
Volatility (1Y) Calculated over the trailing 1-year period	23.30%	11.89%	+11.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.83%	16.90%	+10.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.92%	18.06%	+14.86%

Frequently Asked Questions

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

RGA and ^GSPC have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RGA or ^GSPC?

RGA has higher volatility (5.85%) compared to ^GSPC (2.93%). In terms of maximum drawdown, RGA dropped -65.75% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.24 vs -0.10), 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.