ISCIX vs. MIDLX
ISCIX (Federated Hermes International Small-Mid Company Fund IS) and MIDLX (MFS International New Discovery Fund Class R6) are both Foreign Small & Mid Cap Equities funds - ISCIX tracks the MSCI ACWI ex USA SMID Cap Index while MIDLX tracks the MSCI All Country World ex-US Small Mid Cap Index. Both are passively managed. Over the past 10 years, ISCIX returned 10.32%/yr vs 6.86%/yr for MIDLX. Their correlation of 0.90 suggests significant overlap in exposure. ISCIX charges 0.99%/yr vs 0.91%/yr for MIDLX.
Performance
ISCIX vs. MIDLX - Performance Comparison
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Returns By Period
In the year-to-date period, ISCIX achieves a 12.10% return, which is significantly higher than MIDLX's 6.95% return. Over the past 10 years, ISCIX has outperformed MIDLX with an annualized return of 10.32%, while MIDLX has yielded a comparatively lower 6.86% annualized return.
ISCIX
- 1D
- 0.00%
- 1M
- 4.26%
- YTD
- 12.10%
- 6M
- 14.50%
- 1Y
- 22.09%
- 3Y*
- 18.44%
- 5Y*
- 6.44%
- 10Y*
- 10.32%
MIDLX
- 1D
- -0.11%
- 1M
- 2.42%
- YTD
- 6.95%
- 6M
- 7.96%
- 1Y
- 11.35%
- 3Y*
- 11.09%
- 5Y*
- 3.62%
- 10Y*
- 6.86%
ISCIX vs. MIDLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISCIX Federated Hermes International Small-Mid Company Fund IS | 12.10% | 34.34% | 5.73% | 12.85% | -23.42% | 6.25% | 31.54% | 32.03% | -18.74% | 34.98% |
MIDLX MFS International New Discovery Fund Class R6 | 6.95% | 17.03% | 3.33% | 13.21% | -18.52% | 5.17% | 10.15% | 24.97% | -10.29% | 30.65% |
Correlation
The correlation between ISCIX and MIDLX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2012 | 0.90 |
The correlation between ISCIX and MIDLX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.
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Return for Risk
ISCIX vs. MIDLX — Risk / Return Rank
ISCIX
MIDLX
ISCIX vs. MIDLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes International Small-Mid Company Fund IS (ISCIX) 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.
| ISCIX | MIDLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.18 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 0.92 | +1.07 |
| Martin ratioReturn relative to average drawdown | 7.51 | 3.17 | +4.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ISCIX | MIDLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.59 | 0.94 | +0.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.28 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.49 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.59 | -0.28 |
Drawdowns
ISCIX vs. MIDLX - Drawdown Comparison
The maximum ISCIX drawdown since its inception was -62.00%, which is greater than MIDLX's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for ISCIX and MIDLX.
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Drawdown Indicators
| ISCIX | MIDLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.00% | -34.70% | -27.30% |
Max Drawdown (1Y)Largest decline over 1 year | -11.88% | -11.75% | -0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -13.85% | -13.15% | -0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -40.17% | -33.58% | -6.59% |
Max Drawdown (10Y)Largest decline over 10 years | -40.17% | -34.70% | -5.47% |
Current DrawdownCurrent decline from peak | -0.75% | -1.64% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -15.15% | -6.92% | -8.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 3.41% | -0.39% |
Volatility
ISCIX vs. MIDLX - Volatility Comparison
Federated Hermes International Small-Mid Company Fund IS (ISCIX) has a higher volatility of 4.57% compared to MFS International New Discovery Fund Class R6 (MIDLX) at 3.48%. This indicates that ISCIX'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.
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Volatility by Period
| ISCIX | MIDLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 3.48% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 9.46% | +3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.86% | 11.52% | +3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.16% | 13.21% | +3.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.28% | 14.01% | +3.27% |
ISCIX vs. MIDLX - Expense Ratio Comparison
ISCIX has a 0.99% expense ratio, which is higher than MIDLX's 0.91% expense ratio.
Dividends
ISCIX vs. MIDLX - Dividend Comparison
ISCIX's dividend yield for the trailing twelve months is around 6.65%, more than MIDLX's 3.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISCIX Federated Hermes International Small-Mid Company Fund IS | 6.65% | 7.45% | 0.00% | 1.05% | 1.04% | 7.82% | 5.64% | 4.97% | 15.45% | 6.38% | 0.90% | 12.28% |
MIDLX MFS International New Discovery Fund Class R6 | 3.15% | 3.37% | 10.08% | 4.21% | 5.85% | 5.19% | 4.03% | 4.36% | 6.82% | 1.63% | 1.09% | 1.25% |
Frequently Asked Questions
ISCIX and MIDLX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISCIX has higher volatility (4.57%) compared to MIDLX (3.48%). In terms of maximum drawdown, ISCIX dropped -62.00% vs MIDLX's -34.70%.
ISCIX currently has the higher Sharpe Ratio (1.59 vs 0.94), 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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