MCFIX vs. SMTRX

Last updated Jun 5, 2026

MCFIX (Mercer Core Fixed Income Fund) and SMTRX (ALPS/Smith Total Return Bond Fund) are both Intermediate Core-Plus Bond funds. Their correlation of 0.95 suggests significant overlap in exposure. MCFIX charges 0.16%/yr vs 0.99%/yr for SMTRX.

Performance

MCFIX vs. SMTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mercer Core Fixed Income Fund (MCFIX) and ALPS/Smith Total Return Bond Fund (SMTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MCFIX

• 1D: -0.23%
• 1M: -0.23%
• YTD: -1.32%
• 6M: -1.03%
• 1Y: 2.42%
• 3Y*: 3.69%
• 5Y*: -0.15%
• 10Y*: —

SMTRX

• 1D: -0.21%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MCFIX vs. SMTRX - Yearly Performance Comparison

	2026 (YTD)
MCFIX Mercer Core Fixed Income Fund	-0.23%
SMTRX ALPS/Smith Total Return Bond Fund	-0.10%

Correlation

The correlation between MCFIX and SMTRX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.95

Return for Risk

MCFIX vs. SMTRX — Risk / Return Rank

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

MCFIX

MCFIX Risk / Return Rank: 10
MCFIX Sharpe Ratio Rank: 11
MCFIX Sortino Ratio Rank: 11
MCFIX Omega Ratio Rank: 10
MCFIX Calmar Ratio Rank: 10
MCFIX Martin Ratio Rank: 9

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. SMTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mercer Core Fixed Income Fund (MCFIX) and ALPS/Smith Total Return Bond Fund (SMTRX). 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.

	MCFIX	SMTRX	Difference
Sharpe ratio: Return per unit of total volatility	0.82	—	—
Sortino ratio: Return per unit of downside risk	1.21	—	—
Omega ratio: Gain probability vs. loss probability	1.14	—	—
Calmar ratio: Return relative to maximum drawdown	0.90	—	—
Martin ratio: Return relative to average drawdown	2.57	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MCFIX	SMTRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	-2.96	+3.09

Drawdowns

MCFIX vs. SMTRX - Drawdown Comparison

The maximum MCFIX drawdown since its inception was -21.68%, which is greater than SMTRX's maximum drawdown of -0.21%. Use the drawdown chart below to compare losses from any high point for MCFIX and SMTRX.

Drawdown Indicators

	MCFIX	SMTRX	Difference
Max Drawdown Largest peak-to-trough decline	-21.68%	-0.21%	-21.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.32%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.72%	—	—
Current Drawdown Current decline from peak	-6.29%	-0.21%	-6.08%
Average Drawdown Average peak-to-trough decline	-8.54%	-0.08%	-8.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	—	—

Volatility

Volatility by Period

	MCFIX	SMTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	2.47%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.04%	2.47%	+3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.11%	2.47%	+3.64%

MCFIX vs. SMTRX - Expense Ratio Comparison

MCFIX has a 0.16% expense ratio, which is lower than SMTRX's 0.99% expense ratio.

Dividends

MCFIX vs. SMTRX - Dividend Comparison

MCFIX's dividend yield for the trailing twelve months is around 4.32%, more than SMTRX's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021
MCFIX Mercer Core Fixed Income Fund	4.32%	3.89%	4.54%	3.68%	3.31%	2.45%
SMTRX ALPS/Smith Total Return Bond Fund	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MCFIX and SMTRX in my portfolio?

With a correlation of 0.95, MCFIX and SMTRX 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.