MFIC vs. FOCPX

Last updated Jun 3, 2026

MFIC (MidCap Financial Investment Corporation) is a stock, while FOCPX (Fidelity OTC Portfolio) is Large Cap Growth Equities fund managed by Fidelity. Over the past 10 years, MFIC returned 8.31%/yr vs 22.54%/yr for FOCPX. At a 0.49 correlation, their price movements are largely independent.

Performance

MFIC vs. FOCPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MidCap Financial Investment Corporation (MFIC) and Fidelity OTC Portfolio (FOCPX). 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 FOCPX's 26.61% return. Over the past 10 years, MFIC has underperformed FOCPX with an annualized return of 8.31%, while FOCPX has yielded a comparatively higher 22.54% 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%

FOCPX

• 1D: 0.82%
• 1M: 10.06%
• YTD: 26.61%
• 6M: 27.59%
• 1Y: 61.27%
• 3Y*: 34.50%
• 5Y*: 19.15%
• 10Y*: 22.54%

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

MFIC vs. FOCPX - 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%
FOCPX Fidelity OTC Portfolio	26.61%	22.21%	38.95%	42.64%	-32.08%	24.94%	46.75%	39.20%	-3.30%	38.61%

Correlation

The correlation between MFIC and FOCPX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 6, 2004	0.49

Over the past year, the correlation between MFIC and FOCPX has dropped to 0.23 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

Return for Risk

MFIC vs. FOCPX — 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

FOCPX

FOCPX Risk / Return Rank: 92
FOCPX Sharpe Ratio Rank: 97
FOCPX Sortino Ratio Rank: 90
FOCPX Omega Ratio Rank: 86
FOCPX Calmar Ratio Rank: 94
FOCPX Martin Ratio Rank: 96

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. FOCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MidCap Financial Investment Corporation (MFIC) and Fidelity OTC Portfolio (FOCPX). 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	FOCPX	Difference
Sharpe ratio Return per unit of total volatility	-0.22	3.53	-3.75
Sortino ratio Return per unit of downside risk	-0.15	4.38	-4.53
Omega ratio Gain probability vs. loss probability	0.98	1.59	-0.61
Calmar ratio Return relative to maximum drawdown	-0.28	5.45	-5.72
Martin ratio Return relative to average drawdown	-0.75	24.12	-24.87
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. FOCPX - Sharpe Ratio Comparison

The current MFIC Sharpe Ratio is -0.22, which is lower than the FOCPX Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of MFIC and FOCPX, 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	FOCPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	3.53	-3.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.85	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	1.01	-0.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.66	-0.51

Drawdowns

MFIC vs. FOCPX - Drawdown Comparison

The maximum MFIC drawdown since its inception was -87.97%, which is greater than FOCPX's maximum drawdown of -70.25%. Use the drawdown chart below to compare losses from any high point for MFIC and FOCPX.

Drawdown Indicators

	MFIC	FOCPX	Difference
Max Drawdown Largest peak-to-trough decline	-87.97%	-70.25%	-17.72%
Max Drawdown (1Y) Largest decline over 1 year	-23.46%	-11.29%	-12.17%
Max Drawdown (3Y) Largest decline over 3 years	-26.97%	-24.82%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-26.97%	-37.05%	+10.08%
Max Drawdown (10Y) Largest decline over 10 years	-67.77%	-37.05%	-30.72%
Current Drawdown Current decline from peak	-14.38%	0.00%	-14.38%
Average Drawdown Average peak-to-trough decline	-17.53%	-17.01%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.64%	2.55%	+6.09%

Volatility

MFIC vs. FOCPX - Volatility Comparison

MidCap Financial Investment Corporation (MFIC) has a higher volatility of 7.28% compared to Fidelity OTC Portfolio (FOCPX) at 5.41%. This indicates that MFIC's price experiences larger fluctuations and is considered to be riskier than FOCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFIC	FOCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	5.41%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	19.66%	13.88%	+5.78%
Volatility (1Y) Calculated over the trailing 1-year period	23.03%	17.74%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.72%	22.65%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.00%	22.44%	+7.56%

Dividends

MFIC vs. FOCPX - Dividend Comparison

MFIC's dividend yield for the trailing twelve months is around 13.34%, more than FOCPX's 6.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOCPX Fidelity OTC Portfolio	6.14%	7.78%	16.76%	0.05%	4.06%	11.53%	6.23%	7.58%	7.93%	4.86%	3.24%	5.41%
MFIC MidCap Financial Investment Corporation	13.34%	13.29%	12.75%	11.11%	12.37%	11.26%	15.25%	10.31%	14.52%	10.60%	11.95%	15.33%

Frequently Asked Questions

Can I hold both MFIC and FOCPX in my portfolio?

MFIC and FOCPX have a correlation of 0.23, 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 FOCPX?

MFIC has higher volatility (7.28%) compared to FOCPX (5.41%). In terms of maximum drawdown, MFIC dropped -87.97% vs FOCPX's -70.25%.

Which has better risk-adjusted returns?

FOCPX currently has the higher Sharpe Ratio (3.53 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.