MXF vs SPY
The Mexico Fund Inc vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. MXF delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | MXF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.32% | 0.09% | |
| AUM | $351M | $821.1B | |
| Dividend Yield | 5.29% | 1.01% | |
| Holdings | 28 | 505 | |
| YTD Return | +11.44% | +12.22% | |
| 1Y Return | +26.43% | +20.83% | |
| 3Y Return (annualized) | +13.49% | +21.70% | |
| 5Y Return (annualized) | +12.48% | +12.98% | |
| Volatility (annualized) | 27.4% | 15.3% | |
| Max Drawdown | -84.7% | -56.5% | |
| Fund Family | The Mexico Fund, Inc. | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 3, 1981 | Jan 22, 1993 |
MXF vs SPY Performance
The Mexico Fund Inc (MXF) is a ETF from The Mexico Fund, Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MXF returned +26.43% while SPY returned +20.83%. Year to date, MXF is up 11.44% versus a gain of 12.22% for SPY.
Over three years, MXF compounded at +13.49% per year against +21.70% for SPY; over five years the annualized figures are +12.48% and +12.98% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% 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 worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.65. They move independently enough that combining them can meaningfully diversify a portfolio.
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 5.29% against 1.01% for SPY.
Holdings Overlap
MXF and SPY share 0 holdings out of 529 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $123 per year of difference.
Which performed better, MXF or SPY?
Over the past year MXF returned +26.43% vs +20.83% for SPY, so MXF leads on 1-year performance. Over the longest common window we track (31 years), MXF annualized +2.23% vs +8.79% for SPY. Past performance does not guarantee future results.
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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MXF and SPY?
MXF and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 529 unique securities.
Which pays a higher dividend, MXF or SPY?
MXF yields 5.29% while SPY yields 1.01%, so MXF currently pays the higher dividend yield.
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