MCFIX vs. FIWGX

Last updated Jun 26, 2026

MCFIX (Mercer Core Fixed Income Fund) and FIWGX (Strategic Advisers Fidelity Core Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, MCFIX returned -0.07%/yr vs 0.38%/yr for FIWGX. Their correlation of 0.91 suggests significant overlap in exposure. MCFIX charges 0.16%/yr vs 0.46%/yr for FIWGX.

Performance

MCFIX vs. FIWGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mercer Core Fixed Income Fund (MCFIX) and Strategic Advisers Fidelity Core Income Fund (FIWGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCFIX achieves a -0.76% return, which is significantly lower than FIWGX's 0.50% return.

MCFIX

• 1D: 0.45%
• 1M: 0.57%
• YTD: -0.76%
• 6M: -0.40%
• 1Y: 2.09%
• 3Y*: 3.81%
• 5Y*: -0.07%
• 10Y*: —

FIWGX

• 1D: 0.44%
• 1M: 0.89%
• YTD: 0.50%
• 6M: 0.82%
• 1Y: 4.16%
• 3Y*: 4.39%
• 5Y*: 0.38%
• 10Y*: —

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

MCFIX vs. FIWGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MCFIX Mercer Core Fixed Income Fund	-0.76%	6.64%	2.02%	6.47%	-13.69%	-1.05%	4.75%	3.31%
FIWGX Strategic Advisers Fidelity Core Income Fund	0.50%	6.90%	2.14%	6.51%	-13.71%	-0.37%	10.21%	5.75%

Correlation

The correlation between MCFIX and FIWGX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.91

The correlation between MCFIX and FIWGX has been stable across timeframes, ranging from 0.85 to 0.95 - a consistent structural relationship.

Return for Risk

MCFIX vs. FIWGX — Risk / Return Rank

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

MCFIX

MCFIX Risk / Return Rank: 8
MCFIX Sharpe Ratio Rank: 9
MCFIX Sortino Ratio Rank: 9
MCFIX Omega Ratio Rank: 8
MCFIX Calmar Ratio Rank: 8
MCFIX Martin Ratio Rank: 8

FIWGX

FIWGX Risk / Return Rank: 28
FIWGX Sharpe Ratio Rank: 26
FIWGX Sortino Ratio Rank: 27
FIWGX Omega Ratio Rank: 24
FIWGX Calmar Ratio Rank: 35
FIWGX Martin Ratio Rank: 28

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.

MCFIX vs. FIWGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mercer Core Fixed Income Fund (MCFIX) and Strategic Advisers Fidelity Core Income Fund (FIWGX). 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.

	MCFIX	FIWGX	Difference
Sharpe ratio: Return per unit of total volatility	0.58	1.21	-0.63
Sortino ratio: Return per unit of downside risk	0.86	1.83	-0.97
Omega ratio: Gain probability vs. loss probability	1.10	1.21	-0.11
Calmar ratio: Return relative to maximum drawdown	0.62	1.94	-1.32
Martin ratio: Return relative to average drawdown	1.59	5.47	-3.87

MCFIX vs. FIWGX - Sharpe Ratio Comparison

The current MCFIX Sharpe Ratio is 0.58, which is lower than the FIWGX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of MCFIX and FIWGX, 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

MCFIX vs. FIWGX - Drawdown Comparison

The maximum MCFIX drawdown since its inception was -21.68%, which is greater than FIWGX's maximum drawdown of -18.42%. Use the drawdown chart below to compare losses from any high point for MCFIX and FIWGX.

Drawdown Indicators

	MCFIX	FIWGX	Difference
Max Drawdown Largest peak-to-trough decline	-21.68%	-18.42%	-3.26%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-2.52%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-6.32%	-6.24%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.72%	-18.42%	-0.30%
Current Drawdown Current decline from peak	-5.76%	-0.68%	-5.08%
Average Drawdown Average peak-to-trough decline	-8.52%	-4.99%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	0.91%	+0.48%

Volatility

MCFIX vs. FIWGX - Volatility Comparison

Mercer Core Fixed Income Fund (MCFIX) and Strategic Advisers Fidelity Core Income Fund (FIWGX) have volatilities of 1.12% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCFIX	FIWGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.13%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	2.82%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	4.06%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.05%	6.11%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	5.49%	+0.61%

MCFIX vs. FIWGX - Expense Ratio Comparison

MCFIX has a 0.16% expense ratio, which is lower than FIWGX's 0.46% expense ratio.

Dividends

MCFIX vs. FIWGX - Dividend Comparison

MCFIX's dividend yield for the trailing twelve months is around 4.30%, more than FIWGX's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIWGX Strategic Advisers Fidelity Core Income Fund	3.42%	3.68%	4.36%	3.79%	2.24%	1.77%	6.83%	4.30%	0.57%
MCFIX Mercer Core Fixed Income Fund	4.30%	3.89%	4.54%	3.68%	3.31%	2.45%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MCFIX and FIWGX in my portfolio?

MCFIX and FIWGX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCFIX or FIWGX?

FIWGX has higher volatility (1.13%) compared to MCFIX (1.12%). In terms of maximum drawdown, MCFIX dropped -21.68% vs FIWGX's -18.42%.

Which has better risk-adjusted returns?

FIWGX currently has the higher Sharpe Ratio (1.21 vs 0.58), 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.