NISA investment comparison: All-Country fund vs. S&P 500

Investors utilizing the NISA system are evaluating the differences between the eMAXIS Slim All-Country (Orcan) fund and the S&P 500 index fund. As of June 2026, performance data shows that while the S&P 500 has achieved higher long-term and medium-term returns (5-year), the All-Country fund showed a slight advantage in the most recent one-year period.

Both funds share similar top holdings, including major US technology companies such as NVIDIA, Apple, Microsoft, Amazon, and Alphabet. The primary distinction lies in geographic diversification and asset allocation. While the All-Country fund offers global exposure, it remains heavily weighted toward the US market.

To mitigate risks during market downturns, some investors consider combining the All-Country fund with bond ETFs. While bond ETFs can act as a defensive asset by potentially rising when stocks fall, they may also lower overall long-term returns and carry risks related to interest rate hikes and currency fluctuations.