MSXAX vs. SPFIX

Last updated Jun 23, 2026

MSXAX (NYLI S&P 500 Index Class A) and SPFIX (Shelton Capital Management S&P 500 Index Fund) are both S&P 500 funds tracking the S&P 500 Index, from New York Life and BlackRock respectively. Both are passively managed. Over the past 10 years, MSXAX returned 15.01%/yr vs 17.61%/yr for SPFIX. With a 1.00 correlation, they move nearly in lockstep. MSXAX charges 0.52%/yr vs 0.43%/yr for SPFIX.

Performance

MSXAX vs. SPFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI S&P 500 Index Class A (MSXAX) and Shelton Capital Management S&P 500 Index Fund (SPFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MSXAX having a 9.95% return and SPFIX slightly lower at 9.90%. Over the past 10 years, MSXAX has underperformed SPFIX with an annualized return of 15.01%, while SPFIX has yielded a comparatively higher 17.61% annualized return.

MSXAX

• 1D: 1.09%
• 1M: 0.44%
• YTD: 9.95%
• 6M: 9.42%
• 1Y: 26.56%
• 3Y*: 20.36%
• 5Y*: 13.53%
• 10Y*: 15.01%

SPFIX

• 1D: 1.08%
• 1M: 0.44%
• YTD: 9.90%
• 6M: 9.39%
• 1Y: 26.69%
• 3Y*: 25.97%
• 5Y*: 16.74%
• 10Y*: 17.61%

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

MSXAX vs. SPFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSXAX NYLI S&P 500 Index Class A	9.95%	17.26%	23.98%	25.96%	-18.52%	28.13%	17.86%	30.69%	-4.71%	21.07%
SPFIX Shelton Capital Management S&P 500 Index Fund	9.90%	17.23%	42.83%	25.48%	-18.22%	27.99%	17.41%	41.64%	-4.68%	21.55%

Correlation

The correlation between MSXAX and SPFIX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Dec 31, 2003	1.00

The correlation between MSXAX and SPFIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

MSXAX vs. SPFIX — Risk / Return Rank

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

MSXAX

MSXAX Risk / Return Rank: 63
MSXAX Sharpe Ratio Rank: 61
MSXAX Sortino Ratio Rank: 56
MSXAX Omega Ratio Rank: 58
MSXAX Calmar Ratio Rank: 65
MSXAX Martin Ratio Rank: 75

SPFIX

SPFIX Risk / Return Rank: 64
SPFIX Sharpe Ratio Rank: 63
SPFIX Sortino Ratio Rank: 56
SPFIX Omega Ratio Rank: 58
SPFIX Calmar Ratio Rank: 66
SPFIX Martin Ratio Rank: 76

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.

MSXAX vs. SPFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI S&P 500 Index Class A (MSXAX) and Shelton Capital Management S&P 500 Index Fund (SPFIX). 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.

	MSXAX	SPFIX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.14	-0.01
Sortino ratio: Return per unit of downside risk	2.87	2.89	-0.02
Omega ratio: Gain probability vs. loss probability	1.38	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	2.96	2.98	-0.02
Martin ratio: Return relative to average drawdown	13.30	13.44	-0.14

MSXAX vs. SPFIX - Sharpe Ratio Comparison

The current MSXAX Sharpe Ratio is 2.12, which is comparable to the SPFIX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of MSXAX and SPFIX, 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

MSXAX vs. SPFIX - Drawdown Comparison

The maximum MSXAX drawdown since its inception was -55.48%, roughly equal to the maximum SPFIX drawdown of -54.81%. Use the drawdown chart below to compare losses from any high point for MSXAX and SPFIX.

Drawdown Indicators

	MSXAX	SPFIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-54.81%	-0.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-8.90%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	-18.94%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.78%	-24.69%	-0.09%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-33.83%	+0.04%
Current Drawdown Current decline from peak	-1.36%	-1.36%	0.00%
Average Drawdown Average peak-to-trough decline	-7.15%	-8.94%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.97%	+0.02%

Volatility

MSXAX vs. SPFIX - Volatility Comparison

NYLI S&P 500 Index Class A (MSXAX) and Shelton Capital Management S&P 500 Index Fund (SPFIX) have volatilities of 4.75% and 4.75%, 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

	MSXAX	SPFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	4.75%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	9.91%	9.87%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	12.42%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	18.31%	-1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	18.92%	-0.81%

MSXAX vs. SPFIX - Expense Ratio Comparison

MSXAX has a 0.52% expense ratio, which is higher than SPFIX's 0.43% expense ratio.

Dividends

MSXAX vs. SPFIX - Dividend Comparison

MSXAX's dividend yield for the trailing twelve months is around 0.96%, less than SPFIX's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSXAX NYLI S&P 500 Index Class A	0.96%	1.06%	5.20%	4.04%	10.30%	4.44%	8.78%	17.42%	14.49%	15.18%	9.63%	5.53%
SPFIX Shelton Capital Management S&P 500 Index Fund	3.31%	3.45%	27.20%	8.08%	5.07%	5.43%	8.06%	16.60%	2.49%	3.01%	2.92%	4.35%

Frequently Asked Questions

Can I hold both MSXAX and SPFIX in my portfolio?

With a correlation of 1.00, MSXAX and SPFIX 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, MSXAX or SPFIX?

SPFIX has higher volatility (4.75%) compared to MSXAX (4.75%). In terms of maximum drawdown, MSXAX dropped -55.48% vs SPFIX's -54.81%.

Which has better risk-adjusted returns?

SPFIX currently has the higher Sharpe Ratio (2.14 vs 2.12), 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.