MGC vs. SPXV

Last updated Jun 16, 2026

MGC (Vanguard Mega Cap ETF) and SPXV (ProShares S&P 500 Ex-Health Care ETF) are both exchange-traded funds - MGC is a Large Cap Blend Equities fund tracking the CRSP US Mega Cap Index, while SPXV is a S&P 500 fund tracking the S&P 500 Ex-Health Care Index. Both are passively managed. Over the past 10 years, MGC returned 16.48%/yr vs 16.32%/yr for SPXV. Their correlation of 0.83 suggests significant overlap in exposure. MGC charges 0.05%/yr vs 0.09%/yr for SPXV.

Performance

MGC vs. SPXV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mega Cap ETF (MGC) and ProShares S&P 500 Ex-Health Care ETF (SPXV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGC achieves a 10.55% return, which is significantly lower than SPXV's 11.85% return. Both investments have delivered pretty close results over the past 10 years, with MGC having a 16.48% annualized return and SPXV not far behind at 16.32%.

MGC

• 1D: 1.96%
• 1M: 1.72%
• YTD: 10.55%
• 6M: 11.42%
• 1Y: 28.97%
• 3Y*: 22.57%
• 5Y*: 14.62%
• 10Y*: 16.48%

SPXV

• 1D: 1.83%
• 1M: 1.69%
• YTD: 11.85%
• 6M: 12.62%
• 1Y: 29.25%
• 3Y*: 22.92%
• 5Y*: 14.78%
• 10Y*: 16.32%

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

MGC vs. SPXV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGC Vanguard Mega Cap ETF	10.55%	19.31%	27.16%	29.77%	-19.95%	27.58%	21.57%	31.14%	-3.45%	22.61%
SPXV ProShares S&P 500 Ex-Health Care ETF	11.85%	18.40%	28.02%	30.71%	-20.47%	28.37%	18.99%	33.58%	-3.81%	17.01%

Correlation

The correlation between MGC and SPXV is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.83

The correlation between MGC and SPXV shifts across timeframes, from 0.83 (all time) to 0.98 (5 years), reflecting how their relationship changes across market environments.

MGC vs. SPXV - Sectors Allocation Comparison

Sectors	MGC	SPXV
Technology	39.3%	42.6%
Communication Services	13.1%	11.6%
Financial Services	11.7%	12.1%
Consumer Cyclical	10.1%	10.8%
Healthcare	8.9%	-
Industrials	6.5%	8.5%
Consumer Defensive	4.8%	4.9%
Energy	2.6%	3.4%
Basic Materials	1.2%	1.8%
Utilities	1.0%	2.3%
Real Estate	1.0%	2.0%

Return for Risk

MGC vs. SPXV — Risk / Return Rank

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

MGC

MGC Risk / Return Rank: 74
MGC Sharpe Ratio Rank: 79
MGC Sortino Ratio Rank: 76
MGC Omega Ratio Rank: 77
MGC Calmar Ratio Rank: 65
MGC Martin Ratio Rank: 75

SPXV

SPXV Risk / Return Rank: 73
SPXV Sharpe Ratio Rank: 76
SPXV Sortino Ratio Rank: 72
SPXV Omega Ratio Rank: 73
SPXV Calmar Ratio Rank: 69
SPXV Martin Ratio Rank: 77

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.

MGC vs. SPXV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap ETF (MGC) and ProShares S&P 500 Ex-Health Care ETF (SPXV). 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.

	MGC	SPXV	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.23	+0.02
Sortino ratio: Return per unit of downside risk	3.03	3.00	+0.03
Omega ratio: Gain probability vs. loss probability	1.41	1.40	+0.01
Calmar ratio: Return relative to maximum drawdown	2.96	3.21	-0.26
Martin ratio: Return relative to average drawdown	12.90	13.67	-0.77

MGC vs. SPXV - Sharpe Ratio Comparison

The current MGC Sharpe Ratio is 2.25, which is comparable to the SPXV Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of MGC and SPXV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MGC vs. SPXV - Drawdown Comparison

The maximum MGC drawdown since its inception was -52.26%, which is greater than SPXV's maximum drawdown of -34.34%. Use the drawdown chart below to compare losses from any high point for MGC and SPXV.

Drawdown Indicators

	MGC	SPXV	Difference
Max Drawdown Largest peak-to-trough decline	-52.26%	-34.34%	-17.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	-9.15%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-19.28%	-19.89%	+0.61%
Max Drawdown (5Y) Largest decline over 5 years	-25.74%	-26.58%	+0.84%
Max Drawdown (10Y) Largest decline over 10 years	-33.07%	-34.34%	+1.27%
Current Drawdown Current decline from peak	-1.02%	-1.21%	+0.19%
Average Drawdown Average peak-to-trough decline	-7.18%	-4.51%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.15%	+0.10%

Volatility

MGC vs. SPXV - Volatility Comparison

Vanguard Mega Cap ETF (MGC) and ProShares S&P 500 Ex-Health Care ETF (SPXV) have volatilities of 4.96% and 4.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGC	SPXV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	4.73%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	10.43%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	13.18%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.37%	17.87%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	18.06%	+0.20%

MGC vs. SPXV - Expense Ratio Comparison

MGC has a 0.05% expense ratio, which is lower than SPXV's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MGC vs. SPXV - Dividend Comparison

MGC's dividend yield for the trailing twelve months is around 0.87%, less than SPXV's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGC Vanguard Mega Cap ETF	0.87%	0.93%	1.15%	1.35%	1.65%	1.17%	1.45%	1.81%	2.10%	1.83%	2.14%	2.11%
SPXV ProShares S&P 500 Ex-Health Care ETF	0.89%	0.97%	1.12%	1.27%	1.67%	1.11%	1.45%	1.58%	1.89%	1.57%	2.66%	0.56%

Frequently Asked Questions

Can I hold both MGC and SPXV in my portfolio?

With a correlation of 0.98, MGC and SPXV 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, MGC or SPXV?

MGC has higher volatility (4.96%) compared to SPXV (4.73%). In terms of maximum drawdown, MGC dropped -52.26% vs SPXV's -34.34%.

Which ETF is better, MGC or SPXV?

On 10-year performance, MGC leads with 16.48% vs 16.32% for SPXV. On fees, MGC is cheaper at 0.05% per year. On volatility, SPXV has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGC or SPXV?

Over the 10-year period, MGC has performed better with a 16.48% return vs 16.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGC or SPXV?

MGC is cheaper with a 0.05% expense ratio, compared with 0.09% for SPXV.

Which ETF pays a higher dividend yield, MGC or SPXV?

SPXV has the higher dividend yield at 0.89%, compared with 0.87% for MGC.

What is the main difference between MGC and SPXV?

MGC is categorized as Large Cap Blend Equities, while SPXV is S&P 500. MGC tracks CRSP US Mega Cap Index, while SPXV tracks S&P 500 Ex-Health Care Index. They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.05% for MGC and 0.09% for SPXV.

Which has better risk-adjusted returns?

MGC currently has the higher Sharpe Ratio (2.25 vs 2.23), 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.