SHAPX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about ClearBridge Appreciation Fund (SHAPX) and S&P 500 Index (^GSPC).

SHAPX is managed by Franklin Templeton. It was launched on Mar 10, 1970.

Performance

SHAPX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Appreciation Fund (SHAPX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

SHAPX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHAPX ClearBridge Appreciation Fund	-3.71%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, SHAPX achieves a -3.71% return, which is significantly higher than ^GSPC's -3.95% return. Both investments have delivered pretty close results over the past 10 years, with SHAPX having a 12.29% annualized return and ^GSPC not far behind at 12.24%.

SHAPX

• 1D: 2.70%
• 1M: -5.35%
• YTD: -3.71%
• 6M: -2.94%
• 1Y: 13.34%
• 3Y*: 15.60%
• 5Y*: 10.41%
• 10Y*: 12.29%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

SHAPX vs. ^GSPC — Risk / Return Rank

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

SHAPX

SHAPX Risk / Return Rank: 48
SHAPX Sharpe Ratio Rank: 37
SHAPX Sortino Ratio Rank: 41
SHAPX Omega Ratio Rank: 43
SHAPX Calmar Ratio Rank: 54
SHAPX Martin Ratio Rank: 62

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

SHAPX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Appreciation Fund (SHAPX) 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.

	SHAPX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.85	0.92	-0.06
Sortino ratio Return per unit of downside risk	1.33	1.41	-0.08
Omega ratio Gain probability vs. loss probability	1.20	1.21	-0.02
Calmar ratio Return relative to maximum drawdown	1.36	1.41	-0.06
Martin ratio Return relative to average drawdown	6.17	6.61	-0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHAPX vs. ^GSPC - Sharpe Ratio Comparison

The current SHAPX Sharpe Ratio is 0.85, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of SHAPX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SHAPX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	0.92	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.61	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.68	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.46	+0.32

Correlation

The correlation between SHAPX and ^GSPC is 0.97, 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.

Drawdowns

SHAPX vs. ^GSPC - Drawdown Comparison

The maximum SHAPX drawdown since its inception was -46.19%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for SHAPX and ^GSPC.

Drawdown Indicators

	SHAPX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-46.19%	-56.78%	+10.59%
Max Drawdown (1Y) Largest decline over 1 year	-10.57%	-12.14%	+1.57%
Max Drawdown (5Y) Largest decline over 5 years	-20.53%	-25.43%	+4.90%
Max Drawdown (10Y) Largest decline over 10 years	-32.21%	-33.92%	+1.71%
Current Drawdown Current decline from peak	-6.27%	-5.78%	-0.49%
Average Drawdown Average peak-to-trough decline	-4.79%	-10.75%	+5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.60%	-0.27%

Volatility

SHAPX vs. ^GSPC - Volatility Comparison

The current volatility for ClearBridge Appreciation Fund (SHAPX) is 4.83%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that SHAPX experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHAPX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	5.37%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	9.55%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	18.33%	-2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.89%	16.90%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	18.05%	-1.33%