MCBDX vs. CFBNX
MCBDX (MassMutual Core Bond Fund) and CFBNX (Commerce Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, MCBDX returned 5.31%/yr vs 1.86%/yr for CFBNX. Their correlation of 0.91 suggests significant overlap in exposure. MCBDX charges 0.52%/yr vs 0.60%/yr for CFBNX.
Performance
MCBDX vs. CFBNX - Performance Comparison
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Returns By Period
In the year-to-date period, MCBDX achieves a 0.63% return, which is significantly higher than CFBNX's 0.13% return. Over the past 10 years, MCBDX has outperformed CFBNX with an annualized return of 5.31%, while CFBNX has yielded a comparatively lower 1.86% annualized return.
MCBDX
- 1D
- -0.33%
- 1M
- 0.68%
- YTD
- 0.63%
- 6M
- 1.13%
- 1Y
- 5.60%
- 3Y*
- 4.71%
- 5Y*
- 6.55%
- 10Y*
- 5.31%
CFBNX
- 1D
- -0.28%
- 1M
- 0.59%
- YTD
- 0.13%
- 6M
- 0.44%
- 1Y
- 4.30%
- 3Y*
- 4.01%
- 5Y*
- 0.07%
- 10Y*
- 1.86%
MCBDX vs. CFBNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCBDX MassMutual Core Bond Fund | 0.63% | 8.03% | 1.13% | 6.64% | -15.29% | 38.26% | 8.42% | 9.62% | -0.48% | 4.60% |
CFBNX Commerce Bond Fund | 0.13% | 7.12% | 1.52% | 5.97% | -13.30% | -0.56% | 7.15% | 8.97% | -0.58% | 4.55% |
Correlation
The correlation between MCBDX and CFBNX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 1994 | 0.91 |
The correlation between MCBDX and CFBNX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.
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Return for Risk
MCBDX vs. CFBNX — Risk / Return Rank
MCBDX
CFBNX
MCBDX vs. CFBNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MassMutual Core Bond Fund (MCBDX) and Commerce Bond Fund (CFBNX). 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.
| MCBDX | CFBNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 1.53 | +0.51 |
| Martin ratioReturn relative to average drawdown | 6.65 | 4.24 | +2.41 |
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Drawdowns
MCBDX vs. CFBNX - Drawdown Comparison
The maximum MCBDX drawdown since its inception was -22.01%, which is greater than CFBNX's maximum drawdown of -17.90%. Use the drawdown chart below to compare losses from any high point for MCBDX and CFBNX.
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Drawdown Indicators
| MCBDX | CFBNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.01% | -17.90% | -4.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -2.98% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -5.72% | +0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -22.01% | -17.90% | -4.11% |
Max Drawdown (10Y)Largest decline over 10 years | -22.01% | -17.90% | -4.11% |
Current DrawdownCurrent decline from peak | -4.36% | -1.75% | -2.61% |
Average DrawdownAverage peak-to-trough decline | -3.53% | -2.11% | -1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.07% | -0.19% |
Volatility
MCBDX vs. CFBNX - Volatility Comparison
The current volatility for MassMutual Core Bond Fund (MCBDX) is 1.06%, while Commerce Bond Fund (CFBNX) has a volatility of 1.15%. This indicates that MCBDX experiences smaller price fluctuations and is considered to be less risky than CFBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCBDX | CFBNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.15% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | 2.86% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.83% | 3.84% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.11% | 5.57% | +14.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.45% | 4.71% | +9.74% |
MCBDX vs. CFBNX - Expense Ratio Comparison
MCBDX has a 0.52% expense ratio, which is lower than CFBNX's 0.60% expense ratio.
Dividends
MCBDX vs. CFBNX - Dividend Comparison
MCBDX's dividend yield for the trailing twelve months is around 4.48%, more than CFBNX's 3.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CFBNX Commerce Bond Fund | 3.63% | 3.54% | 2.94% | 2.67% | 2.40% | 3.02% | 2.71% | 3.14% | 3.25% | 3.23% | 3.40% | 3.52% |
MCBDX MassMutual Core Bond Fund | 4.48% | 4.50% | 1.93% | 4.62% | 3.83% | 31.12% | 5.98% | 3.35% | 3.32% | 2.96% | 3.29% | 1.43% |
Frequently Asked Questions
With a correlation of 0.96, MCBDX and CFBNX 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.
CFBNX has higher volatility (1.15%) compared to MCBDX (1.06%). In terms of maximum drawdown, MCBDX dropped -22.01% vs CFBNX's -17.90%.
MCBDX currently has the higher Sharpe Ratio (1.53 vs 1.19), 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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