MBSX vs SPY
Regan Fixed Rate MBS ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | MBSX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $19M | $821.1B | |
| Dividend Yield | 3.70% | 1.01% | |
| Holdings | 101 | 505 | |
| YTD Return | +5.29% | +12.22% | |
| 1Y Return | +8.91% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 35.9% | 15.3% | |
| Max Drawdown | -27.6% | -56.5% | |
| Fund Family | Regan Capital | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | May 1, 2025 | Jan 22, 1993 |
MBSX vs SPY Performance
Regan Fixed Rate MBS ETF (MBSX) is a ETF from Regan Capital and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MBSX returned +8.91% while SPY returned +20.83%. Year to date, MBSX is up 5.29% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
MBSX has been the more volatile fund, with annualized monthly volatility of 35.9% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -27.6% for MBSX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.19. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MBSX charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, MBSX currently yields 3.70% against 1.01% for SPY.
Holdings Overlap
MBSX and SPY share 0 holdings out of 507 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MBSX or SPY?
MBSX has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, MBSX or SPY?
Over the past year MBSX returned +8.91% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), MBSX annualized +11.11% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, MBSX or SPY?
MBSX has been the more volatile fund at 35.9% annualized versus 15.3% for SPY. Worst drawdown: MBSX -27.6% vs SPY -56.5%.
Should I hold both MBSX and SPY?
MBSX and SPY have a monthly-return correlation of 0.19, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MBSX and SPY?
MBSX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, MBSX or SPY?
MBSX yields 3.70% while SPY yields 1.01%, so MBSX currently pays the higher dividend yield.
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