MGRIX vs. SPY

Last updated Jun 3, 2026

MGRIX (Marsico Growth Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - MGRIX is a Large Cap Growth Equities fund managed by Marsico Investment Fund, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MGRIX returned 17.63%/yr vs 15.57%/yr for SPY. Their correlation of 0.89 suggests significant overlap in exposure. MGRIX charges 1.34%/yr vs 0.09%/yr for SPY.

Performance

MGRIX vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, MGRIX achieves a 7.35% return, which is significantly lower than SPY's 11.69% return. Over the past 10 years, MGRIX has outperformed SPY with an annualized return of 17.63%, while SPY has yielded a comparatively lower 15.57% annualized return.

MGRIX

• 1D: 0.19%
• 1M: 3.95%
• YTD: 7.35%
• 6M: 7.25%
• 1Y: 18.36%
• 3Y*: 28.28%
• 5Y*: 13.12%
• 10Y*: 17.63%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

MGRIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGRIX Marsico Growth Fund	7.35%	12.73%	49.06%	47.46%	-36.44%	15.62%	52.96%	33.17%	-1.14%	31.22%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MGRIX and SPY is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	0.89

The correlation between MGRIX and SPY has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

MGRIX vs. SPY — Risk / Return Rank

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

MGRIX

MGRIX Risk / Return Rank: 18
MGRIX Sharpe Ratio Rank: 18
MGRIX Sortino Ratio Rank: 18
MGRIX Omega Ratio Rank: 18
MGRIX Calmar Ratio Rank: 16
MGRIX Martin Ratio Rank: 20

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

MGRIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Marsico Growth Fund (MGRIX) 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.

	MGRIX	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.24	2.52	-1.28
Sortino ratio Return per unit of downside risk	1.81	3.42	-1.60
Omega ratio Gain probability vs. loss probability	1.22	1.46	-0.24
Calmar ratio Return relative to maximum drawdown	1.48	3.42	-1.94
Martin ratio Return relative to average drawdown	5.45	15.93	-10.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGRIX vs. SPY - Sharpe Ratio Comparison

The current MGRIX Sharpe Ratio is 1.24, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of MGRIX 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.

Sharpe Ratios by Period

	MGRIX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	2.52	-1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.84	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.87	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.59	-0.09

Drawdowns

MGRIX vs. SPY - Drawdown Comparison

The maximum MGRIX drawdown since its inception was -56.50%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MGRIX and SPY.

Drawdown Indicators

	MGRIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-56.50%	-55.19%	-1.31%
Max Drawdown (1Y) Largest decline over 1 year	-13.55%	-8.88%	-4.67%
Max Drawdown (3Y) Largest decline over 3 years	-24.86%	-18.76%	-6.10%
Max Drawdown (5Y) Largest decline over 5 years	-41.50%	-24.50%	-17.00%
Max Drawdown (10Y) Largest decline over 10 years	-41.50%	-33.72%	-7.78%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.83%	-9.05%	-5.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	1.91%	+1.77%

Volatility

MGRIX vs. SPY - Volatility Comparison

Marsico Growth Fund (MGRIX) has a higher volatility of 4.02% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that MGRIX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGRIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	2.75%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	11.56%	8.89%	+2.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	11.81%	+3.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.32%	17.05%	+6.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.11%	17.94%	+4.17%

MGRIX vs. SPY - Expense Ratio Comparison

MGRIX has a 1.34% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MGRIX vs. SPY - Dividend Comparison

MGRIX's dividend yield for the trailing twelve months is around 15.16%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGRIX Marsico Growth Fund	15.16%	16.28%	16.44%	1.76%	0.00%	37.52%	6.21%	10.14%	14.36%	9.95%	0.84%	36.82%
SPY State Street SPDR S&P 500 ETF	0.97%	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

Can I hold both MGRIX and SPY in my portfolio?

MGRIX and SPY have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGRIX or SPY?

MGRIX has higher volatility (4.02%) compared to SPY (2.75%). In terms of maximum drawdown, MGRIX dropped -56.50% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 1.24), 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.