MXIHX vs. MXGMX

Last updated Jun 23, 2026

MXIHX (Great-West Inflation-Protected Securities Fund) and MXGMX (Great-West U.S. Government Securities Fund) are both mutual funds - MXIHX is a Inflation-Protected Bonds fund managed by Great-West Funds, while MXGMX is a Government Bonds fund managed by Great-West Funds. Over the past 5 years, MXIHX returned 1.80%/yr vs -0.31%/yr for MXGMX. A 0.73 correlation means they provide meaningful diversification when combined. MXIHX charges 0.70%/yr vs 0.60%/yr for MXGMX.

Performance

MXIHX vs. MXGMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great-West Inflation-Protected Securities Fund (MXIHX) and Great-West U.S. Government Securities Fund (MXGMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MXIHX achieves a 0.65% return, which is significantly higher than MXGMX's 0.27% return.

MXIHX

• 1D: 0.22%
• 1M: -0.00%
• YTD: 0.65%
• 6M: 0.76%
• 1Y: 3.61%
• 3Y*: 4.33%
• 5Y*: 1.80%
• 10Y*: —

MXGMX

• 1D: 0.18%
• 1M: 0.72%
• YTD: 0.27%
• 6M: 0.30%
• 1Y: 3.98%
• 3Y*: 3.29%
• 5Y*: -0.31%
• 10Y*: 0.75%

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

MXIHX vs. MXGMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MXIHX Great-West Inflation-Protected Securities Fund	0.65%	6.75%	2.80%	4.76%	-8.95%	4.96%	7.36%	6.35%	-1.22%
MXGMX Great-West U.S. Government Securities Fund	0.27%	6.60%	0.75%	4.44%	-12.09%	-2.15%	5.87%	6.12%	0.55%

Correlation

The correlation between MXIHX and MXGMX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 4, 2018	0.73

The correlation between MXIHX and MXGMX has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Return for Risk

MXIHX vs. MXGMX — Risk / Return Rank

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

MXIHX

MXIHX Risk / Return Rank: 28
MXIHX Sharpe Ratio Rank: 24
MXIHX Sortino Ratio Rank: 25
MXIHX Omega Ratio Rank: 26
MXIHX Calmar Ratio Rank: 27
MXIHX Martin Ratio Rank: 35

MXGMX

MXGMX Risk / Return Rank: 16
MXGMX Sharpe Ratio Rank: 17
MXGMX Sortino Ratio Rank: 17
MXGMX Omega Ratio Rank: 17
MXGMX Calmar Ratio Rank: 16
MXGMX Martin Ratio Rank: 15

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.

MXIHX vs. MXGMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great-West Inflation-Protected Securities Fund (MXIHX) and Great-West U.S. Government Securities Fund (MXGMX). 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.

	MXIHX	MXGMX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.08	+0.22
Sortino ratio: Return per unit of downside risk	1.94	1.62	+0.32
Omega ratio: Gain probability vs. loss probability	1.25	1.20	+0.06
Calmar ratio: Return relative to maximum drawdown	1.84	1.34	+0.50
Martin ratio: Return relative to average drawdown	7.36	3.80	+3.55

MXIHX vs. MXGMX - Sharpe Ratio Comparison

The current MXIHX Sharpe Ratio is 1.31, which is comparable to the MXGMX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of MXIHX and MXGMX, 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

MXIHX vs. MXGMX - Drawdown Comparison

The maximum MXIHX drawdown since its inception was -11.51%, smaller than the maximum MXGMX drawdown of -18.63%. Use the drawdown chart below to compare losses from any high point for MXIHX and MXGMX.

Drawdown Indicators

	MXIHX	MXGMX	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-18.63%	+7.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-3.09%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	-2.86%	-6.67%	+3.81%
Max Drawdown (5Y) Largest decline over 5 years	-11.51%	-17.09%	+5.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.63%	—
Current Drawdown Current decline from peak	-0.86%	-4.36%	+3.50%
Average Drawdown Average peak-to-trough decline	-2.41%	-5.31%	+2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	1.07%	-0.57%

Volatility

MXIHX vs. MXGMX - Volatility Comparison

Great-West Inflation-Protected Securities Fund (MXIHX) and Great-West U.S. Government Securities Fund (MXGMX) have volatilities of 1.12% and 1.15%, 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

	MXIHX	MXGMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.15%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	2.72%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	2.86%	3.81%	-0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.85%	5.90%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.37%	4.64%	-0.27%

MXIHX vs. MXGMX - Expense Ratio Comparison

MXIHX has a 0.70% expense ratio, which is higher than MXGMX's 0.60% expense ratio.

Dividends

MXIHX vs. MXGMX - Dividend Comparison

MXIHX's dividend yield for the trailing twelve months is around 3.59%, more than MXGMX's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXGMX Great-West U.S. Government Securities Fund	2.66%	2.67%	2.73%	2.37%	1.48%	2.21%	0.94%	1.53%	1.88%	0.90%
MXIHX Great-West Inflation-Protected Securities Fund	3.59%	3.61%	3.60%	4.22%	8.49%	3.05%	2.01%	1.51%	4.31%	0.00%

Frequently Asked Questions

Can I hold both MXIHX and MXGMX in my portfolio?

MXIHX and MXGMX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXIHX or MXGMX?

MXGMX has higher volatility (1.15%) compared to MXIHX (1.12%). In terms of maximum drawdown, MXIHX dropped -11.51% vs MXGMX's -18.63%.

Which has better risk-adjusted returns?

MXIHX currently has the higher Sharpe Ratio (1.31 vs 1.08), 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.