RPEAX vs. SPY
Compare and contrast key facts about Davis Opportunity Fund (RPEAX) and State Street SPDR S&P 500 ETF (SPY).
RPEAX is managed by Davis Funds. It was launched on Dec 1, 1994. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
RPEAX vs. SPY - Performance Comparison
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RPEAX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPEAX Davis Opportunity Fund | -3.24% | 21.86% | 32.82% | 22.21% | -14.12% | 24.92% | 12.78% | 25.06% | -23.66% | 23.09% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, RPEAX achieves a -3.24% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, RPEAX has underperformed SPY with an annualized return of 11.97%, while SPY has yielded a comparatively higher 13.98% annualized return.
RPEAX
- 1D
- -0.08%
- 1M
- -8.29%
- YTD
- -3.24%
- 6M
- 1.18%
- 1Y
- 17.38%
- 3Y*
- 24.20%
- 5Y*
- 12.69%
- 10Y*
- 11.97%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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RPEAX vs. SPY - Expense Ratio Comparison
RPEAX has a 0.93% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
RPEAX vs. SPY — Risk / Return Rank
RPEAX
SPY
RPEAX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Davis Opportunity Fund (RPEAX) 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.
| RPEAX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.97 | 0.93 | +0.04 |
Sortino ratioReturn per unit of downside risk | 1.44 | 1.45 | -0.01 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.31 | 1.53 | -0.22 |
Martin ratioReturn relative to average drawdown | 4.94 | 7.30 | -2.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RPEAX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | 0.93 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.69 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.78 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.56 | -0.02 |
Correlation
The correlation between RPEAX and SPY is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
RPEAX vs. SPY - Dividend Comparison
RPEAX's dividend yield for the trailing twelve months is around 14.38%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RPEAX Davis Opportunity Fund | 14.38% | 13.91% | 33.00% | 6.17% | 8.47% | 9.23% | 2.88% | 4.86% | 0.64% | 2.70% | 2.44% | 21.42% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
RPEAX vs. SPY - Drawdown Comparison
The maximum RPEAX drawdown since its inception was -59.71%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RPEAX and SPY.
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Drawdown Indicators
| RPEAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.71% | -55.19% | -4.52% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -12.05% | +0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -26.03% | -24.50% | -1.53% |
Max Drawdown (10Y)Largest decline over 10 years | -39.78% | -33.72% | -6.06% |
Current DrawdownCurrent decline from peak | -10.12% | -6.24% | -3.88% |
Average DrawdownAverage peak-to-trough decline | -10.53% | -9.09% | -1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 2.52% | +0.60% |
Volatility
RPEAX vs. SPY - Volatility Comparison
The current volatility for Davis Opportunity Fund (RPEAX) is 4.79%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that RPEAX 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.
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Volatility by Period
| RPEAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.79% | 5.31% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 9.96% | 9.47% | +0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.43% | 19.05% | -0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.51% | 17.06% | +7.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.72% | 17.92% | +3.80% |