MFOCX vs. SPY

Last updated Aug 1, 2026

MFOCX (Marsico Focus Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - MFOCX is a Large Cap Growth Equities fund managed by Marsico Investment Fund, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MFOCX returned 17.68%/yr vs 15.07%/yr for SPY. Their correlation of 0.89 means they have usually moved in the same direction. MFOCX charges 1.34%/yr vs 0.09%/yr for SPY.

Performance

MFOCX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Marsico Focus Fund (MFOCX) 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, MFOCX achieves a 4.18% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, MFOCX has outperformed SPY with an annualized return of 17.68%, while SPY has yielded a comparatively lower 15.07% annualized return.

MFOCX

• 1D: 2.96%
• 1M: -3.85%
• 6M: 3.11%
• YTD: 4.18%
• 1Y: 7.72%
• 3Y*: 23.28%
• 5Y*: 11.94%
• 10Y*: 17.68%
• ALL TIME*: 10.91%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MFOCX Marsico Focus Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

MFOCX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFOCX Marsico Focus Fund	4.18%	12.47%	49.61%	45.25%	-33.36%	20.23%	47.52%	32.33%	0.23%	34.20%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MFOCX and SPY is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Dec 31, 1997	0.89

The correlation between MFOCX and SPY has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

MFOCX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MFOCX

MFOCX Risk / Return Rank: 12
MFOCX Sharpe Ratio Rank: 10
MFOCX Sortino Ratio Rank: 10
MFOCX Omega Ratio Rank: 10
MFOCX Calmar Ratio Rank: 13
MFOCX Martin Ratio Rank: 14

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MFOCX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Marsico Focus Fund (MFOCX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MFOCX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.35	1.52	-1.17
Sortino ratio: Return per unit of downside risk	0.62	2.11	-1.50
Omega ratio: Gain probability vs. loss probability	1.07	1.27	-0.20
Calmar ratio: Return relative to maximum drawdown	0.61	2.20	-1.60
Martin ratio: Return relative to average drawdown	1.91	9.40	-7.49

MFOCX vs. SPY - Sharpe Ratio Comparison

The current MFOCX Sharpe Ratio is 0.35, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of MFOCX 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.

Drawdowns

MFOCX vs. SPY - Drawdown Comparison

The maximum MFOCX drawdown since its inception was -54.96%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MFOCX and SPY.

Drawdown Indicators

	MFOCX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-54.96%	-55.19%	+0.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.44%	-8.88%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	-23.56%	-18.76%	-4.80%
Max Drawdown (5Y) Largest decline over 5 years	-36.76%	-24.50%	-12.26%
Max Drawdown (10Y) Largest decline over 10 years	-36.76%	-33.72%	-3.04%
Current Drawdown Current decline from peak	-6.56%	-1.40%	-5.16%
Average Drawdown Average peak-to-trough decline	-14.85%	-9.01%	-5.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.08%	+1.21%

Volatility

MFOCX vs. SPY - Volatility Comparison

Marsico Focus Fund (MFOCX) has a higher volatility of 5.79% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that MFOCX'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

	MFOCX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	3.58%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	14.28%	10.14%	+4.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.17%	12.89%	+5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.88%	17.18%	+5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.13%	17.95%	+4.18%

MFOCX vs. SPY - Expense Ratio Comparison

MFOCX has a 1.34% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MFOCX vs. SPY - Dividend Comparison

MFOCX's dividend yield for the trailing twelve months is around 17.09%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFOCX Marsico Focus Fund	17.09%	17.81%	11.96%	2.18%	18.06%	11.66%	8.36%	7.90%	11.58%	18.67%	0.00%	24.61%
SPY State Street SPDR S&P 500 ETF	1.01%	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 MFOCX and SPY in my portfolio?

With a correlation of 0.91, MFOCX and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MFOCX or SPY?

MFOCX has higher volatility (5.79%) compared to SPY (3.58%). In terms of maximum drawdown, MFOCX dropped -54.96% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 0.35), 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.