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BATVX vs. MTLFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BATVX vs. MTLFX

Last updated Jun 26, 2026

BATVX (BlackRock Allocation Target Shares) and MTLFX (MFS Municipal Limited Maturity Fund) are both Municipal Bonds funds. Over the past 5 years, BATVX returned 1.51%/yr vs 1.75%/yr for MTLFX. At a 0.22 correlation, their price movements are largely independent. BATVX charges 0.00%/yr vs 0.60%/yr for MTLFX.

Performance

BATVX vs. MTLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Allocation Target Shares (BATVX) and MFS Municipal Limited Maturity Fund (MTLFX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BATVX achieves a 0.97% return, which is significantly higher than MTLFX's 0.91% return.

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—

MTLFX

1D
0.00%
1M
0.64%
YTD
0.91%
6M
1.30%
1Y
4.43%
3Y*
4.47%
5Y*
1.75%
10Y*
2.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BATVX vs. MTLFX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%
MTLFX
MFS Municipal Limited Maturity Fund		0.91%6.04%3.41%4.36%-5.65%0.35%

Correlation

The correlation between BATVX and MTLFX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.33

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.22

Over the past year, BATVX and MTLFX have become more correlated (0.42) than their long-term average of 0.22, meaning their price movements have been converging.

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BlackRock Allocation Target Shares

MFS Municipal Limited Maturity Fund

Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. FOHFXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. VPALXBATVX vs. PTEAXBATVX vs. NMTRX
Often compared with MTLFX:
MTLFX vs. GTDDXMTLFX vs. MEIAXMTLFX vs. DCARXMTLFX vs. LSMSXMTLFX vs. ATOIXMTLFX vs. DFSMXMTLFX vs. FSMUX

Return for Risk

BATVX vs. MTLFX — Risk / Return Rank

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MTLFX
MTLFX Risk / Return Rank: 7070
Overall Rank
MTLFX Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
MTLFX Sortino Ratio Rank: 9090
Sortino Ratio Rank
MTLFX Omega Ratio Rank: 9696
Omega Ratio Rank
MTLFX Calmar Ratio Rank: 4242
Calmar Ratio Rank
MTLFX Martin Ratio Rank: 3535
Martin Ratio Rank
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.

BATVX vs. MTLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Allocation Target Shares (BATVX) and MFS Municipal Limited Maturity Fund (MTLFX). 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.

BATVXMTLFXDifference
Sharpe ratioReturn per unit of total volatility
3.57
2.42

+1.16

Sortino ratioReturn per unit of downside risk

—

3.89

—

Omega ratioGain probability vs. loss probability

—

1.76

—

Calmar ratioReturn relative to maximum drawdown

—

2.14

—

Martin ratioReturn relative to average drawdown

—

6.60

—

BATVX vs. MTLFX - Sharpe Ratio Comparison

The current BATVX Sharpe Ratio is 3.57, which is higher than the MTLFX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of BATVX and MTLFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BATVX vs. MTLFX - Drawdown Comparison

The maximum BATVX drawdown since its inception was -0.20%, smaller than the maximum MTLFX drawdown of -8.98%. Use the drawdown chart below to compare losses from any high point for BATVX and MTLFX.

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Drawdown Indicators

BATVXMTLFXDifference

Max Drawdown

Largest peak-to-trough decline

-0.20%

-8.98%

+8.78%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-2.08%

+2.08%

Max Drawdown (3Y)

Largest decline over 3 years

-0.10%

-2.50%

+2.40%

Max Drawdown (5Y)

Largest decline over 5 years

-0.20%

-8.66%

+8.46%

Max Drawdown (10Y)

Largest decline over 10 years

—

-8.98%

—

Current Drawdown

Current decline from peak

0.00%

-0.70%

+0.70%

Average Drawdown

Average peak-to-trough decline

-0.02%

-0.88%

+0.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

0.67%

-0.67%

Volatility

BATVX vs. MTLFX - Volatility Comparison

The current volatility for BlackRock Allocation Target Shares (BATVX) is 0.20%, while MFS Municipal Limited Maturity Fund (MTLFX) has a volatility of 0.46%. This indicates that BATVX experiences smaller price fluctuations and is considered to be less risky than MTLFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BATVXMTLFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.20%

0.46%

-0.26%

Volatility (6M)

Calculated over the trailing 6-month period

0.49%

1.47%

-0.98%

Volatility (1Y)

Calculated over the trailing 1-year period

0.73%

1.84%

-1.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.64%

2.24%

-1.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.63%

2.51%

-1.88%

BATVX vs. MTLFX - Expense Ratio Comparison

BATVX has a 0.00% expense ratio, which is lower than MTLFX's 0.60% expense ratio.

Dividends

BATVX vs. MTLFX - Dividend Comparison

BATVX's dividend yield for the trailing twelve months is around 2.55%, less than MTLFX's 3.09% yield.

PositionTTM20252024202320222021202020192018201720162015
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MTLFX
MFS Municipal Limited Maturity Fund		3.09%4.06%3.34%2.32%1.13%1.30%1.75%2.27%2.13%2.07%1.95%1.75%

Frequently Asked Questions

BATVX and MTLFX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTLFX has higher volatility (0.46%) compared to BATVX (0.20%). In terms of maximum drawdown, BATVX dropped -0.20% vs MTLFX's -8.98%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 2.42), 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.

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