DLHYX vs. MOSAX

Last updated Aug 1, 2026

DLHYX (MassMutual High Yield Fund) and MOSAX (MassMutual Overseas Fund) are both mutual funds - DLHYX is a High Yield Bonds fund managed by MassMutual, while MOSAX is a Foreign Large Cap Equities fund managed by MassMutual. Over the past 10 years, DLHYX returned 4.79%/yr vs 8.81%/yr for MOSAX. Their 0.42 correlation means their historical movements had little consistent relationship. DLHYX charges 0.74%/yr vs 1.34%/yr for MOSAX.

Performance

DLHYX vs. MOSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual High Yield Fund (DLHYX) and MassMutual Overseas Fund (MOSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLHYX achieves a 1.86% return, which is significantly lower than MOSAX's 7.72% return. Over the past 10 years, DLHYX has underperformed MOSAX with an annualized return of 4.79%, while MOSAX has yielded a comparatively higher 8.81% annualized return.

DLHYX

• 1D: 0.12%
• 1M: -0.86%
• 6M: 1.20%
• YTD: 1.86%
• 1Y: 5.38%
• 3Y*: 6.95%
• 5Y*: 3.16%
• 10Y*: 4.79%
• ALL TIME*: 6.58%

MOSAX

• 1D: 1.77%
• 1M: 3.60%
• 6M: 5.86%
• YTD: 7.72%
• 1Y: 17.42%
• 3Y*: 10.64%
• 5Y*: 6.73%
• 10Y*: 8.81%
• ALL TIME*: 5.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DLHYX MassMutual High Yield Fund	$0.00	$0.00	$0.00
MOSAX MassMutual Overseas Fund	$0.00	$0.00	$0.00

DLHYX vs. MOSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLHYX MassMutual High Yield Fund	1.86%	8.61%	6.37%	11.16%	-12.43%	7.29%	4.66%	13.34%	-3.00%	7.46%
MOSAX MassMutual Overseas Fund	7.72%	25.48%	0.12%	18.26%	-15.35%	12.61%	8.51%	28.26%	-16.78%	26.44%

Correlation

The correlation between DLHYX and MOSAX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.56
Correlation (10Y) Provides a long-term view across more market conditions.	0.53
Correlation (All Time) Calculated using the full available price history since May 2, 2001	0.42

The correlation between DLHYX and MOSAX shifts across timeframes, from 0.42 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DLHYX vs. MOSAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DLHYX

DLHYX Risk / Return Rank: 78
DLHYX Sharpe Ratio Rank: 71
DLHYX Sortino Ratio Rank: 81
DLHYX Omega Ratio Rank: 79
DLHYX Calmar Ratio Rank: 73
DLHYX Martin Ratio Rank: 87

MOSAX

MOSAX Risk / Return Rank: 32
MOSAX Sharpe Ratio Rank: 33
MOSAX Sortino Ratio Rank: 34
MOSAX Omega Ratio Rank: 32
MOSAX Calmar Ratio Rank: 29
MOSAX Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DLHYX vs. MOSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual High Yield Fund (DLHYX) and MassMutual Overseas Fund (MOSAX). 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.

	DLHYX	MOSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.10	+0.59
Sortino ratio: Return per unit of downside risk	2.87	1.61	+1.26
Omega ratio: Gain probability vs. loss probability	1.37	1.20	+0.17
Calmar ratio: Return relative to maximum drawdown	2.41	1.31	+1.10
Martin ratio: Return relative to average drawdown	11.53	4.58	+6.96

DLHYX vs. MOSAX - Sharpe Ratio Comparison

The current DLHYX Sharpe Ratio is 1.69, which is higher than the MOSAX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of DLHYX and MOSAX, 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

DLHYX vs. MOSAX - Drawdown Comparison

The maximum DLHYX drawdown since its inception was -27.28%, smaller than the maximum MOSAX drawdown of -58.43%. Use the drawdown chart below to compare losses from any high point for DLHYX and MOSAX.

Drawdown Indicators

	DLHYX	MOSAX	Difference
Max Drawdown Largest peak-to-trough decline	-27.28%	-58.43%	+31.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-11.74%	+9.31%
Max Drawdown (3Y) Largest decline over 3 years	-4.31%	-14.33%	+10.02%
Max Drawdown (5Y) Largest decline over 5 years	-16.45%	-33.69%	+17.24%
Max Drawdown (10Y) Largest decline over 10 years	-22.28%	-36.75%	+14.47%
Current Drawdown Current decline from peak	-0.86%	0.00%	-0.86%
Average Drawdown Average peak-to-trough decline	-3.41%	-11.55%	+8.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	3.36%	-2.85%

Volatility

DLHYX vs. MOSAX - Volatility Comparison

The current volatility for MassMutual High Yield Fund (DLHYX) is 0.57%, while MassMutual Overseas Fund (MOSAX) has a volatility of 4.02%. This indicates that DLHYX experiences smaller price fluctuations and is considered to be less risky than MOSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLHYX	MOSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	4.02%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	11.68%	-8.88%
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	14.09%	-10.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	17.70%	-12.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.48%	17.88%	-12.40%

DLHYX vs. MOSAX - Expense Ratio Comparison

DLHYX has a 0.74% expense ratio, which is lower than MOSAX's 1.34% expense ratio.

Dividends

DLHYX vs. MOSAX - Dividend Comparison

DLHYX's dividend yield for the trailing twelve months is around 6.15%, less than MOSAX's 16.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLHYX MassMutual High Yield Fund	6.15%	6.72%	4.14%	4.59%	4.64%	5.80%	5.20%	6.14%	6.02%	6.40%	6.14%	6.89%
MOSAX MassMutual Overseas Fund	16.90%	18.21%	6.02%	2.24%	9.26%	9.64%	1.78%	5.10%	12.16%	1.42%	1.71%	3.12%

Frequently Asked Questions

Can I hold both DLHYX and MOSAX in my portfolio?

DLHYX and MOSAX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLHYX or MOSAX?

MOSAX has higher volatility (4.02%) compared to DLHYX (0.57%). In terms of maximum drawdown, DLHYX dropped -27.28% vs MOSAX's -58.43%.

Which has better risk-adjusted returns?

DLHYX currently has the higher Sharpe Ratio (1.69 vs 1.10), 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.