MCN vs SPY
XAI Madison Equity Premium Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, MCN or SPY?
Large Cap Value against Large Cap Blend.
SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 42.7%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | MCN | SPY |
|---|---|---|
| Expense Ratio | - | 0.09% |
| AUM | $133M | $814.4B |
| Dividend Yield | 11.59% | 1.01% |
| Holdings | 81 | 505 |
| YTD Return | +2.12% | +13.34%Best |
| 1Y Return | +2.47% | +19.97%Best |
| 3Y Return (annualized) | +3.42% | +21.20%Best |
| 5Y Return (annualized) | +3.27% | +12.81%Best |
| Volatility (annualized) | 17.1% | 14.8%Best |
| Max Drawdown | -75.1% | -56.5%Best |
| $10,000 over 5 years | $11,745 | $18,270Best |
| Top 10 Weight | 42.7% | 38.0%Best |
| Fund Family | Madison Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jul 28, 2004 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Aug 26, 2004 to Sep 4, 2026 (22 years).
MCN vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
MCN vs SPY Performance
XAI Madison Equity Premium Income Fund (MCN) is an ETF from Madison Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MCN returned +2.47% while SPY returned +19.97%. Year to date, MCN is up 2.12% versus a gain of 13.34% for SPY.
Over three years, MCN compounded at +3.42% per year against +21.20% for SPY; over five years the annualized figures are +3.27% and +12.81% respectively. Across the full 22-year window we track, SPY has the edge at +9.56% annualized vs -1.73%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MCN has been the more volatile fund, with annualized monthly volatility of 17.1% compared with 14.8% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.77. They usually move together, but the gap leaves some room for diversification.
Holdings Overlap
84.6% of MCN's money is in holdings SPY also owns. 19.6% of SPY's money is in holdings MCN also owns.
Most of MCN is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 126 days apart, MCN as of Mar 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
36 positions in common, counted across the 40 positions we hold weights for in MCN and 504 in SPY, against full books of 81 and 505.
What only one of them owns
Our book lists 461 positions for SPY that do not appear in our book for MCN (80.0% of the fund), and 3 for MCN that do not appear in SPY (13.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in MCN | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 2.36% | 5.50% | 3.14% |
| AMZNAmazon.Com Inc | 3.02% | 4.08% | 1.06% |
| AVGOBroadcom Inc | 2.07% | 2.97% | 0.90% |
| APAApa Corp | 4.21% | 0.02% | 4.19% |
| PEPPepsico Inc. | 3.91% | 0.29% | 3.62% |
| METAMeta Platform Inc | 1.95% | 1.94% | 0.01% |
| DHRDanaher Corporation | 3.41% | 0.18% | 3.23% |
| LVSLas Vegas Sands Corp. | 3.52% | 0.02% | 3.50% |
| VVisa Inc Class A | 2.38% | 0.92% | 1.46% |
| MDTMedtronic Plc Ordinary Shares | 3.02% | 0.17% | 2.85% |
84.6% of MCN is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which performed better, MCN or SPY?
Over the past year MCN returned +2.47% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), MCN annualized -1.73% vs +9.56% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MCN or SPY?
MCN has been the more volatile fund at 17.1% annualized versus 14.8% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between MCN and SPY?
84.6% of MCN's money is in holdings SPY also owns. 19.6% of SPY's is in holdings MCN also owns. They hold 36 positions in common, counted across the 40 positions we hold weights for in MCN and 504 in SPY.
Which pays a higher dividend, MCN or SPY?
MCN yields 11.59% while SPY yields 1.01%, so MCN currently pays the higher dividend yield.
Is SPY better than MCN?
SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 42.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.