MXF vs SPY
The Mexico Fund Inc vs State Street SPDR S&P 500 ETF Trust
Which is better, MXF or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. MXF led over 1Y, SPY over 3Y, 5Y and the full window.
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 | MXF | SPY |
|---|---|---|
| Expense Ratio | 1.32% | 0.09%Best |
| AUM | $351M | $804.7B |
| Dividend Yield | 5.27% | 0.98% |
| Holdings | 28 | 505 |
| YTD Return | +11.80%Best | +11.52% |
| 1Y Return | +23.99%Best | +17.48% |
| 3Y Return (annualized) | +14.08% | +20.62%Best |
| 5Y Return (annualized) | +11.96% | +12.73%Best |
| Volatility (annualized) | 27.4% | 15.3%Best |
| Max Drawdown | -84.7% | -56.5%Best |
| $10,000 over 5 years | $17,592 | $18,205Best |
| Fund Family | The Mexico Fund, Inc. | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jun 3, 1981 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 10, 2026 (30.7 years).
MXF 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 30.7 years both funds cover.
MXF vs SPY Performance
The Mexico Fund Inc (MXF) is an ETF from The Mexico Fund, Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MXF returned +23.99% while SPY returned +17.48%. Year to date, MXF is up 11.80% versus a gain of 11.52% for SPY.
Over three years, MXF compounded at +14.08% per year against +20.62% for SPY; over five years the annualized figures are +11.96% and +12.73% respectively. Across the full 31-year window we track, SPY has the edge at +8.75% annualized vs +2.23%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MXF has been the more volatile fund, with annualized monthly volatility of 27.4% 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 -84.7% for MXF 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 0.65. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MXF charges 1.32% per year while SPY charges 0.09%. On a $10,000 position that is $132 vs $9 annually, a gap of $123 per year that compounds over a long holding period. On income, MXF currently yields 5.27% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 25 holdings in MXF and 504 in SPY, totalling 93.7% 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, MXF 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 25 positions we hold weights for in MXF and 504 in SPY, against full books of 28 and 505.
You are not choosing between two funds in isolation.
Whichever of MXF 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, MXF or SPY?
MXF has an expense ratio of 1.32% while SPY charges 0.09%. SPY is the cheaper option, by $123 a year on a $10,000 investment.
Which performed better, MXF or SPY?
Over the past year MXF returned +23.99% vs +17.48% for SPY, so MXF leads on 1-year performance. Over the longest common window we track (31 years), MXF annualized +2.23% vs +8.75% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MXF or SPY?
MXF has been the more volatile fund at 27.4% annualized versus 15.3% for SPY. Worst drawdown: MXF -84.7% vs SPY -56.5%.
Should I hold both MXF and SPY?
MXF and SPY have a monthly-return correlation of 0.65, 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, MXF or SPY?
MXF yields 5.27% while SPY yields 0.98%, so MXF currently pays the higher dividend yield.
Is SPY better than MXF?
SPY has a lower expense ratio. MXF led over 1Y, SPY over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.