MFIC vs SPY: Correlation
How closely do MidCap Financial Investment Corporation - Closed End Fund (MFIC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFIC and SPY?
Over the past 3 years, MFIC and SPY moved with a correlation of 0.40, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.40 over 3 years. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 119.7 %².
Among the 11 assets we track against MFIC, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 38.3 points (-17.7% versus +20.6%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
MFIC vs SPY: side by side
| MFIC (MidCap Financial Investment Corporation - Closed End Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -17.7% | +20.6% |
| 5-year return | +29.0% | +82.4% |
| Volatility (ann.) | 20.8% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -27.0% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 14.32% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | MFIC | SPY |
|---|---|---|
| 2022 | +0.2% | -18.2% |
| 2023 | +35.5% | +26.2% |
| 2024 | +11.2% | +24.9% |
| 2025 | -4.3% | +17.7% |
| 2026 | -9.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFIC and SPY good diversifiers for each other?
Reasonably. At 0.40, MFIC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MFIC and SPY?
The MFIC/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.24, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MFIC?
Reasonably. At 0.40, MFIC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: MFIC correlations · SPY correlations
