MCFIX vs. TIBDX

Last updated Aug 4, 2026

MCFIX (Mercer Core Fixed Income Fund) and TIBDX (TIAA-CREF Core Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, MCFIX returned -0.77%/yr vs -0.36%/yr for TIBDX. Their correlation of 0.89 means they have usually moved in the same direction. MCFIX charges 0.16%/yr vs 0.29%/yr for TIBDX.

Performance

MCFIX vs. TIBDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mercer Core Fixed Income Fund (MCFIX) and TIAA-CREF Core Bond Fund (TIBDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCFIX achieves a -2.67% return, which is significantly lower than TIBDX's -0.60% return.

MCFIX

• 1D: -0.23%
• 1M: -1.47%
• 6M: -2.34%
• YTD: -2.67%
• 1Y: -0.19%
• 3Y*: 3.37%
• 5Y*: -0.77%
• 10Y*: —
• ALL TIME*: 0.56%

TIBDX

• 1D: -0.22%
• 1M: -1.53%
• 6M: -0.74%
• YTD: -0.60%
• 1Y: 2.22%
• 3Y*: 3.97%
• 5Y*: -0.36%
• 10Y*: 1.70%
• ALL TIME*: 3.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MCFIX Mercer Core Fixed Income Fund	$0.00	$0.00	$0.00
TIBDX TIAA-CREF Core Bond Fund	$0.00	$0.00	$0.00

MCFIX vs. TIBDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MCFIX Mercer Core Fixed Income Fund	-2.67%	6.64%	2.02%	6.47%	-13.69%	-1.05%	4.75%	3.31%
TIBDX TIAA-CREF Core Bond Fund	-0.60%	7.38%	1.95%	5.63%	-13.68%	-0.95%	8.10%	6.13%

Correlation

The correlation between MCFIX and TIBDX is 0.85, 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.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.89

The correlation between MCFIX and TIBDX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

Return for Risk

MCFIX vs. TIBDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MCFIX

MCFIX Risk / Return Rank: 3
MCFIX Sharpe Ratio Rank: 4
MCFIX Sortino Ratio Rank: 3
MCFIX Omega Ratio Rank: 3
MCFIX Calmar Ratio Rank: 4
MCFIX Martin Ratio Rank: 4

TIBDX

TIBDX Risk / Return Rank: 18
TIBDX Sharpe Ratio Rank: 19
TIBDX Sortino Ratio Rank: 19
TIBDX Omega Ratio Rank: 18
TIBDX Calmar Ratio Rank: 19
TIBDX Martin Ratio Rank: 17

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MCFIX vs. TIBDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mercer Core Fixed Income Fund (MCFIX) and TIAA-CREF Core Bond Fund (TIBDX). 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	TIBDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	0.78	-0.84
Sortino ratio: Return per unit of downside risk	-0.05	1.15	-1.19
Omega ratio: Gain probability vs. loss probability	0.99	1.14	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.05	0.98	-1.03
Martin ratio: Return relative to average drawdown	-0.12	2.58	-2.70

MCFIX vs. TIBDX - Sharpe Ratio Comparison

The current MCFIX Sharpe Ratio is -0.05, which is lower than the TIBDX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of MCFIX and TIBDX, 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. TIBDX - Drawdown Comparison

The maximum MCFIX drawdown since its inception was -21.68%, which is greater than TIBDX's maximum drawdown of -18.82%. Use the drawdown chart below to compare losses from any high point for MCFIX and TIBDX.

Drawdown Indicators

	MCFIX	TIBDX	Difference
Max Drawdown Largest peak-to-trough decline	-21.68%	-18.82%	-2.86%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-2.98%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-5.27%	-5.35%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.64%	-18.82%	+0.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.82%	—
Current Drawdown Current decline from peak	-7.57%	-2.46%	-5.11%
Average Drawdown Average peak-to-trough decline	-8.49%	-2.30%	-6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	1.13%	+0.61%

Volatility

MCFIX vs. TIBDX - Volatility Comparison

Mercer Core Fixed Income Fund (MCFIX) has a higher volatility of 1.04% compared to TIAA-CREF Core Bond Fund (TIBDX) at 0.88%. This indicates that MCFIX's price experiences larger fluctuations and is considered to be riskier than TIBDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCFIX	TIBDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	0.88%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	3.01%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	4.01%	3.76%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.05%	5.64%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.07%	4.74%	+1.33%

MCFIX vs. TIBDX - Expense Ratio Comparison

MCFIX has a 0.16% expense ratio, which is lower than TIBDX's 0.29% expense ratio.

Dividends

MCFIX vs. TIBDX - Dividend Comparison

MCFIX's dividend yield for the trailing twelve months is around 4.38%, more than TIBDX's 4.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCFIX Mercer Core Fixed Income Fund	4.38%	3.89%	4.54%	3.68%	3.31%	2.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TIBDX TIAA-CREF Core Bond Fund	4.16%	4.34%	3.60%	3.22%	2.44%	2.39%	4.45%	3.09%	2.88%	2.93%	3.80%	4.68%

Frequently Asked Questions

Can I hold both MCFIX and TIBDX in my portfolio?

MCFIX and TIBDX 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 TIBDX?

MCFIX has higher volatility (1.04%) compared to TIBDX (0.88%). In terms of maximum drawdown, MCFIX dropped -21.68% vs TIBDX's -18.82%.

Which has better risk-adjusted returns?

TIBDX currently has the higher Sharpe Ratio (0.78 vs -0.05), 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.