FOSCX vs. SPY

Last updated Jun 4, 2026

FOSCX (Tributary Small Company Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - FOSCX is a Small Cap Blend Equities fund managed by Tributary Funds, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FOSCX returned 9.26%/yr vs 15.49%/yr for SPY. A 0.78 correlation means they provide meaningful diversification when combined. FOSCX charges 1.18%/yr vs 0.09%/yr for SPY.

Performance

FOSCX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tributary Small Company Fund (FOSCX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOSCX achieves a 20.76% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, FOSCX has underperformed SPY with an annualized return of 9.26%, while SPY has yielded a comparatively higher 15.49% annualized return.

FOSCX

• 1D: 1.66%
• 1M: 2.61%
• YTD: 20.76%
• 6M: 18.39%
• 1Y: 25.17%
• 3Y*: 12.12%
• 5Y*: 7.18%
• 10Y*: 9.26%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FOSCX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOSCX Tributary Small Company Fund	20.76%	-3.67%	9.35%	16.92%	-13.17%	32.03%	1.21%	23.18%	-10.81%	8.44%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FOSCX and SPY is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 11, 1996	0.78

The correlation between FOSCX and SPY shifts across timeframes, from 0.67 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FOSCX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FOSCX

FOSCX Risk / Return Rank: 38
FOSCX Sharpe Ratio Rank: 30
FOSCX Sortino Ratio Rank: 33
FOSCX Omega Ratio Rank: 28
FOSCX Calmar Ratio Rank: 62
FOSCX Martin Ratio Rank: 37

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FOSCX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tributary Small Company Fund (FOSCX) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FOSCX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.38	-0.80
Sortino ratio: Return per unit of downside risk	2.37	3.24	-0.87
Omega ratio: Gain probability vs. loss probability	1.28	1.43	-0.16
Calmar ratio: Return relative to maximum drawdown	3.03	3.16	-0.14
Martin ratio: Return relative to average drawdown	8.21	14.72	-6.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FOSCX vs. SPY - Sharpe Ratio Comparison

The current FOSCX Sharpe Ratio is 1.58, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FOSCX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FOSCX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	2.38	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.82	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.87	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.59	-0.10

Drawdowns

FOSCX vs. SPY - Drawdown Comparison

The maximum FOSCX drawdown since its inception was -52.57%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FOSCX and SPY.

Drawdown Indicators

	FOSCX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-52.57%	-55.19%	+2.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-8.88%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-29.00%	-18.76%	-10.24%
Max Drawdown (5Y) Largest decline over 5 years	-29.00%	-24.50%	-4.50%
Max Drawdown (10Y) Largest decline over 10 years	-40.05%	-33.72%	-6.33%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-7.07%	-9.05%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	1.91%	+1.46%

Volatility

FOSCX vs. SPY - Volatility Comparison

Tributary Small Company Fund (FOSCX) has a higher volatility of 4.70% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that FOSCX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOSCX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	2.84%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	11.76%	8.90%	+2.86%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	11.83%	+5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	17.05%	+3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.89%	17.94%	+3.95%

FOSCX vs. SPY - Expense Ratio Comparison

FOSCX has a 1.18% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FOSCX vs. SPY - Dividend Comparison

FOSCX's dividend yield for the trailing twelve months is around 6.30%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOSCX Tributary Small Company Fund	6.30%	7.61%	6.67%	2.82%	13.61%	15.18%	0.02%	1.28%	5.45%	5.28%	1.51%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FOSCX and SPY in my portfolio?

FOSCX and SPY have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOSCX or SPY?

FOSCX has higher volatility (4.70%) compared to SPY (2.84%). In terms of maximum drawdown, FOSCX dropped -52.57% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.58), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.