MFRFX vs. SPY
Compare and contrast key facts about MFS Research Fund (MFRFX) and State Street SPDR S&P 500 ETF (SPY).
MFRFX is managed by MFS. It was launched on Oct 13, 1971. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
MFRFX vs. SPY - Performance Comparison
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MFRFX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFRFX MFS Research Fund | -7.53% | 12.80% | 18.77% | 22.49% | -17.21% | 24.66% | 16.63% | 33.13% | -4.51% | 23.31% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, MFRFX achieves a -7.53% return, which is significantly lower than SPY's -4.37% return. Over the past 10 years, MFRFX has underperformed SPY with an annualized return of 11.79%, while SPY has yielded a comparatively higher 13.98% annualized return.
MFRFX
- 1D
- -0.21%
- 1M
- -7.65%
- YTD
- -7.53%
- 6M
- -5.94%
- 1Y
- 9.85%
- 3Y*
- 13.29%
- 5Y*
- 8.27%
- 10Y*
- 11.79%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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MFRFX vs. SPY - Expense Ratio Comparison
MFRFX has a 0.78% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
MFRFX vs. SPY — Risk / Return Rank
MFRFX
SPY
MFRFX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MFS Research Fund (MFRFX) 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.
| MFRFX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.59 | 0.93 | -0.34 |
Sortino ratioReturn per unit of downside risk | 0.95 | 1.45 | -0.50 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.22 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.69 | 1.53 | -0.84 |
Martin ratioReturn relative to average drawdown | 2.99 | 7.30 | -4.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MFRFX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.93 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.69 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.78 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.56 | -0.13 |
Correlation
The correlation between MFRFX and SPY is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
MFRFX vs. SPY - Dividend Comparison
MFRFX's dividend yield for the trailing twelve months is around 17.40%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFRFX MFS Research Fund | 17.40% | 16.09% | 10.04% | 6.68% | 7.56% | 5.43% | 5.09% | 3.68% | 12.52% | 8.80% | 4.63% | 6.98% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
MFRFX vs. SPY - Drawdown Comparison
The maximum MFRFX drawdown since its inception was -56.15%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MFRFX and SPY.
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Drawdown Indicators
| MFRFX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.15% | -55.19% | -0.96% |
Max Drawdown (1Y)Largest decline over 1 year | -11.84% | -12.05% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -23.37% | -24.50% | +1.13% |
Max Drawdown (10Y)Largest decline over 10 years | -33.52% | -33.72% | +0.20% |
Current DrawdownCurrent decline from peak | -9.63% | -6.24% | -3.39% |
Average DrawdownAverage peak-to-trough decline | -14.50% | -9.09% | -5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 2.52% | +0.20% |
Volatility
MFRFX vs. SPY - Volatility Comparison
The current volatility for MFS Research Fund (MFRFX) is 4.20%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that MFRFX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFRFX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 5.31% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 8.90% | 9.47% | -0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.84% | 19.05% | -1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.53% | 17.06% | -0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.57% | 17.92% | -0.35% |