MSIGX vs. SPY

Last updated Jun 23, 2026

MSIGX (Invesco Main Street Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - MSIGX is a Large Cap Blend Equities fund managed by Invesco, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MSIGX returned 11.93%/yr vs 15.70%/yr for SPY. Their correlation of 0.94 suggests significant overlap in exposure. MSIGX charges 0.82%/yr vs 0.09%/yr for SPY.

Performance

MSIGX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Main Street Fund (MSIGX) 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, MSIGX achieves a 6.00% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, MSIGX has underperformed SPY with an annualized return of 11.93%, while SPY has yielded a comparatively higher 15.70% annualized return.

MSIGX

• 1D: 1.16%
• 1M: 0.76%
• YTD: 6.00%
• 6M: 5.78%
• 1Y: 19.72%
• 3Y*: 17.23%
• 5Y*: 11.03%
• 10Y*: 11.93%

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)

MSIGX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSIGX Invesco Main Street Fund	6.00%	16.02%	23.66%	23.06%	-20.21%	27.37%	14.41%	22.49%	-8.25%	16.79%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MSIGX and SPY is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.94

The correlation between MSIGX and SPY has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

Return for Risk

MSIGX vs. SPY — Risk / Return Rank

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

MSIGX

MSIGX Risk / Return Rank: 38
MSIGX Sharpe Ratio Rank: 39
MSIGX Sortino Ratio Rank: 40
MSIGX Omega Ratio Rank: 39
MSIGX Calmar Ratio Rank: 31
MSIGX Martin Ratio Rank: 39

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

MSIGX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Main Street Fund (MSIGX) 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.

	MSIGX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.16	-0.46
Sortino ratio: Return per unit of downside risk	2.44	2.91	-0.47
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	1.98	3.01	-1.03
Martin ratio: Return relative to average drawdown	8.01	13.54	-5.53

MSIGX vs. SPY - Sharpe Ratio Comparison

The current MSIGX Sharpe Ratio is 1.69, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of MSIGX 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.

Drawdowns

MSIGX vs. SPY - Drawdown Comparison

The maximum MSIGX drawdown since its inception was -57.22%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MSIGX and SPY.

Drawdown Indicators

	MSIGX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-57.22%	-55.19%	-2.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.96%	-8.88%	-2.08%
Max Drawdown (3Y) Largest decline over 3 years	-19.91%	-18.76%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-26.73%	-24.50%	-2.23%
Max Drawdown (10Y) Largest decline over 10 years	-35.41%	-33.72%	-1.69%
Current Drawdown Current decline from peak	-0.64%	-1.75%	+1.11%
Average Drawdown Average peak-to-trough decline	-8.98%	-9.04%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	1.97%	+0.63%

Volatility

MSIGX vs. SPY - Volatility Comparison

Invesco Main Street Fund (MSIGX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.64% and 4.64%, 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

	MSIGX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	4.64%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	9.75%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	12.84%	12.43%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	17.14%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	17.99%	-0.06%

MSIGX vs. SPY - Expense Ratio Comparison

MSIGX has a 0.82% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MSIGX vs. SPY - Dividend Comparison

MSIGX's dividend yield for the trailing twelve months is around 7.07%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSIGX Invesco Main Street Fund	7.07%	7.50%	6.06%	7.40%	4.68%	19.19%	3.17%	0.89%	19.62%	7.50%	2.96%	13.79%
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

Can I hold both MSIGX and SPY in my portfolio?

MSIGX and SPY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSIGX or SPY?

SPY has higher volatility (4.64%) compared to MSIGX (4.64%). In terms of maximum drawdown, MSIGX dropped -57.22% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.69), 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.