Fund Evaluator:
Empower S&P SmallCap 600® Index Inv (MXISX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
Empower S&P SmallCap 600® Index Inv Overview
Empower S&P SmallCap 600® Index Inv (MXISX) is a passively managed U.S. Equity Small Blend fund. Empower Funds launched the fund in 1993.
The investment seeks investment results that track the total return of the common stocks that comprise the Standard & Poor's ("S&P") SmallCap 600® Index (the "benchmark index"). The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks of the companies included in the benchmark index. The fund uses the replication method of indexing, meaning the fund seeks to own the securities contained in the benchmark index in as close as possible a proportion of the fund as each stock’s weight in the benchmark index.
About Empower S&P SmallCap 600® Index Inv (MXISX)
There are 3 members of the management team with an average tenure of 10.26 years: Nicola Dowdall (2016), Michael Lynch (2016), Peter Leonard (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and S&P SmallCap 600 TR USD index with a weighting of 100%. Empower S&P SmallCap 600® Index Inv has 606 securities in its portfolio. The top 10 holdings constitute 5.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Empower S&P SmallCap 600® Index Inv is part of the Equity global asset class and is within the U.S. Equity fund group. Empower S&P SmallCap 600® Index Inv has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.3%. There is 0.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Empower S&P SmallCap 600® Index Inv has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $685 million average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MXISX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Empower S&P SmallCap 600® Index Inv expense ratio is average compared to funds in the Small Blend category. Empower S&P SmallCap 600® Index Inv has an expense ratio of 0.56%, which is 46% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Empower S&P SmallCap 600® Index Inv has a portfolio turnover rate of 34%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of July 2026, Empower S&P SmallCap 600® Index Inv returned -1.9%, which earned it a grade of B, as the Small Blend category had an average return of -2.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Empower S&P SmallCap 600® Index Inv has a trailing yield of 1.82%, which is above the 0.42% category average.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Empower S&P SmallCap 600® Index Inv Grades
Year to date, the fund has returned 21.1%, 3.0 percentage points better than the category, which translates into a grade of B. The fund has returned 32.9% over the past year (grade of B), 12.7% over the past three years (grade of C) and 6.9% per year over the past five years (grade of D) and 10.2% per year over the past 10 years (grade of C).
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MXISX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MXISX Return (NAV) | -1.9% | 6.2% | 32.9% | 12.7% | 6.9% | 10.2% |
| MXISX Grade | B | B | B | C | D | C |
| +/- Category | 0.9% | 1.0% | 4.7% | -0.7% | -0.7% | -0.1% |
| Small Blend Avg | -2.8% | 5.2% | 28.3% | 13.5% | 7.6% | 10.3% |
| MXISX Tax Cost Ratio | na | na | 2.0% | 1.3% | 1.7% | 1.9% |
MXISX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MXISX Return (NAV) | 21.1% | 5.6% | 7.9% | 15.5% | -16.5% | 25.9% | 10.9% | 22.3% | -9.0% | 12.7% | 25.7% |
| MXISX Grade | B | D | F | D | C | B | D | D | A | D | A |
| +/- Category | 3.0% | -2.4% | -3.6% | -1.0% | -0.0% | 2.7% | -3.4% | -3.2% | 2.9% | -1.3% | 5.5% |
| Small Blend Avg | 18.2% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 19.4% |
| Total Risk Index: | 1.58 - High |
| Category Risk Index: | 1.05 - Above Average |
| Category Risk Grade: | D (77% Rank) |
| Beta: | 1.07 |
| R-Squared: | 52% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.8% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $1237 Mil |
| Fund Total Assets: | $1,088 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 34% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Dowdall Nicola (2016), Lynch Michael (2016), Leonard Peter (2016) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 606 |
| % in Top 10 Holdings: | 5.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 99.3% |
| Foreign Stock: | 0.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Empower Funds |
| Phone Number: | 866-831-7129 |
| Website: | www.greatwestfunds.com |
| Status: | Open |
| Inception Date: | December 1, 1993 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.56% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Empower S&P SmallCap 600® Index Inv |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
