SPIAX vs. ACSTX

Last updated Aug 1, 2026

SPIAX (Invesco S&P 500 Index A) and ACSTX (Invesco Comstock Fund) are both mutual funds - SPIAX is a S&P 500 fund tracking the S&P 500, while ACSTX is a Large Cap Value Equities fund managed by Invesco. Over the past 10 years, SPIAX returned 14.39%/yr vs 12.73%/yr for ACSTX. Their correlation of 0.87 means they have usually moved in the same direction. SPIAX charges 0.54%/yr vs 0.80%/yr for ACSTX.

Performance

SPIAX vs. ACSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Index A (SPIAX) and Invesco Comstock Fund (ACSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPIAX achieves a 9.04% return, which is significantly lower than ACSTX's 12.80% return. Over the past 10 years, SPIAX has outperformed ACSTX with an annualized return of 14.39%, while ACSTX has yielded a comparatively lower 12.73% annualized return.

SPIAX

• 1D: 1.66%
• 1M: -0.58%
• 6M: 7.53%
• YTD: 9.04%
• 1Y: 20.06%
• 3Y*: 18.40%
• 5Y*: 12.09%
• 10Y*: 14.39%
• ALL TIME*: 8.70%

ACSTX

• 1D: 0.47%
• 1M: 0.82%
• 6M: 9.59%
• YTD: 12.80%
• 1Y: 24.16%
• 3Y*: 16.09%
• 5Y*: 13.28%
• 10Y*: 12.73%
• ALL TIME*: 9.54%

*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)
ACSTX Invesco Comstock Fund	$0.00	$0.00	$0.00
SPIAX Invesco S&P 500 Index A	$0.00	$0.00	$0.00

SPIAX vs. ACSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPIAX Invesco S&P 500 Index A	9.04%	17.23%	24.34%	25.63%	-18.56%	27.99%	17.84%	30.78%	-4.97%	21.13%
ACSTX Invesco Comstock Fund	12.80%	17.22%	15.00%	12.37%	0.74%	33.33%	-0.78%	24.35%	-12.34%	17.75%

Correlation

The correlation between SPIAX and ACSTX is 0.66, 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.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	0.87

Over the past year, the correlation between SPIAX and ACSTX has dropped to 0.66 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

SPIAX vs. ACSTX — Risk / Return Rank

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

SPIAX

SPIAX Risk / Return Rank: 55
SPIAX Sharpe Ratio Rank: 53
SPIAX Sortino Ratio Rank: 50
SPIAX Omega Ratio Rank: 50
SPIAX Calmar Ratio Rank: 56
SPIAX Martin Ratio Rank: 68

ACSTX

ACSTX Risk / Return Rank: 83
ACSTX Sharpe Ratio Rank: 83
ACSTX Sortino Ratio Rank: 83
ACSTX Omega Ratio Rank: 80
ACSTX Calmar Ratio Rank: 82
ACSTX Martin Ratio Rank: 86

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.

SPIAX vs. ACSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Index A (SPIAX) and Invesco Comstock Fund (ACSTX). 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.

	SPIAX	ACSTX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.00	-0.61
Sortino ratio: Return per unit of downside risk	1.94	2.89	-0.95
Omega ratio: Gain probability vs. loss probability	1.25	1.36	-0.11
Calmar ratio: Return relative to maximum drawdown	1.99	2.71	-0.72
Martin ratio: Return relative to average drawdown	8.49	10.66	-2.17

SPIAX vs. ACSTX - Sharpe Ratio Comparison

The current SPIAX Sharpe Ratio is 1.39, which is lower than the ACSTX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SPIAX and ACSTX, 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

SPIAX vs. ACSTX - Drawdown Comparison

The maximum SPIAX drawdown since its inception was -55.47%, smaller than the maximum ACSTX drawdown of -58.61%. Use the drawdown chart below to compare losses from any high point for SPIAX and ACSTX.

Drawdown Indicators

	SPIAX	ACSTX	Difference
Max Drawdown Largest peak-to-trough decline	-55.47%	-58.61%	+3.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-8.02%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-15.61%	-3.23%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-17.25%	-7.56%
Max Drawdown (10Y) Largest decline over 10 years	-33.84%	-44.80%	+10.96%
Current Drawdown Current decline from peak	-2.19%	-0.52%	-1.67%
Average Drawdown Average peak-to-trough decline	-10.73%	-9.32%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.06%	+0.04%

Volatility

SPIAX vs. ACSTX - Volatility Comparison

Invesco S&P 500 Index A (SPIAX) has a higher volatility of 3.44% compared to Invesco Comstock Fund (ACSTX) at 2.32%. This indicates that SPIAX's price experiences larger fluctuations and is considered to be riskier than ACSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIAX	ACSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	2.32%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	8.00%	+2.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	10.90%	+1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	15.20%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	19.32%	-1.23%

SPIAX vs. ACSTX - Expense Ratio Comparison

SPIAX has a 0.54% expense ratio, which is lower than ACSTX's 0.80% expense ratio.

Dividends

SPIAX vs. ACSTX - Dividend Comparison

SPIAX's dividend yield for the trailing twelve months is around 0.93%, less than ACSTX's 7.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACSTX Invesco Comstock Fund	7.87%	8.79%	10.17%	8.44%	13.00%	8.66%	2.05%	6.66%	10.03%	3.60%	6.98%	1.10%
SPIAX Invesco S&P 500 Index A	0.93%	1.01%	1.08%	1.04%	1.07%	1.90%	1.26%	1.93%	2.59%	1.28%	1.28%	1.53%

Frequently Asked Questions

Can I hold both SPIAX and ACSTX in my portfolio?

SPIAX and ACSTX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIAX or ACSTX?

SPIAX has higher volatility (3.44%) compared to ACSTX (2.32%). In terms of maximum drawdown, SPIAX dropped -55.47% vs ACSTX's -58.61%.

Which has better risk-adjusted returns?

ACSTX currently has the higher Sharpe Ratio (2.00 vs 1.39), 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.