SPE vs. MAFIX

Last updated Jun 23, 2026

SPE (Special Opportunities Fund Inc.) and MAFIX (Abbey Capital Multi Asset Fund Class I) are both Multistrategy funds. Over the past 5 years, SPE returned 9.04%/yr vs 8.40%/yr for MAFIX. At a 0.42 correlation, their price movements are largely independent. SPE charges 1.11%/yr vs 1.79%/yr for MAFIX.

Performance

SPE vs. MAFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Special Opportunities Fund Inc. (SPE) and Abbey Capital Multi Asset Fund Class I (MAFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPE achieves a -2.79% return, which is significantly lower than MAFIX's 10.70% return.

SPE

• 1D: -2.05%
• 1M: -2.09%
• YTD: -2.79%
• 6M: -2.84%
• 1Y: 4.24%
• 3Y*: 18.96%
• 5Y*: 9.04%
• 10Y*: 11.61%

MAFIX

• 1D: 1.05%
• 1M: -1.49%
• YTD: 10.70%
• 6M: 10.21%
• 1Y: 31.25%
• 3Y*: 8.89%
• 5Y*: 8.40%
• 10Y*: —

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

SPE vs. MAFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPE Special Opportunities Fund Inc.	-2.79%	14.68%	34.41%	14.12%	-18.39%	23.60%	4.86%	32.95%	-4.25%
MAFIX Abbey Capital Multi Asset Fund Class I	10.70%	8.41%	8.99%	5.02%	4.08%	14.79%	24.89%	21.63%	-1.46%

Correlation

The correlation between SPE and MAFIX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018	0.42

Return for Risk

SPE vs. MAFIX — Risk / Return Rank

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

SPE

SPE Risk / Return Rank: 6
SPE Sharpe Ratio Rank: 6
SPE Sortino Ratio Rank: 5
SPE Omega Ratio Rank: 5
SPE Calmar Ratio Rank: 6
SPE Martin Ratio Rank: 6

MAFIX

MAFIX Risk / Return Rank: 79
MAFIX Sharpe Ratio Rank: 80
MAFIX Sortino Ratio Rank: 72
MAFIX Omega Ratio Rank: 70
MAFIX Calmar Ratio Rank: 89
MAFIX Martin Ratio Rank: 83

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.

SPE vs. MAFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Special Opportunities Fund Inc. (SPE) and Abbey Capital Multi Asset Fund Class I (MAFIX). 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.

	SPE	MAFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.39	2.42	-2.04
Sortino ratio: Return per unit of downside risk	0.60	3.23	-2.63
Omega ratio: Gain probability vs. loss probability	1.08	1.42	-0.35
Calmar ratio: Return relative to maximum drawdown	0.46	4.24	-3.78
Martin ratio: Return relative to average drawdown	1.41	14.38	-12.97

SPE vs. MAFIX - Sharpe Ratio Comparison

The current SPE Sharpe Ratio is 0.39, which is lower than the MAFIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of SPE and MAFIX, 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

SPE vs. MAFIX - Drawdown Comparison

The maximum SPE drawdown since its inception was -46.90%, which is greater than MAFIX's maximum drawdown of -19.21%. Use the drawdown chart below to compare losses from any high point for SPE and MAFIX.

Drawdown Indicators

	SPE	MAFIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.90%	-19.21%	-27.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-7.26%	-2.07%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	-19.21%	+5.52%
Max Drawdown (5Y) Largest decline over 5 years	-24.18%	-19.21%	-4.97%
Max Drawdown (10Y) Largest decline over 10 years	-46.90%	—	—
Current Drawdown Current decline from peak	-6.05%	-2.49%	-3.56%
Average Drawdown Average peak-to-trough decline	-4.70%	-3.41%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.14%	+0.88%

Volatility

SPE vs. MAFIX - Volatility Comparison

Special Opportunities Fund Inc. (SPE) and Abbey Capital Multi Asset Fund Class I (MAFIX) have volatilities of 3.70% and 3.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPE	MAFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	3.81%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	8.84%	9.35%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	11.08%	12.72%	-1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.61%	12.35%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	12.86%	+4.52%

SPE vs. MAFIX - Expense Ratio Comparison

SPE has a 1.11% expense ratio, which is lower than MAFIX's 1.79% expense ratio.

Dividends

SPE vs. MAFIX - Dividend Comparison

SPE's dividend yield for the trailing twelve months is around 17.14%, more than MAFIX's 10.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAFIX Abbey Capital Multi Asset Fund Class I	10.64%	11.78%	4.57%	3.80%	4.12%	10.65%	10.29%	12.30%	9.36%	0.00%	0.00%	0.00%
SPE Special Opportunities Fund Inc.	17.14%	13.73%	7.83%	8.77%	11.58%	11.64%	8.01%	6.35%	14.10%	16.53%	5.93%	9.02%

Frequently Asked Questions

Can I hold both SPE and MAFIX in my portfolio?

SPE and MAFIX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPE or MAFIX?

MAFIX has higher volatility (3.81%) compared to SPE (3.70%). In terms of maximum drawdown, SPE dropped -46.90% vs MAFIX's -19.21%.

Which has better risk-adjusted returns?

MAFIX currently has the higher Sharpe Ratio (2.42 vs 0.39), 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.