XLG vs. MAGSX

Last updated Jun 24, 2026

XLG (Invesco S&P 500 Top 50 ETF) and MAGSX (Madison Aggressive Allocation Fund) are both funds - XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index, while MAGSX is a Diversified Portfolio fund managed by Madison Funds. Over the past 10 years, XLG returned 16.94%/yr vs 7.94%/yr for MAGSX. Their correlation of 0.88 suggests significant overlap in exposure. XLG charges 0.20%/yr vs 0.71%/yr for MAGSX.

Performance

XLG vs. MAGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Top 50 ETF (XLG) and Madison Aggressive Allocation Fund (MAGSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLG achieves a 1.60% return, which is significantly lower than MAGSX's 11.55% return. Over the past 10 years, XLG has outperformed MAGSX with an annualized return of 16.94%, while MAGSX has yielded a comparatively lower 7.94% annualized return.

XLG

• 1D: -1.88%
• 1M: -5.41%
• YTD: 1.60%
• 6M: 0.73%
• 1Y: 19.95%
• 3Y*: 21.35%
• 5Y*: 14.28%
• 10Y*: 16.94%

MAGSX

• 1D: 0.07%
• 1M: 2.44%
• YTD: 11.55%
• 6M: 10.83%
• 1Y: 21.30%
• 3Y*: 12.68%
• 5Y*: 5.61%
• 10Y*: 7.94%

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

XLG vs. MAGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLG Invesco S&P 500 Top 50 ETF	1.60%	19.51%	33.49%	38.16%	-24.29%	30.77%	24.15%	32.04%	-3.59%	23.04%
MAGSX Madison Aggressive Allocation Fund	11.55%	12.48%	6.46%	12.32%	-15.38%	9.50%	9.65%	19.21%	-6.59%	18.04%

Correlation

The correlation between XLG and MAGSX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jul 3, 2006	0.88

The correlation between XLG and MAGSX shifts across timeframes, from 0.72 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XLG vs. MAGSX — Risk / Return Rank

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

XLG

XLG Risk / Return Rank: 39
XLG Sharpe Ratio Rank: 42
XLG Sortino Ratio Rank: 40
XLG Omega Ratio Rank: 41
XLG Calmar Ratio Rank: 33
XLG Martin Ratio Rank: 38

MAGSX

MAGSX Risk / Return Rank: 53
MAGSX Sharpe Ratio Rank: 54
MAGSX Sortino Ratio Rank: 54
MAGSX Omega Ratio Rank: 51
MAGSX Calmar Ratio Rank: 50
MAGSX Martin Ratio Rank: 57

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.

XLG vs. MAGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Top 50 ETF (XLG) and Madison Aggressive Allocation Fund (MAGSX). 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.

	XLG	MAGSX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.00	-0.56
Sortino ratio: Return per unit of downside risk	1.98	2.83	-0.85
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	1.61	2.59	-0.97
Martin ratio: Return relative to average drawdown	5.77	10.85	-5.07

XLG vs. MAGSX - Sharpe Ratio Comparison

The current XLG Sharpe Ratio is 1.44, which is comparable to the MAGSX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of XLG and MAGSX, 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

XLG vs. MAGSX - Drawdown Comparison

The maximum XLG drawdown since its inception was -52.39%, smaller than the maximum MAGSX drawdown of -56.06%. Use the drawdown chart below to compare losses from any high point for XLG and MAGSX.

Drawdown Indicators

	XLG	MAGSX	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-56.06%	+3.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-8.63%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	-15.35%	-5.35%
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	-21.13%	-6.89%
Max Drawdown (10Y) Largest decline over 10 years	-30.46%	-23.20%	-7.26%
Current Drawdown Current decline from peak	-6.91%	-0.22%	-6.69%
Average Drawdown Average peak-to-trough decline	-7.63%	-9.45%	+1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.06%	+1.40%

Volatility

XLG vs. MAGSX - Volatility Comparison

Invesco S&P 500 Top 50 ETF (XLG) has a higher volatility of 5.04% compared to Madison Aggressive Allocation Fund (MAGSX) at 4.35%. This indicates that XLG's price experiences larger fluctuations and is considered to be riskier than MAGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLG	MAGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	4.35%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	9.29%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	11.20%	+2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	12.28%	+6.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	13.12%	+5.76%

XLG vs. MAGSX - Expense Ratio Comparison

XLG has a 0.20% expense ratio, which is lower than MAGSX's 0.71% expense ratio.

Dividends

XLG vs. MAGSX - Dividend Comparison

XLG's dividend yield for the trailing twelve months is around 0.66%, less than MAGSX's 5.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAGSX Madison Aggressive Allocation Fund	5.53%	6.17%	2.02%	1.89%	1.26%	9.97%	8.66%	5.42%	10.79%	5.89%	3.82%	9.57%
XLG Invesco S&P 500 Top 50 ETF	0.66%	0.64%	0.72%	0.97%	1.34%	0.94%	1.25%	1.58%	2.00%	1.85%	2.00%	2.09%

Frequently Asked Questions

Can I hold both XLG and MAGSX in my portfolio?

XLG and MAGSX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLG or MAGSX?

XLG has higher volatility (5.04%) compared to MAGSX (4.35%). In terms of maximum drawdown, XLG dropped -52.39% vs MAGSX's -56.06%.

Which has better risk-adjusted returns?

MAGSX currently has the higher Sharpe Ratio (2.00 vs 1.44), 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.