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MFHVX vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MFHVX vs. SPY

Last updated Jun 23, 2026

MFHVX (Mesirow High Yield Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - MFHVX is a High Yield Bonds fund managed by Mesirow, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, MFHVX returned 4.14%/yr vs 13.51%/yr for SPY. At a 0.47 correlation, their price movements are largely independent. MFHVX charges 1.43%/yr vs 0.09%/yr for SPY.

Performance

MFHVX vs. SPY - Performance Comparison

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

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Returns By Period

In the year-to-date period, MFHVX achieves a 3.20% return, which is significantly lower than SPY's 9.74% return.

MFHVX

1D
0.12%
1M
0.84%
YTD
3.20%
6M
3.63%
1Y
6.43%
3Y*
8.49%
5Y*
4.14%
10Y*
—

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MFHVX vs. SPY - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MFHVX
Mesirow High Yield Fund		3.20%4.56%9.72%14.09%-12.06%10.53%6.88%12.81%-3.06%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-8.80%

Correlation

The correlation between MFHVX and SPY is 0.58, 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

0.58

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (5Y)
Calculated over the trailing 5-year period

0.49

Correlation (All Time)
Calculated using the full available price history since Dec 3, 2018

0.47

The correlation between MFHVX and SPY shifts across timeframes, from 0.47 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Mesirow High Yield Fund

State Street SPDR S&P 500 ETF

Often compared with MFHVX:
MFHVX vs. PIAMXMFHVX vs. PRFRXMFHVX vs. EQTIXMFHVX vs. AXSIXMFHVX vs. PHYSXMFHVX vs. FFRHXMFHVX vs. AGEPX
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

MFHVX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MFHVX
MFHVX Risk / Return Rank: 6565
Overall Rank
MFHVX Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
MFHVX Sortino Ratio Rank: 7979
Sortino Ratio Rank
MFHVX Omega Ratio Rank: 8181
Omega Ratio Rank
MFHVX Calmar Ratio Rank: 5555
Calmar Ratio Rank
MFHVX Martin Ratio Rank: 3232
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
Martin Ratio Rank
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.

MFHVX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mesirow High Yield Fund (MFHVX) 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.

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.

MFHVXSPYDifference
Sharpe ratioReturn per unit of total volatility
2.40
2.16

+0.24

Sortino ratioReturn per unit of downside risk
3.44
2.91

+0.53

Omega ratioGain probability vs. loss probability

1.49

1.39

+0.10

Calmar ratioReturn relative to maximum drawdown

2.72

3.01

-0.29

Martin ratioReturn relative to average drawdown

6.90

13.54

-6.64

MFHVX vs. SPY - Sharpe Ratio Comparison

The current MFHVX Sharpe Ratio is 2.40, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of MFHVX 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.

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Drawdowns

MFHVX vs. SPY - Drawdown Comparison

The maximum MFHVX drawdown since its inception was -20.95%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MFHVX and SPY.

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Drawdown Indicators

MFHVXSPYDifference

Max Drawdown

Largest peak-to-trough decline

-20.95%

-55.19%

+34.24%

Max Drawdown (1Y)

Largest decline over 1 year

-2.43%

-8.88%

+6.45%

Max Drawdown (3Y)

Largest decline over 3 years

-5.14%

-18.76%

+13.62%

Max Drawdown (5Y)

Largest decline over 5 years

-13.54%

-24.50%

+10.96%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

0.00%

-1.75%

+1.75%

Average Drawdown

Average peak-to-trough decline

-3.05%

-9.04%

+5.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.95%

1.97%

-1.02%

Volatility

MFHVX vs. SPY - Volatility Comparison

The current volatility for Mesirow High Yield Fund (MFHVX) is 0.66%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that MFHVX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MFHVXSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.66%

4.64%

-3.98%

Volatility (6M)

Calculated over the trailing 6-month period

2.01%

9.75%

-7.74%

Volatility (1Y)

Calculated over the trailing 1-year period

2.75%

12.43%

-9.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.46%

17.14%

-13.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.41%

17.99%

-13.58%

MFHVX vs. SPY - Expense Ratio Comparison

MFHVX has a 1.43% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MFHVX vs. SPY - Dividend Comparison

MFHVX's dividend yield for the trailing twelve months is around 9.32%, more than SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
MFHVX
Mesirow High Yield Fund		9.32%9.41%8.98%9.66%8.95%8.44%7.30%8.61%0.04%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		1.01%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

MFHVX and SPY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPY has higher volatility (4.64%) compared to MFHVX (0.66%). In terms of maximum drawdown, MFHVX dropped -20.95% vs SPY's -55.19%.

MFHVX currently has the higher Sharpe Ratio (2.40 vs 2.16), 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.

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