SPGP vs. DODGX

Last updated Jul 21, 2026

SPGP (Invesco S&P 500 GARP ETF) and DODGX (Dodge & Cox Stock Fund Class I) are both funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while DODGX is a Large Cap Value Equities fund actively managed by Dodge & Cox. SPGP is passively managed, while DODGX is actively managed. Over the past 10 years, SPGP returned 14.91%/yr vs 13.03%/yr for DODGX. A 0.80 correlation means they provide meaningful diversification when combined. SPGP charges 0.36%/yr vs 0.51%/yr for DODGX.

Performance

SPGP vs. DODGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 GARP ETF (SPGP) and Dodge & Cox Stock Fund Class I (DODGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPGP achieves a 8.39% return, which is significantly higher than DODGX's 7.49% return. Over the past 10 years, SPGP has outperformed DODGX with an annualized return of 14.91%, while DODGX has yielded a comparatively lower 13.03% annualized return.

SPGP

• 1D: -0.12%
• 1M: 2.18%
• 6M: 6.47%
• YTD: 8.39%
• 1Y: 13.79%
• 3Y*: 10.82%
• 5Y*: 7.98%
• 10Y*: 14.91%
• ALL TIME*: 14.33%

DODGX

• 1D: -0.79%
• 1M: 4.43%
• 6M: 5.71%
• YTD: 7.49%
• 1Y: 13.56%
• 3Y*: 13.97%
• 5Y*: 10.28%
• 10Y*: 13.03%
• ALL TIME*: 11.24%

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

SPGP vs. DODGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPGP Invesco S&P 500 GARP ETF	8.39%	9.80%	8.48%	20.29%	-13.83%	35.72%	15.92%	39.16%	1.68%	36.24%
DODGX Dodge & Cox Stock Fund Class I	7.49%	13.66%	14.36%	17.49%	-7.25%	31.72%	7.10%	24.30%	-7.15%	18.33%

Correlation

The correlation between SPGP and DODGX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011	0.80

The correlation between SPGP and DODGX has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

SPGP vs. DODGX — Risk / Return Rank

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

SPGP

SPGP Risk / Return Rank: 33
SPGP Sharpe Ratio Rank: 32
SPGP Sortino Ratio Rank: 32
SPGP Omega Ratio Rank: 30
SPGP Calmar Ratio Rank: 32
SPGP Martin Ratio Rank: 40

DODGX

DODGX Risk / Return Rank: 30
DODGX Sharpe Ratio Rank: 28
DODGX Sortino Ratio Rank: 28
DODGX Omega Ratio Rank: 26
DODGX Calmar Ratio Rank: 35
DODGX Martin Ratio Rank: 35

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.

SPGP vs. DODGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) and Dodge & Cox Stock Fund Class I (DODGX). 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.

	SPGP	DODGX	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.19	-0.31
Sortino ratio: Return per unit of downside risk	1.36	1.74	-0.39
Omega ratio: Gain probability vs. loss probability	1.16	1.21	-0.05
Calmar ratio: Return relative to maximum drawdown	1.24	1.83	-0.59
Martin ratio: Return relative to average drawdown	4.72	6.38	-1.65

SPGP vs. DODGX - Sharpe Ratio Comparison

The current SPGP Sharpe Ratio is 0.88, which is comparable to the DODGX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of SPGP and DODGX, 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

SPGP vs. DODGX - Drawdown Comparison

The maximum SPGP drawdown since its inception was -42.08%, smaller than the maximum DODGX drawdown of -63.24%. Use the drawdown chart below to compare losses from any high point for SPGP and DODGX.

Drawdown Indicators

	SPGP	DODGX	Difference
Max Drawdown Largest peak-to-trough decline	-42.08%	-63.24%	+21.16%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-7.48%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-14.89%	-7.98%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	-21.85%	-1.02%
Max Drawdown (10Y) Largest decline over 10 years	-42.08%	-40.41%	-1.67%
Current Drawdown Current decline from peak	-1.62%	-0.79%	-0.83%
Average Drawdown Average peak-to-trough decline	-4.33%	-7.49%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.14%	+0.78%

Volatility

SPGP vs. DODGX - Volatility Comparison

Invesco S&P 500 GARP ETF (SPGP) and Dodge & Cox Stock Fund Class I (DODGX) have volatilities of 3.27% and 3.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGP	DODGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	3.33%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	8.56%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	11.46%	+4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	15.92%	+2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	19.09%	+2.11%

SPGP vs. DODGX - Expense Ratio Comparison

SPGP has a 0.36% expense ratio, which is lower than DODGX's 0.51% expense ratio.

Dividends

SPGP vs. DODGX - Dividend Comparison

SPGP's dividend yield for the trailing twelve months is around 0.82%, less than DODGX's 8.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODGX Dodge & Cox Stock Fund Class I	8.93%	9.86%	8.20%	3.76%	5.47%	3.22%	6.74%	10.23%	9.69%	6.78%	6.26%	5.36%
SPGP Invesco S&P 500 GARP ETF	0.82%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%

Frequently Asked Questions

Can I hold both SPGP and DODGX in my portfolio?

SPGP and DODGX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGP or DODGX?

DODGX has higher volatility (3.33%) compared to SPGP (3.27%). In terms of maximum drawdown, SPGP dropped -42.08% vs DODGX's -63.24%.

Which has better risk-adjusted returns?

DODGX currently has the higher Sharpe Ratio (1.19 vs 0.88), 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.