MHIG vs SPY
Milliman Healthcare Inflation Guard ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MHIG or SPY?
Allocation/Balanced against Large Cap Blend.
SPY has a lower expense ratio.
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 | MHIG | SPY |
|---|---|---|
| Expense Ratio | 0.55% | 0.09%Best |
| AUM | $1M | $811.2B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 75 | 1,515 |
| YTD Return | -1.47% | +13.54%Best |
| 1Y Return | - | +16.25% |
| 3Y Return (annualized) | - | +23.72% |
| 5Y Return (annualized) | - | +13.95% |
| Fund Family | Milliman | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Blend |
| Inception | Apr 7, 2026 | Jan 22, 1993 |
Not shown on this pair: Volatility (annualized), Max Drawdown, $10,000 over the window, Top 10 Weight.
MHIG 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.
MHIG vs SPY Performance
Milliman Healthcare Inflation Guard ETF (MHIG) is an ETF from Milliman and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Year to date, MHIG is down 1.47% versus a gain of 13.54% for SPY.
Past performance does not guarantee future results.
Fees and Cost Over Time
MHIG charges 0.55% per year while SPY charges 0.09%. On a $10,000 position that is $55 vs $9 annually, a gap of $46 per year that compounds over a long holding period. On income, MHIG currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
At least 8.8% of SPY's money is in holdings MHIG also owns.
Stated as a floor: for MHIG, our book for it covers 81.5% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and MHIG share little of their money.
53 positions in common, counted across the 79 positions we hold weights for in MHIG and 504 in SPY, against full books of 75 and 1,515.
Top Shared Holdings
| Stock | Weight in MHIG | Weight in SPY | Difference |
|---|---|---|---|
| LLYEli Lilly & Co. | 5.17% | 1.37% | 3.80% |
| JNJJohnson & Johnson - Common | 2.27% | 0.98% | 1.29% |
| ABBVAbbvie Inc. | 2.25% | 0.70% | 1.55% |
| GILDGilead Sciences | 1.32% | 0.28% | 1.04% |
| TMOThermo Fisherscientific Inc. | 1.03% | 0.35% | 0.68% |
| HCAHca-the Healthcare Co | 1.18% | 0.10% | 1.08% |
| UNHUnitedhealth Group Incorporated | 0.74% | 0.53% | 0.21% |
| AMGNAmgen Inc. | 0.88% | 0.31% | 0.57% |
| PFEPfizer Inc | 0.75% | 0.24% | 0.51% |
| MRKMerck & Company Inc | 0.35% | 0.54% | 0.19% |
You are not choosing between two funds in isolation.
Whichever of MHIG and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MHIG or SPY?
MHIG has an expense ratio of 0.55% while SPY charges 0.09%. SPY is the cheaper option, by $46 a year on a $10,000 investment.
What is the holdings overlap between MHIG and SPY?
At least 8.8% of SPY's money is in holdings MHIG also owns. Our book for MHIG is partial, so the real figure is this or higher. They hold 53 positions in common, counted across the 79 positions we hold weights for in MHIG and 504 in SPY.
Which pays a higher dividend, MHIG or SPY?
MHIG yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than MHIG?
SPY has a lower expense ratio. Which one suits a particular account depends on what it is for. This is information, not a recommendation.