MCN vs SPY
XAI Madison Equity Premium Income Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MCN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | - | 0.09% | |
| AUM | $130M | $789.1B | |
| Dividend Yield | 11.96% | 1.01% | |
| Holdings | 81 | 505 | |
| YTD Return | +0.69% | +13.39% | |
| 1Y Return | +3.91% | +22.52% | |
| 3Y Return (annualized) | +2.61% | +21.36% | |
| 5Y Return (annualized) | +3.29% | +13.19% | |
| Volatility (annualized) | 17.2% | 15.3% | |
| Max Drawdown | -75.1% | -56.5% | |
| Fund Family | Madison Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 28, 2004 | Jan 22, 1993 |
MCN vs SPY Performance
XAI Madison Equity Premium Income Fund (MCN) is a ETF from Madison Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MCN returned +3.91% while SPY returned +22.52%. Year to date, MCN is up 0.69% versus a gain of 13.39% for SPY.
Over three years, MCN compounded at +2.61% per year against +21.36% for SPY; over five years the annualized figures are +3.29% and +13.19% respectively. Across the full 22-year window we track, SPY has the edge at +8.84% annualized vs -1.80%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MCN has been the more volatile fund, with annualized monthly volatility of 17.2% 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 -75.1% for MCN 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 0.77. They usually move together, but the gap leaves some room for diversification.
Holdings Overlap
MCN and SPY share 35 holdings out of 508 unique holdings combined, representing a 14.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which performed better, MCN or SPY?
Over the past year MCN returned +3.91% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), MCN annualized -1.80% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, MCN or SPY?
MCN has been the more volatile fund at 17.2% annualized versus 15.3% for SPY. Worst drawdown: MCN -75.1% vs SPY -56.5%.
Should I hold both MCN and SPY?
MCN and SPY have a monthly-return correlation of 0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MCN and SPY?
MCN and SPY share 35 common holdings with a 14.3% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, MCN or SPY?
MCN yields 11.96% while SPY yields 1.01%, so MCN currently pays the higher dividend yield.
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