IPIIX vs. MCFIX
IPIIX (Voya Intermediate Bond Portfolio) and MCFIX (Mercer Core Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, IPIIX returned -0.46%/yr vs -0.73%/yr for MCFIX. Their correlation of 0.90 means they have usually moved in the same direction. IPIIX charges 0.55%/yr vs 0.16%/yr for MCFIX.
Performance
IPIIX vs. MCFIX - Performance Comparison
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Returns By Period
In the year-to-date period, IPIIX achieves a -0.22% return, which is significantly higher than MCFIX's -2.44% return.
IPIIX
- 1D
- 0.09%
- 1M
- -1.37%
- 6M
- -0.62%
- YTD
- -0.22%
- 1Y
- 2.26%
- 3Y*
- 4.09%
- 5Y*
- -0.46%
- 10Y*
- 1.68%
- ALL TIME*
- 1.73%
MCFIX
- 1D
- 0.00%
- 1M
- -1.25%
- 6M
- -2.33%
- YTD
- -2.44%
- 1Y
- 0.03%
- 3Y*
- 3.26%
- 5Y*
- -0.73%
- 10Y*
- —
- ALL TIME*
- 0.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
IPIIX vs. MCFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IPIIX Voya Intermediate Bond Portfolio | -0.22% | 6.87% | 2.44% | 6.47% | -15.06% | -1.42% | 7.84% | 6.54% |
MCFIX Mercer Core Fixed Income Fund | -2.44% | 6.64% | 2.02% | 6.47% | -13.69% | -1.05% | 4.75% | 3.31% |
Correlation
The correlation between IPIIX and MCFIX is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019 | 0.90 |
The correlation between IPIIX and MCFIX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
IPIIX vs. MCFIX — Risk / Return Rank
IPIIX
MCFIX
IPIIX vs. MCFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Voya Intermediate Bond Portfolio (IPIIX) 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.
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.
| IPIIX | MCFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.00 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 0.01 | +0.98 |
| Martin ratioReturn relative to average drawdown | 2.55 | 0.02 | +2.53 |
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Drawdowns
IPIIX vs. MCFIX - Drawdown Comparison
The maximum IPIIX drawdown since its inception was -35.19%, which is greater than MCFIX's maximum drawdown of -21.68%. Use the drawdown chart below to compare losses from any high point for IPIIX and MCFIX.
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Drawdown Indicators
| IPIIX | MCFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.19% | -21.68% | -13.51% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -4.08% | +1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -5.54% | -5.27% | -0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -20.16% | -18.72% | -1.44% |
Max Drawdown (10Y)Largest decline over 10 years | -20.28% | — | — |
Current DrawdownCurrent decline from peak | -2.70% | -7.35% | +4.65% |
Average DrawdownAverage peak-to-trough decline | -7.97% | -8.49% | +0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.72% | -0.58% |
Volatility
IPIIX vs. MCFIX - Volatility Comparison
Voya Intermediate Bond Portfolio (IPIIX) has a higher volatility of 1.16% compared to Mercer Core Fixed Income Fund (MCFIX) at 1.03%. This indicates that IPIIX's price experiences larger fluctuations and is considered to be riskier than MCFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IPIIX | MCFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.03% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.75% | 2.93% | +0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.62% | 4.01% | +0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 6.05% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 6.07% | -1.06% |
IPIIX vs. MCFIX - Expense Ratio Comparison
IPIIX has a 0.55% expense ratio, which is higher than MCFIX's 0.16% expense ratio.
Dividends
IPIIX vs. MCFIX - Dividend Comparison
IPIIX's dividend yield for the trailing twelve months is around 3.60%, less than MCFIX's 4.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IPIIX Voya Intermediate Bond Portfolio | 3.60% | 3.85% | 4.29% | 3.32% | 2.54% | 2.48% | 5.67% | 3.46% | 3.71% | 3.35% | 3.20% | 3.65% |
MCFIX Mercer Core Fixed Income Fund | 4.37% | 3.89% | 4.54% | 3.68% | 3.31% | 2.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, IPIIX and MCFIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IPIIX has higher volatility (1.16%) compared to MCFIX (1.03%). In terms of maximum drawdown, IPIIX dropped -35.19% vs MCFIX's -21.68%.
IPIIX currently has the higher Sharpe Ratio (0.65 vs 0.01), 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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