CVISX vs. MIDLX

Last updated Apr 1, 2026

Compare and contrast key facts about Causeway International Small Cap Fund (CVISX) and MFS International New Discovery Fund Class R6 (MIDLX).

CVISX is managed by Causeway. It was launched on Oct 19, 2014. MIDLX is a passively managed fund by MFS that tracks the performance of the MSCI All Country World ex-US Small Mid Cap Index. It was launched on Jun 1, 2012.

Performance

CVISX vs. MIDLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway International Small Cap Fund (CVISX) and MFS International New Discovery Fund Class R6 (MIDLX). The values are adjusted to include any dividend payments, if applicable.

CVISX vs. MIDLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVISX Causeway International Small Cap Fund	4.10%	32.93%	9.71%	26.74%	-11.51%	21.30%	2.48%	18.55%	-21.34%	34.52%
MIDLX MFS International New Discovery Fund Class R6	-4.04%	17.03%	3.33%	13.21%	-18.52%	5.17%	10.15%	24.97%	-10.29%	30.65%

Returns By Period

In the year-to-date period, CVISX achieves a 4.10% return, which is significantly higher than MIDLX's -4.04% return. Over the past 10 years, CVISX has outperformed MIDLX with an annualized return of 10.79%, while MIDLX has yielded a comparatively lower 6.07% annualized return.

CVISX

• 1D: -0.74%
• 1M: -10.77%
• YTD: 4.10%
• 6M: 8.85%
• 1Y: 35.37%
• 3Y*: 22.86%
• 5Y*: 13.00%
• 10Y*: 10.79%

MIDLX

• 1D: -0.25%
• 1M: -11.75%
• YTD: -4.04%
• 6M: -4.78%
• 1Y: 9.51%
• 3Y*: 7.41%
• 5Y*: 2.30%
• 10Y*: 6.07%

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

CVISX vs. MIDLX - Expense Ratio Comparison

CVISX has a 1.35% expense ratio, which is higher than MIDLX's 0.91% expense ratio.

CVISX

Causeway International Small Cap Fund

MIDLX

MFS International New Discovery Fund Class R6

Return for Risk

CVISX vs. MIDLX — Risk / Return Rank

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

CVISX

CVISX Risk / Return Rank: 92
CVISX Sharpe Ratio Rank: 95
CVISX Sortino Ratio Rank: 92
CVISX Omega Ratio Rank: 91
CVISX Calmar Ratio Rank: 92
CVISX Martin Ratio Rank: 90

MIDLX

MIDLX Risk / Return Rank: 23
MIDLX Sharpe Ratio Rank: 27
MIDLX Sortino Ratio Rank: 22
MIDLX Omega Ratio Rank: 23
MIDLX Calmar Ratio Rank: 21
MIDLX Martin Ratio Rank: 22

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.

CVISX vs. MIDLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway International Small Cap Fund (CVISX) and MFS International New Discovery Fund Class R6 (MIDLX). 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.

	CVISX	MIDLX	Difference
Sharpe ratio Return per unit of total volatility	2.23	0.69	+1.54
Sortino ratio Return per unit of downside risk	2.74	0.95	+1.79
Omega ratio Gain probability vs. loss probability	1.41	1.14	+0.27
Calmar ratio Return relative to maximum drawdown	2.70	0.64	+2.05
Martin ratio Return relative to average drawdown	10.15	2.45	+7.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVISX vs. MIDLX - Sharpe Ratio Comparison

The current CVISX Sharpe Ratio is 2.23, which is higher than the MIDLX Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of CVISX and MIDLX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CVISX	MIDLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	0.69	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.18	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.44	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.54	+0.06

Correlation

The correlation between CVISX and MIDLX is 0.83, 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

CVISX vs. MIDLX - Dividend Comparison

CVISX's dividend yield for the trailing twelve months is around 15.91%, more than MIDLX's 3.51% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVISX Causeway International Small Cap Fund	15.91%	16.56%	10.60%	6.14%	2.75%	3.48%	3.42%	3.57%	2.91%	8.23%	2.78%	2.00%
MIDLX MFS International New Discovery Fund Class R6	3.51%	3.37%	10.08%	4.21%	5.85%	5.19%	4.03%	4.36%	6.82%	1.63%	1.09%	1.25%

Drawdowns

CVISX vs. MIDLX - Drawdown Comparison

The maximum CVISX drawdown since its inception was -48.50%, which is greater than MIDLX's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for CVISX and MIDLX.

Drawdown Indicators

	CVISX	MIDLX	Difference
Max Drawdown Largest peak-to-trough decline	-48.50%	-34.70%	-13.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-11.75%	+0.98%
Max Drawdown (5Y) Largest decline over 5 years	-25.20%	-33.58%	+8.38%
Max Drawdown (10Y) Largest decline over 10 years	-48.50%	-34.70%	-13.80%
Current Drawdown Current decline from peak	-10.77%	-11.75%	+0.98%
Average Drawdown Average peak-to-trough decline	-8.99%	-6.96%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.08%	+0.09%

Volatility

CVISX vs. MIDLX - Volatility Comparison

Causeway International Small Cap Fund (CVISX) has a higher volatility of 6.46% compared to MFS International New Discovery Fund Class R6 (MIDLX) at 5.06%. This indicates that CVISX's price experiences larger fluctuations and is considered to be riskier than MIDLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVISX	MIDLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	5.06%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	8.19%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	12.10%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	13.05%	+2.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	13.92%	+2.83%