MXISX vs. VIOO

Last updated Jun 4, 2026

MXISX (Great-West S&P Small Cap 600 Index Fund) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both Small Cap Blend Equities funds. Over the past 10 years, MXISX returned 9.88%/yr vs 10.67%/yr for VIOO. Their correlation of 0.92 suggests significant overlap in exposure. MXISX charges 0.56%/yr vs 0.10%/yr for VIOO.

Performance

MXISX vs. VIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great-West S&P Small Cap 600 Index Fund (MXISX) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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 MXISX having a 16.11% return and VIOO slightly lower at 15.34%. Over the past 10 years, MXISX has underperformed VIOO with an annualized return of 9.88%, while VIOO has yielded a comparatively higher 10.67% annualized return.

MXISX

• 1D: 0.94%
• 1M: 2.60%
• YTD: 16.11%
• 6M: 14.87%
• 1Y: 32.09%
• 3Y*: 13.85%
• 5Y*: 5.18%
• 10Y*: 9.88%

VIOO

• 1D: -0.88%
• 1M: 1.64%
• YTD: 15.34%
• 6M: 14.20%
• 1Y: 31.68%
• 3Y*: 14.40%
• 5Y*: 5.66%
• 10Y*: 10.67%

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

MXISX vs. VIOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXISX Great-West S&P Small Cap 600 Index Fund	16.11%	5.53%	7.87%	14.61%	-16.60%	26.08%	10.73%	21.46%	-9.22%	11.80%
VIOO Vanguard S&P Small-Cap 600 ETF	15.34%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	22.68%	-8.65%	13.16%

Correlation

The correlation between MXISX and VIOO is 0.92, 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	0.92
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	0.94
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.92

The correlation between MXISX and VIOO has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

MXISX vs. VIOO — Risk / Return Rank

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

MXISX

MXISX Risk / Return Rank: 60
MXISX Sharpe Ratio Rank: 49
MXISX Sortino Ratio Rank: 50
MXISX Omega Ratio Rank: 44
MXISX Calmar Ratio Rank: 86
MXISX Martin Ratio Rank: 71

VIOO

VIOO Risk / Return Rank: 58
VIOO Sharpe Ratio Rank: 52
VIOO Sortino Ratio Rank: 54
VIOO Omega Ratio Rank: 49
VIOO Calmar Ratio Rank: 72
VIOO Martin Ratio Rank: 65

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.

MXISX vs. VIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great-West S&P Small Cap 600 Index Fund (MXISX) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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.

	MXISX	VIOO	Difference
Sharpe ratio Return per unit of total volatility	2.06	1.82	+0.25
Sortino ratio Return per unit of downside risk	2.98	2.64	+0.34
Omega ratio Gain probability vs. loss probability	1.36	1.31	+0.04
Calmar ratio Return relative to maximum drawdown	4.11	3.63	+0.48
Martin ratio Return relative to average drawdown	13.70	12.14	+1.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXISX vs. VIOO - Sharpe Ratio Comparison

The current MXISX Sharpe Ratio is 2.06, which is comparable to the VIOO Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of MXISX and VIOO, 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

	MXISX	VIOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.82	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.27	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.47	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.57	-0.37

Drawdowns

MXISX vs. VIOO - Drawdown Comparison

The maximum MXISX drawdown since its inception was -70.66%, which is greater than VIOO's maximum drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for MXISX and VIOO.

Drawdown Indicators

	MXISX	VIOO	Difference
Max Drawdown Largest peak-to-trough decline	-70.66%	-44.15%	-26.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-8.77%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-28.07%	-27.93%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-28.07%	-27.93%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	-44.78%	-44.15%	-0.63%
Current Drawdown Current decline from peak	0.00%	-0.89%	+0.89%
Average Drawdown Average peak-to-trough decline	-21.86%	-7.33%	-14.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	2.62%	0.00%

Volatility

MXISX vs. VIOO - Volatility Comparison

Great-West S&P Small Cap 600 Index Fund (MXISX) and Vanguard S&P Small-Cap 600 ETF (VIOO) have volatilities of 4.55% and 4.40%, 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

	MXISX	VIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	4.40%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	11.71%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	17.48%	17.59%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.75%	21.40%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.85%	22.99%	+0.86%

MXISX vs. VIOO - Expense Ratio Comparison

MXISX has a 0.56% expense ratio, which is higher than VIOO's 0.10% expense ratio.

Dividends

MXISX vs. VIOO - Dividend Comparison

MXISX's dividend yield for the trailing twelve months is around 6.42%, more than VIOO's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MXISX Great-West S&P Small Cap 600 Index Fund	6.42%	7.45%	4.53%	2.41%	6.55%	10.79%	6.55%	6.71%	14.30%	8.68%	4.94%	10.96%
VIOO Vanguard S&P Small-Cap 600 ETF	1.18%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%

Frequently Asked Questions

Can I hold both MXISX and VIOO in my portfolio?

With a correlation of 0.92, MXISX and VIOO 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, MXISX or VIOO?

MXISX has higher volatility (4.55%) compared to VIOO (4.40%). In terms of maximum drawdown, MXISX dropped -70.66% vs VIOO's -44.15%.

Which has better risk-adjusted returns?

MXISX currently has the higher Sharpe Ratio (2.06 vs 1.82), 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.