MFIC vs. ^GSPC

Last updated Jun 3, 2026

MFIC (MidCap Financial Investment Corporation) is a stock, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, MFIC returned 8.31%/yr vs 13.75%/yr for ^GSPC. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

MFIC vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MidCap Financial Investment Corporation (MFIC) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFIC achieves a -2.04% return, which is significantly lower than ^GSPC's 11.16% return. Over the past 10 years, MFIC has underperformed ^GSPC with an annualized return of 8.31%, while ^GSPC has yielded a comparatively higher 13.75% annualized return.

MFIC

• 1D: -0.64%
• 1M: -8.96%
• YTD: -2.04%
• 6M: -4.39%
• 1Y: -5.00%
• 3Y*: 8.90%
• 5Y*: 6.11%
• 10Y*: 8.31%

^GSPC

• 1D: 0.13%
• 1M: 5.25%
• YTD: 11.16%
• 6M: 11.43%
• 1Y: 28.20%
• 3Y*: 21.12%
• 5Y*: 12.66%
• 10Y*: 13.75%

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

MFIC vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFIC MidCap Financial Investment Corporation	-2.04%	-4.34%	11.25%	35.48%	0.19%	33.67%	-28.54%	56.97%	-18.11%	6.51%
^GSPC S&P 500 Index	11.16%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between MFIC and ^GSPC is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 6, 2004	0.56

Over the past year, the correlation between MFIC and ^GSPC has dropped to 0.35 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

Return for Risk

MFIC vs. ^GSPC — Risk / Return Rank

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

MFIC

MFIC Risk / Return Rank: 28
MFIC Sharpe Ratio Rank: 31
MFIC Sortino Ratio Rank: 26
MFIC Omega Ratio Rank: 26
MFIC Calmar Ratio Rank: 31
MFIC Martin Ratio Rank: 27

^GSPC

^GSPC Risk / Return Rank: 79
^GSPC Sharpe Ratio Rank: 76
^GSPC Sortino Ratio Rank: 76
^GSPC Omega Ratio Rank: 77
^GSPC Calmar Ratio Rank: 79
^GSPC Martin Ratio Rank: 88

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.

MFIC vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MidCap Financial Investment Corporation (MFIC) and S&P 500 Index (^GSPC). 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.

	MFIC	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	-0.22	2.39	-2.61
Sortino ratio Return per unit of downside risk	-0.15	3.25	-3.40
Omega ratio Gain probability vs. loss probability	0.98	1.43	-0.45
Calmar ratio Return relative to maximum drawdown	-0.28	3.16	-3.43
Martin ratio Return relative to average drawdown	-0.75	14.61	-15.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFIC vs. ^GSPC - Sharpe Ratio Comparison

The current MFIC Sharpe Ratio is -0.22, which is lower than the ^GSPC Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of MFIC and ^GSPC, 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

	MFIC	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	2.39	-2.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.75	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.76	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.47	-0.33

Drawdowns

MFIC vs. ^GSPC - Drawdown Comparison

The maximum MFIC drawdown since its inception was -87.97%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for MFIC and ^GSPC.

Drawdown Indicators

	MFIC	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-87.97%	-56.78%	-31.19%
Max Drawdown (1Y) Largest decline over 1 year	-23.46%	-9.10%	-14.36%
Max Drawdown (3Y) Largest decline over 3 years	-26.97%	-18.90%	-8.07%
Max Drawdown (5Y) Largest decline over 5 years	-26.97%	-25.43%	-1.54%
Max Drawdown (10Y) Largest decline over 10 years	-67.77%	-33.92%	-33.85%
Current Drawdown Current decline from peak	-14.38%	0.00%	-14.38%
Average Drawdown Average peak-to-trough decline	-17.53%	-10.72%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.64%	1.97%	+6.67%

Volatility

MFIC vs. ^GSPC - Volatility Comparison

MidCap Financial Investment Corporation (MFIC) has a higher volatility of 7.28% compared to S&P 500 Index (^GSPC) at 2.84%. This indicates that MFIC's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFIC	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	2.84%	+4.44%
Volatility (6M) Calculated over the trailing 6-month period	19.66%	8.98%	+10.68%
Volatility (1Y) Calculated over the trailing 1-year period	23.03%	11.87%	+11.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.72%	16.90%	+5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.00%	18.07%	+11.93%

Frequently Asked Questions

Can I hold both MFIC and ^GSPC in my portfolio?

MFIC and ^GSPC have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFIC or ^GSPC?

MFIC has higher volatility (7.28%) compared to ^GSPC (2.84%). In terms of maximum drawdown, MFIC dropped -87.97% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.39 vs -0.22), 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.