MNNAX vs. SPY

Last updated Jun 3, 2026

MNNAX (Victory Munder Multi-Cap Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - MNNAX is a Large Cap Blend Equities fund managed by Victory, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MNNAX returned 14.82%/yr vs 15.57%/yr for SPY. Their correlation of 0.82 suggests significant overlap in exposure. MNNAX charges 1.28%/yr vs 0.09%/yr for SPY.

Performance

MNNAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Munder Multi-Cap Fund (MNNAX) 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, MNNAX achieves a 14.42% return, which is significantly higher than SPY's 11.69% return. Over the past 10 years, MNNAX has underperformed SPY with an annualized return of 14.82%, while SPY has yielded a comparatively higher 15.57% annualized return.

MNNAX

• 1D: 0.29%
• 1M: 4.35%
• YTD: 14.42%
• 6M: 14.39%
• 1Y: 36.92%
• 3Y*: 24.82%
• 5Y*: 15.84%
• 10Y*: 14.82%

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)

MNNAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNNAX Victory Munder Multi-Cap Fund	14.42%	21.78%	25.59%	24.59%	-19.03%	35.03%	11.18%	28.33%	-14.68%	28.41%
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 MNNAX and SPY is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 20, 1996	0.82

The correlation between MNNAX and SPY shifts across timeframes, from 0.82 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MNNAX vs. SPY — Risk / Return Rank

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

MNNAX

MNNAX Risk / Return Rank: 81
MNNAX Sharpe Ratio Rank: 84
MNNAX Sortino Ratio Rank: 75
MNNAX Omega Ratio Rank: 72
MNNAX Calmar Ratio Rank: 83
MNNAX Martin Ratio Rank: 90

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.

MNNAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Munder Multi-Cap Fund (MNNAX) 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.

	MNNAX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.71	2.52	+0.19
Sortino ratio Return per unit of downside risk	3.62	3.42	+0.21
Omega ratio Gain probability vs. loss probability	1.48	1.46	+0.02
Calmar ratio Return relative to maximum drawdown	3.86	3.42	+0.44
Martin ratio Return relative to average drawdown	18.18	15.93	+2.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNNAX vs. SPY - Sharpe Ratio Comparison

The current MNNAX Sharpe Ratio is 2.71, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of MNNAX 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

	MNNAX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	2.52	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.84	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.87	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.59	-0.21

Drawdowns

MNNAX vs. SPY - Drawdown Comparison

The maximum MNNAX drawdown since its inception was -92.93%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MNNAX and SPY.

Drawdown Indicators

	MNNAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-92.93%	-55.19%	-37.74%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	-8.88%	-0.84%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-18.76%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-30.29%	-24.50%	-5.79%
Max Drawdown (10Y) Largest decline over 10 years	-38.01%	-33.72%	-4.29%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-50.75%	-9.05%	-41.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.91%	+0.15%

Volatility

MNNAX vs. SPY - Volatility Comparison

Victory Munder Multi-Cap Fund (MNNAX) has a higher volatility of 3.60% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that MNNAX'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

	MNNAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	2.75%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	10.86%	8.89%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	13.95%	11.81%	+2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.99%	17.05%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	17.94%	+2.37%

MNNAX vs. SPY - Expense Ratio Comparison

MNNAX has a 1.28% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MNNAX vs. SPY - Dividend Comparison

MNNAX's dividend yield for the trailing twelve months is around 12.57%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNNAX Victory Munder Multi-Cap Fund	12.57%	14.38%	8.72%	4.65%	15.37%	10.88%	0.07%	2.76%	19.25%	5.28%	0.00%	21.54%
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 MNNAX and SPY in my portfolio?

With a correlation of 0.96, MNNAX and SPY 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, MNNAX or SPY?

MNNAX has higher volatility (3.60%) compared to SPY (2.75%). In terms of maximum drawdown, MNNAX dropped -92.93% vs SPY's -55.19%.

Which has better risk-adjusted returns?

MNNAX currently has the higher Sharpe Ratio (2.71 vs 2.52), 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.