ASA vs SPY

Comparison between ASA Gold and Precious Metals Ltd (ASA, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceASA has outperformed SPY, delivering a return of +25.0% compared to +13.3%

ASA vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	ASA(ETF)	SPY(ETF)
Net Assets	$1.40B	$652B
Expense Ratio	N/A	0.09%
Max Drawdown	81.29%	56.47%
Sharpe Ratio	1.92	2.07
5Y Beta	0.65	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	37.97%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

ASA

$1.40B

Winner

SPY

$652B

Expense Ratio

ASA

N/A

SPY

0.09%

Max Drawdown

ASA

81.29%

Winner

SPY

56.47%

Sharpe Ratio

ASA

1.92

Winner

SPY

2.07

5Y Beta

Winner

ASA

0.65

SPY

1.00

P/E Ratio

ASA

N/A

SPY

28.24

Forward P/E

ASA

N/A

SPY

21.85

5Y Dividends CAGR

Winner

ASA

37.97%

SPY

5.43%

5Y EPS CAGR

ASA

N/A

SPY

25.79%

Debt to Equity

ASA

N/A

SPY

22.35%

P/S Ratio

ASA

N/A

SPY

3.55

P/B Ratio

ASA

N/A

SPY

5.29

ASA vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	ASA	SPY
1 month	+6.31%	+9.11%
3 months	-1.90%	+6.59%
6 months	+50.77%	+10.56%
1 year	+130.76%	+32.04%
5 years(CAGR)	+25.02%	+13.35%
10 years(CAGR)	+19.10%	+15.49%
Max(CAGR)	+10.70%	+8.50%

ASA

+6.31%

Winner

SPY

+9.11%

ASA

-1.90%

Winner

SPY

+6.59%

Winner

ASA

+50.77%

SPY

+10.56%

Winner

ASA

+130.76%

SPY

+32.04%

5Y(CAGR)

Winner

ASA

+25.02%

SPY

+13.35%

10Y(CAGR)

Winner

ASA

+19.10%

SPY

+15.49%

Max(CAGR)

Winner

ASA

+10.70%

SPY

+8.50%

ASA vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	ASA	SPY
2026	+18.74%	+8.27%
2025	+185.28%	+18.00%
2024	+33.84%	+25.59%
2023	+2.44%	+26.72%
2022	-31.22%	-18.64%
2021	-8.86%	+30.52%
2020	+59.82%	+17.28%
2019	+44.51%	+31.09%
2018	-17.92%	-5.24%
2017	-0.27%	+20.78%
2016	+52.33%	+13.59%
2015	-30.87%	+1.31%
2014	-18.39%	+14.56%
2013	-44.28%	+29.00%
2012	-18.82%	+14.17%
2011	-22.09%	+0.85%
2010	+32.28%	+13.14%
2009	+57.63%	+22.67%
2008	-31.94%	-36.25%
2007	+22.37%	+5.32%
2006	+10.44%	+13.85%
2005	+44.00%	+5.32%
2004	-9.96%	+10.75%
2003	+13.32%	+24.18%
2002	+111.50%	-22.42%
2001	+31.88%	-10.13%
2000	-18.67%	-8.84%
1999	-2.87%	+8.61%

ASA vs SPY Drawdown Comparison

The maximum drawdown for ASA was -80.31%, occurring on Jan 19, 2016. Recovery took 3643 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current ASA drawdown is -14.92%.

Rank	ASA	SPY
#1	-80.31% Dec 6, 2010 - Jun 2, 2025	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-65.13% Mar 14, 2008 - Sep 14, 2010	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-35.70% Jun 3, 2002 - Dec 13, 2002	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-32.51% Feb 27, 2026 - Mar 20, 2026	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-31.72% Nov 10, 1999 - May 16, 2001	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-28.66% Dec 2, 2003 - Sep 29, 2005	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-27.87% May 9, 2006 - Sep 25, 2007	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-23.62% Jan 3, 2003 - Aug 11, 2003	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-23.37% May 18, 2001 - Jan 16, 2002	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-17.89% Feb 2, 2006 - Apr 19, 2006	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-17.24% Oct 16, 2025 - Dec 1, 2025	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-17.12% Jan 28, 2026 - Feb 24, 2026	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-15.06% Nov 6, 2007 - Jan 3, 2008	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-11.68% Feb 8, 2002 - Mar 22, 2002	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-11.43% Jun 5, 2025 - Aug 7, 2025	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between ASA and SPY is 0.53 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.53

-101

Dividend Comparison (1999 - 2026)

ASA vs SPY dividend yield comparison.

Year	ASA	SPY
2026	0.06%	0.24%
2025	0.10%	1.07%
2024	0.20%	1.21%
2023	0.13%	1.40%
2022	0.14%	1.65%
2021	0.09%	1.20%
2020	0.09%	1.52%
2019	0.15%	1.75%
2018	0.32%	2.04%
2017	0.35%	1.80%
2016	0.36%	2.03%
2015	0.56%	2.06%
2014	0.40%	1.87%
2013	1.47%	1.81%
2012	1.76%	2.18%
2011	1.37%	2.05%
2010	0.98%	1.80%
2009	1.81%	1.95%
2008	3.92%	3.02%
2007	3.06%	1.85%
2006	1.39%	1.73%
2005	1.64%	1.73%
2004	1.36%	1.82%
2003	1.76%	1.47%
2002	1.95%	1.70%
2001	4.00%	1.25%
2000	1.96%	1.15%
1999	0.00%	0.24%