MXE vs SPY
Mexico Equity and Income Fund, Inc vs State Street SPDR S&P 500 ETF Trust
Which is better, MXE or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. MXE led over 1Y, SPY over 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 58.6%.
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 | MXE | SPY |
|---|---|---|
| Expense Ratio | 2.32% | 0.09%Best |
| AUM | $73M | $814.4B |
| Dividend Yield | 1.43% | 1.01% |
| Holdings | 30 | 505 |
| YTD Return | +8.52% | +13.34%Best |
| 1Y Return | +23.29%Best | +19.97% |
| 3Y Return (annualized) | +14.01% | +21.20%Best |
| 5Y Return (annualized) | +3.41% | +12.81%Best |
| Volatility (annualized) | 23.5% | 14.3%Best |
| Max Drawdown | -58.9% | -34.1%Best |
| $10,000 over 5 years | $11,825 | $18,270Best |
| Top 10 Weight | 58.6% | 38.0%Best |
| Fund Family | The Mexico Equity and Income Fund, Inc. | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Aug 15, 1990 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 25, 2013 to Sep 4, 2026 (13.4 years).
MXE 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 covers the 13.4 years both funds cover.
MXE vs SPY Performance
Mexico Equity and Income Fund, Inc (MXE) is an ETF from The Mexico Equity and Income Fund, Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MXE returned +23.29% while SPY returned +19.97%. Year to date, MXE is up 8.52% versus a gain of 13.34% for SPY.
Over three years, MXE compounded at +14.01% per year against +21.20% for SPY; over five years the annualized figures are +3.41% and +12.81% respectively. Across the full 13-year window we track, SPY has the edge at +13.29% annualized vs +1.66%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MXE has been the more volatile fund, with annualized monthly volatility of 23.5% compared with 14.3% 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 -58.9% for MXE and -34.1% 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 0.53. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MXE charges 2.32% per year while SPY charges 0.09%. On a $10,000 position that is $232 vs $9 annually, a gap of $223 per year that compounds over a long holding period. On income, MXE currently yields 1.43% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 28 holdings in MXE and 504 in SPY, totalling 98.2% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 185 days apart, MXE as of Jan 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.
0 positions in common, counted across the 28 positions we hold weights for in MXE and 504 in SPY, against full books of 30 and 505.
What only one of them owns
Our book lists 496 positions for SPY that do not appear in our book for MXE (99.5% of the fund), and 1 for MXE that do not appear in SPY (0.2%).
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.
You are not choosing between two funds in isolation.
Whichever of MXE 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, MXE or SPY?
MXE has an expense ratio of 2.32% while SPY charges 0.09%. SPY is the cheaper option, by $223 a year on a $10,000 investment.
Which performed better, MXE or SPY?
Over the past year MXE returned +23.29% vs +19.97% for SPY, so MXE leads on 1-year performance. Over the longest common window we track (13 years), MXE annualized +1.66% vs +13.29% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MXE or SPY?
MXE has been the more volatile fund at 23.5% annualized versus 14.3% for SPY. Worst drawdown: MXE -58.9% vs SPY -34.1%.
Should I hold both MXE and SPY?
MXE and SPY have a monthly-return correlation of 0.53, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, MXE or SPY?
MXE yields 1.43% while SPY yields 1.01%, so MXE currently pays the higher dividend yield.
Is SPY better than MXE?
SPY has a lower expense ratio. MXE led over 1Y, SPY over 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 58.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.