^SP600 vs. MGK

Last updated Jun 5, 2026

^SP600 (S&P 600) is an index, while MGK (Vanguard Mega Cap Growth ETF) is Large Cap Growth Equities fund tracking the CRSP US Mega Cap Growth Index. Over the past 10 years, ^SP600 returned 9.03%/yr vs 19.22%/yr for MGK. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

^SP600 vs. MGK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 600 (^SP600) and Vanguard Mega Cap Growth ETF (MGK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^SP600 achieves a 16.05% return, which is significantly higher than MGK's 10.16% return. Over the past 10 years, ^SP600 has underperformed MGK with an annualized return of 9.03%, while MGK has yielded a comparatively higher 19.22% annualized return.

^SP600

• 1D: 1.28%
• 1M: 1.37%
• YTD: 16.05%
• 6M: 14.93%
• 1Y: 31.42%
• 3Y*: 13.74%
• 5Y*: 4.24%
• 10Y*: 9.03%

MGK

• 1D: 0.13%
• 1M: 6.68%
• YTD: 10.16%
• 6M: 9.47%
• 1Y: 29.81%
• 3Y*: 26.86%
• 5Y*: 16.28%
• 10Y*: 19.22%

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

^SP600 vs. MGK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^SP600 S&P 600	16.05%	4.23%	6.82%	13.89%	-17.42%	25.27%	9.57%	20.86%	-9.75%	11.73%
MGK Vanguard Mega Cap Growth ETF	10.16%	20.67%	32.94%	51.67%	-33.59%	28.58%	41.01%	37.38%	-2.91%	29.49%

Correlation

The correlation between ^SP600 and MGK is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007	0.73

Over the past year, the correlation between ^SP600 and MGK has dropped to 0.51 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

^SP600 vs. MGK — Risk / Return Rank

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

^SP600

^SP600 Risk / Return Rank: 71
^SP600 Sharpe Ratio Rank: 62
^SP600 Sortino Ratio Rank: 68
^SP600 Omega Ratio Rank: 60
^SP600 Calmar Ratio Rank: 87
^SP600 Martin Ratio Rank: 77

MGK

MGK Risk / Return Rank: 47
MGK Sharpe Ratio Rank: 55
MGK Sortino Ratio Rank: 52
MGK Omega Ratio Rank: 52
MGK Calmar Ratio Rank: 37
MGK Martin Ratio Rank: 40

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.

^SP600 vs. MGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 600 (^SP600) and Vanguard Mega Cap Growth ETF (MGK). 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.

	^SP600	MGK	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.85	-0.05
Sortino ratio: Return per unit of downside risk	2.62	2.51	+0.10
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	3.53	1.78	+1.76
Martin ratio: Return relative to average drawdown	11.78	6.11	+5.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SP600 vs. MGK - Sharpe Ratio Comparison

The current ^SP600 Sharpe Ratio is 1.80, which is comparable to the MGK Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of ^SP600 and MGK, 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

	^SP600	MGK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.85	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.72	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.88	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.66	-0.20

Drawdowns

^SP600 vs. MGK - Drawdown Comparison

The maximum ^SP600 drawdown since its inception was -59.17%, which is greater than MGK's maximum drawdown of -47.97%. Use the drawdown chart below to compare losses from any high point for ^SP600 and MGK.

Drawdown Indicators

	^SP600	MGK	Difference
Max Drawdown Largest peak-to-trough decline	-59.17%	-47.97%	-11.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-16.85%	+7.91%
Max Drawdown (3Y) Largest decline over 3 years	-28.39%	-23.36%	-5.03%
Max Drawdown (5Y) Largest decline over 5 years	-28.39%	-36.01%	+7.62%
Max Drawdown (10Y) Largest decline over 10 years	-45.77%	-36.01%	-9.76%
Current Drawdown Current decline from peak	0.00%	-1.30%	+1.30%
Average Drawdown Average peak-to-trough decline	-9.28%	-7.47%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	4.89%	-2.22%

Volatility

^SP600 vs. MGK - Volatility Comparison

S&P 600 (^SP600) has a higher volatility of 4.39% compared to Vanguard Mega Cap Growth ETF (MGK) at 4.00%. This indicates that ^SP600's price experiences larger fluctuations and is considered to be riskier than MGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^SP600	MGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	4.00%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	11.78%	12.36%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	16.22%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.47%	22.62%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.19%	21.88%	+1.31%

Frequently Asked Questions

Can I hold both ^SP600 and MGK in my portfolio?

^SP600 and MGK have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^SP600 or MGK?

^SP600 has higher volatility (4.39%) compared to MGK (4.00%). In terms of maximum drawdown, ^SP600 dropped -59.17% vs MGK's -47.97%.

Which has better risk-adjusted returns?

MGK currently has the higher Sharpe Ratio (1.85 vs 1.80), 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.