BBNIX vs. MCFIX

Last updated Jun 5, 2026

BBNIX (BBH Income Fund) and MCFIX (Mercer Core Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, BBNIX returned 1.18%/yr vs -0.15%/yr for MCFIX. Their correlation of 0.87 suggests significant overlap in exposure. BBNIX charges 0.47%/yr vs 0.16%/yr for MCFIX.

Performance

BBNIX vs. MCFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BBH Income Fund (BBNIX) and Mercer Core Fixed Income Fund (MCFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBNIX achieves a 0.37% return, which is significantly higher than MCFIX's -1.32% return.

BBNIX

• 1D: -0.23%
• 1M: 0.06%
• YTD: 0.37%
• 6M: 0.52%
• 1Y: 4.94%
• 3Y*: 5.83%
• 5Y*: 1.18%
• 10Y*: —

MCFIX

• 1D: -0.23%
• 1M: -0.23%
• YTD: -1.32%
• 6M: -1.03%
• 1Y: 2.42%
• 3Y*: 3.69%
• 5Y*: -0.15%
• 10Y*: —

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

BBNIX vs. MCFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BBNIX BBH Income Fund	0.37%	7.86%	3.87%	9.07%	-14.89%	1.36%	11.24%	5.22%
MCFIX Mercer Core Fixed Income Fund	-1.32%	6.64%	2.02%	6.47%	-13.69%	-1.05%	4.75%	3.31%

Correlation

The correlation between BBNIX and MCFIX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019	0.87

The correlation between BBNIX and MCFIX shifts across timeframes, from 0.78 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BBNIX vs. MCFIX — Risk / Return Rank

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

BBNIX

BBNIX Risk / Return Rank: 25
BBNIX Sharpe Ratio Rank: 23
BBNIX Sortino Ratio Rank: 27
BBNIX Omega Ratio Rank: 24
BBNIX Calmar Ratio Rank: 27
BBNIX Martin Ratio Rank: 23

MCFIX

MCFIX Risk / Return Rank: 10
MCFIX Sharpe Ratio Rank: 11
MCFIX Sortino Ratio Rank: 11
MCFIX Omega Ratio Rank: 10
MCFIX Calmar Ratio Rank: 10
MCFIX Martin Ratio Rank: 9

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.

BBNIX vs. MCFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BBH Income Fund (BBNIX) and Mercer Core Fixed Income Fund (MCFIX). 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.

	BBNIX	MCFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	0.82	+0.53
Sortino ratio: Return per unit of downside risk	2.12	1.21	+0.91
Omega ratio: Gain probability vs. loss probability	1.25	1.14	+0.11
Calmar ratio: Return relative to maximum drawdown	1.91	0.90	+1.00
Martin ratio: Return relative to average drawdown	5.66	2.57	+3.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBNIX vs. MCFIX - Sharpe Ratio Comparison

The current BBNIX Sharpe Ratio is 1.36, which is higher than the MCFIX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of BBNIX and MCFIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BBNIX	MCFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	0.82	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	-0.03	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.13	+0.44

Drawdowns

BBNIX vs. MCFIX - Drawdown Comparison

The maximum BBNIX drawdown since its inception was -18.96%, smaller than the maximum MCFIX drawdown of -21.68%. Use the drawdown chart below to compare losses from any high point for BBNIX and MCFIX.

Drawdown Indicators

	BBNIX	MCFIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-21.68%	+2.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-3.75%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-5.10%	-6.32%	+1.22%
Max Drawdown (5Y) Largest decline over 5 years	-18.96%	-18.72%	-0.24%
Current Drawdown Current decline from peak	-1.51%	-6.29%	+4.78%
Average Drawdown Average peak-to-trough decline	-4.33%	-8.54%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.28%	-0.30%

Volatility

BBNIX vs. MCFIX - Volatility Comparison

BBH Income Fund (BBNIX) and Mercer Core Fixed Income Fund (MCFIX) have volatilities of 1.32% and 1.29%, 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

	BBNIX	MCFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.29%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	2.76%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.08%	4.12%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.65%	6.04%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.08%	6.11%	-1.03%

BBNIX vs. MCFIX - Expense Ratio Comparison

BBNIX has a 0.47% expense ratio, which is higher than MCFIX's 0.16% expense ratio.

Dividends

BBNIX vs. MCFIX - Dividend Comparison

BBNIX's dividend yield for the trailing twelve months is around 5.22%, more than MCFIX's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BBNIX BBH Income Fund	5.22%	5.28%	5.76%	5.23%	2.93%	2.87%	7.07%	4.60%
MCFIX Mercer Core Fixed Income Fund	4.32%	3.89%	4.54%	3.68%	3.31%	2.45%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BBNIX and MCFIX in my portfolio?

BBNIX and MCFIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBNIX or MCFIX?

BBNIX has higher volatility (1.32%) compared to MCFIX (1.29%). In terms of maximum drawdown, BBNIX dropped -18.96% vs MCFIX's -21.68%.

Which has better risk-adjusted returns?

BBNIX currently has the higher Sharpe Ratio (1.36 vs 0.82), 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.