EMCAX vs. MNDIX

Last updated Jun 4, 2026

EMCAX (Empiric 2500 Fund) and MNDIX (MFS New Discovery Fund) are both Small Cap Growth Equities funds. Over the past 10 years, EMCAX returned 10.73%/yr vs 11.59%/yr for MNDIX. Their correlation of 0.81 suggests significant overlap in exposure. EMCAX charges 1.96%/yr vs 0.99%/yr for MNDIX.

Performance

EMCAX vs. MNDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Empiric 2500 Fund (EMCAX) and MFS New Discovery Fund (MNDIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EMCAX having a 11.03% return and MNDIX slightly higher at 11.23%. Over the past 10 years, EMCAX has underperformed MNDIX with an annualized return of 10.73%, while MNDIX has yielded a comparatively higher 11.59% annualized return.

EMCAX

• 1D: 0.50%
• 1M: 1.00%
• YTD: 11.03%
• 6M: 7.84%
• 1Y: 16.32%
• 3Y*: 12.56%
• 5Y*: 4.28%
• 10Y*: 10.73%

MNDIX

• 1D: 0.58%
• 1M: 2.97%
• YTD: 11.23%
• 6M: 9.95%
• 1Y: 25.97%
• 3Y*: 12.73%
• 5Y*: 1.13%
• 10Y*: 11.59%

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

EMCAX vs. MNDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMCAX Empiric 2500 Fund	11.03%	2.37%	13.89%	12.43%	-16.06%	16.07%	27.81%	19.10%	-4.64%	21.82%
MNDIX MFS New Discovery Fund	11.23%	12.62%	6.32%	14.30%	-29.64%	2.03%	45.14%	41.12%	-1.41%	26.27%

Correlation

The correlation between EMCAX and MNDIX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997	0.81

The correlation between EMCAX and MNDIX has been stable across timeframes, ranging from 0.80 to 0.90 - a consistent structural relationship.

Return for Risk

EMCAX vs. MNDIX — Risk / Return Rank

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

EMCAX

EMCAX Risk / Return Rank: 23
EMCAX Sharpe Ratio Rank: 18
EMCAX Sortino Ratio Rank: 19
EMCAX Omega Ratio Rank: 17
EMCAX Calmar Ratio Rank: 28
EMCAX Martin Ratio Rank: 33

MNDIX

MNDIX Risk / Return Rank: 27
MNDIX Sharpe Ratio Rank: 24
MNDIX Sortino Ratio Rank: 23
MNDIX Omega Ratio Rank: 22
MNDIX Calmar Ratio Rank: 30
MNDIX Martin Ratio Rank: 35

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.

EMCAX vs. MNDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Empiric 2500 Fund (EMCAX) and MFS New Discovery Fund (MNDIX). 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.

	EMCAX	MNDIX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.41	-0.21
Sortino ratio: Return per unit of downside risk	1.85	2.02	-0.18
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.98	2.06	-0.07
Martin ratio: Return relative to average drawdown	7.46	7.74	-0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMCAX vs. MNDIX - Sharpe Ratio Comparison

The current EMCAX Sharpe Ratio is 1.20, which is comparable to the MNDIX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of EMCAX and MNDIX, 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

	EMCAX	MNDIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	1.41	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.05	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.53	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.43	+0.03

Drawdowns

EMCAX vs. MNDIX - Drawdown Comparison

The maximum EMCAX drawdown since its inception was -51.81%, smaller than the maximum MNDIX drawdown of -62.02%. Use the drawdown chart below to compare losses from any high point for EMCAX and MNDIX.

Drawdown Indicators

	EMCAX	MNDIX	Difference
Max Drawdown Largest peak-to-trough decline	-51.81%	-62.02%	+10.21%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-13.42%	+4.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-25.32%	+6.13%
Max Drawdown (5Y) Largest decline over 5 years	-30.60%	-42.04%	+11.44%
Max Drawdown (10Y) Largest decline over 10 years	-42.79%	-42.04%	-0.75%
Current Drawdown Current decline from peak	-2.58%	-5.13%	+2.55%
Average Drawdown Average peak-to-trough decline	-13.27%	-16.82%	+3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	3.56%	-1.28%

Volatility

EMCAX vs. MNDIX - Volatility Comparison

The current volatility for Empiric 2500 Fund (EMCAX) is 4.64%, while MFS New Discovery Fund (MNDIX) has a volatility of 5.65%. This indicates that EMCAX experiences smaller price fluctuations and is considered to be less risky than MNDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMCAX	MNDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	5.65%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	11.27%	15.00%	-3.73%
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	19.50%	-5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	22.83%	-4.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.24%	22.06%	-1.82%

EMCAX vs. MNDIX - Expense Ratio Comparison

EMCAX has a 1.96% expense ratio, which is higher than MNDIX's 0.99% expense ratio.

Dividends

EMCAX vs. MNDIX - Dividend Comparison

EMCAX's dividend yield for the trailing twelve months is around 0.12%, while MNDIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMCAX Empiric 2500 Fund	0.12%	0.13%	0.13%	0.00%	0.00%	0.51%	7.46%	0.00%	0.00%	0.00%	0.00%
MNDIX MFS New Discovery Fund	0.00%	0.00%	0.00%	0.00%	0.09%	20.76%	9.22%	7.01%	23.11%	9.34%	2.24%

Frequently Asked Questions

Can I hold both EMCAX and MNDIX in my portfolio?

EMCAX and MNDIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMCAX or MNDIX?

MNDIX has higher volatility (5.65%) compared to EMCAX (4.64%). In terms of maximum drawdown, EMCAX dropped -51.81% vs MNDIX's -62.02%.

Which has better risk-adjusted returns?

MNDIX currently has the higher Sharpe Ratio (1.41 vs 1.20), 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.