TWCGX vs. SPY

Last updated Jun 3, 2026

TWCGX (American Century Growth Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - TWCGX is a Large Cap Growth Equities fund managed by American Century, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TWCGX returned 17.09%/yr vs 15.57%/yr for SPY. Their correlation of 0.91 suggests significant overlap in exposure. TWCGX charges 0.94%/yr vs 0.09%/yr for SPY.

Performance

TWCGX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Growth Fund (TWCGX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TWCGX achieves a 9.13% return, which is significantly lower than SPY's 11.69% return. Over the past 10 years, TWCGX has outperformed SPY with an annualized return of 17.09%, while SPY has yielded a comparatively lower 15.57% annualized return.

TWCGX

• 1D: 1.14%
• 1M: 8.23%
• YTD: 9.13%
• 6M: 8.01%
• 1Y: 28.16%
• 3Y*: 22.20%
• 5Y*: 13.34%
• 10Y*: 17.09%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

TWCGX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWCGX American Century Growth Fund	9.13%	15.28%	26.20%	43.31%	-31.39%	27.86%	35.23%	35.39%	-1.27%	30.06%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between TWCGX and SPY is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 1, 1993	0.91

The correlation between TWCGX and SPY has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

TWCGX vs. SPY — Risk / Return Rank

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

TWCGX

TWCGX Risk / Return Rank: 31
TWCGX Sharpe Ratio Rank: 40
TWCGX Sortino Ratio Rank: 36
TWCGX Omega Ratio Rank: 36
TWCGX Calmar Ratio Rank: 20
TWCGX Martin Ratio Rank: 21

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

TWCGX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Growth Fund (TWCGX) 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.

	TWCGX	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.85	2.52	-0.67
Sortino ratio Return per unit of downside risk	2.51	3.42	-0.91
Omega ratio Gain probability vs. loss probability	1.32	1.46	-0.14
Calmar ratio Return relative to maximum drawdown	1.73	3.42	-1.69
Martin ratio Return relative to average drawdown	5.76	15.93	-10.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TWCGX vs. SPY - Sharpe Ratio Comparison

The current TWCGX Sharpe Ratio is 1.85, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of TWCGX and SPY, 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

	TWCGX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.52	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.84	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.87	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.59	-0.05

Drawdowns

TWCGX vs. SPY - Drawdown Comparison

The maximum TWCGX drawdown since its inception was -59.60%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TWCGX and SPY.

Drawdown Indicators

	TWCGX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-59.60%	-55.19%	-4.41%
Max Drawdown (1Y) Largest decline over 1 year	-16.69%	-8.88%	-7.81%
Max Drawdown (3Y) Largest decline over 3 years	-24.20%	-18.76%	-5.44%
Max Drawdown (5Y) Largest decline over 5 years	-34.92%	-24.50%	-10.42%
Max Drawdown (10Y) Largest decline over 10 years	-34.92%	-33.72%	-1.20%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.30%	-9.05%	-6.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.01%	1.91%	+3.10%

Volatility

TWCGX vs. SPY - Volatility Comparison

American Century Growth Fund (TWCGX) has a higher volatility of 3.33% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that TWCGX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWCGX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	2.75%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	11.91%	8.89%	+3.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	11.81%	+3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.59%	17.05%	+4.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	17.94%	+3.37%

TWCGX vs. SPY - Expense Ratio Comparison

TWCGX has a 0.94% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TWCGX vs. SPY - Dividend Comparison

TWCGX's dividend yield for the trailing twelve months is around 15.70%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TWCGX American Century Growth Fund	15.70%	17.14%	5.96%	4.81%	4.86%	9.83%	5.33%	5.60%	14.07%	10.28%	4.64%	6.80%

Frequently Asked Questions

Can I hold both TWCGX and SPY in my portfolio?

With a correlation of 0.92, TWCGX and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TWCGX or SPY?

TWCGX has higher volatility (3.33%) compared to SPY (2.75%). In terms of maximum drawdown, TWCGX dropped -59.60% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 1.85), 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.