MGK vs. SPYG

Last updated Jun 4, 2026

MGK (Vanguard Mega Cap Growth ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - MGK is a Large Cap Growth Equities fund tracking the CRSP US Mega Cap Growth Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, MGK returned 19.24%/yr vs 18.20%/yr for SPYG. With a 0.97 correlation, they move nearly in lockstep. MGK charges 0.05%/yr vs 0.04%/yr for SPYG.

Performance

MGK vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mega Cap Growth ETF (MGK) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGK achieves a 10.01% return, which is significantly lower than SPYG's 13.75% return. Over the past 10 years, MGK has outperformed SPYG with an annualized return of 19.24%, while SPYG has yielded a comparatively lower 18.20% annualized return.

MGK

• 1D: -1.13%
• 1M: 7.26%
• YTD: 10.01%
• 6M: 9.45%
• 1Y: 30.01%
• 3Y*: 26.77%
• 5Y*: 16.25%
• 10Y*: 19.24%

SPYG

• 1D: -0.98%
• 1M: 7.38%
• YTD: 13.75%
• 6M: 13.57%
• 1Y: 33.95%
• 3Y*: 28.16%
• 5Y*: 16.07%
• 10Y*: 18.20%

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

MGK vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGK Vanguard Mega Cap Growth ETF	10.01%	20.67%	32.94%	51.67%	-33.59%	28.58%	41.01%	37.38%	-2.91%	29.49%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	13.75%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between MGK and SPYG is 0.97 - 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	0.97
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	0.98
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007	0.97

The correlation between MGK and SPYG has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

MGK vs. SPYG - Sectors Allocation Comparison

Sectors	MGK	SPYG
Technology	56.1%	51.9%
Communication Services	17.3%	16.8%
Consumer Cyclical	12.8%	8.9%
Healthcare	4.5%	5.8%
Financial Services	4.5%	8.5%
Real Estate	1.3%	0.6%
Utilities	1.2%	1.2%
Industrials	1.1%	5.0%
Basic Materials	0.7%	0.3%
Consumer Defensive	0.4%	1.0%
Energy	-	0.1%

Return for Risk

MGK vs. SPYG — Risk / Return Rank

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

MGK

MGK Risk / Return Rank: 45
MGK Sharpe Ratio Rank: 53
MGK Sortino Ratio Rank: 50
MGK Omega Ratio Rank: 50
MGK Calmar Ratio Rank: 35
MGK Martin Ratio Rank: 38

SPYG

SPYG Risk / Return Rank: 57
SPYG Sharpe Ratio Rank: 62
SPYG Sortino Ratio Rank: 60
SPYG Omega Ratio Rank: 59
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 57

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.

MGK vs. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Growth ETF (MGK) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

	MGK	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.12	-0.27
Sortino ratio: Return per unit of downside risk	2.53	2.90	-0.37
Omega ratio: Gain probability vs. loss probability	1.32	1.37	-0.05
Calmar ratio: Return relative to maximum drawdown	1.79	2.48	-0.69
Martin ratio: Return relative to average drawdown	6.15	10.25	-4.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGK vs. SPYG - Sharpe Ratio Comparison

The current MGK Sharpe Ratio is 1.86, which is comparable to the SPYG Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of MGK and SPYG, 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

	MGK	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.12	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.76	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.88	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.35	+0.30

Drawdowns

MGK vs. SPYG - Drawdown Comparison

The maximum MGK drawdown since its inception was -47.97%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for MGK and SPYG.

Drawdown Indicators

	MGK	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-47.97%	-67.63%	+19.66%
Max Drawdown (1Y) Largest decline over 1 year	-16.85%	-13.76%	-3.09%
Max Drawdown (3Y) Largest decline over 3 years	-23.36%	-22.14%	-1.22%
Max Drawdown (5Y) Largest decline over 5 years	-36.01%	-32.67%	-3.34%
Max Drawdown (10Y) Largest decline over 10 years	-36.01%	-32.67%	-3.34%
Current Drawdown Current decline from peak	-1.43%	-1.13%	-0.30%
Average Drawdown Average peak-to-trough decline	-7.47%	-24.33%	+16.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.89%	3.32%	+1.57%

Volatility

MGK vs. SPYG - Volatility Comparison

The current volatility for Vanguard Mega Cap Growth ETF (MGK) is 4.01%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 4.35%. This indicates that MGK experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGK	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	4.35%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	12.46%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.23%	16.06%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.63%	21.17%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	20.64%	+1.24%

MGK vs. SPYG - Expense Ratio Comparison

MGK has a 0.05% expense ratio, which is higher than SPYG's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MGK vs. SPYG - Dividend Comparison

MGK's dividend yield for the trailing twelve months is around 0.32%, less than SPYG's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGK Vanguard Mega Cap Growth ETF	0.32%	0.35%	0.43%	0.50%	0.70%	0.41%	0.65%	0.85%	1.12%	1.23%	1.53%	1.43%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both MGK and SPYG in my portfolio?

With a correlation of 0.97, MGK and SPYG 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, MGK or SPYG?

SPYG has higher volatility (4.35%) compared to MGK (4.01%). In terms of maximum drawdown, MGK dropped -47.97% vs SPYG's -67.63%.

Which ETF is better, MGK or SPYG?

On 10-year performance, MGK leads with 19.24% vs 18.20% for SPYG. On fees, SPYG is cheaper at 0.04% per year. On volatility, MGK has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGK or SPYG?

Over the 10-year period, MGK has performed better with a 19.24% return vs 18.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGK or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.05% for MGK.

Which ETF pays a higher dividend yield, MGK or SPYG?

SPYG has the higher dividend yield at 0.47%, compared with 0.32% for MGK.

What is the main difference between MGK and SPYG?

MGK is categorized as Large Cap Growth Equities, while SPYG is S&P 500. MGK tracks CRSP US Mega Cap Growth Index, while SPYG tracks S&P 500 Growth Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.05% for MGK and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (2.12 vs 1.86), 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.