MCFTX vs. ANCFX

Last updated Aug 5, 2026

MCFTX (MFS California Municipal Bond Fund) and ANCFX (American Funds Fundamental Investors Class A) are both mutual funds - MCFTX is a Municipal Bonds fund managed by MFS, while ANCFX is a Large Cap Blend Equities fund actively managed by American Funds. Over the past 10 years, MCFTX returned 1.79%/yr vs 14.45%/yr for ANCFX. Their 0.03 correlation means their historical movements had little consistent relationship. MCFTX charges 0.70%/yr vs 0.57%/yr for ANCFX.

Performance

MCFTX vs. ANCFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS California Municipal Bond Fund (MCFTX) and American Funds Fundamental Investors Class A (ANCFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCFTX achieves a 0.34% return, which is significantly lower than ANCFX's 14.46% return. Over the past 10 years, MCFTX has underperformed ANCFX with an annualized return of 1.79%, while ANCFX has yielded a comparatively higher 14.45% annualized return.

MCFTX

• 1D: 0.00%
• 1M: -2.50%
• 6M: -0.33%
• YTD: 0.34%
• 1Y: 5.87%
• 3Y*: 3.70%
• 5Y*: -0.21%
• 10Y*: 1.79%
• ALL TIME*: 4.41%

ANCFX

• 1D: 1.11%
• 1M: 1.08%
• 6M: 11.13%
• YTD: 14.46%
• 1Y: 25.04%
• 3Y*: 23.67%
• 5Y*: 14.11%
• 10Y*: 14.45%
• ALL TIME*: 11.26%

*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)
ANCFX American Funds Fundamental Investors Class A	$0.00	$0.00	$0.00
MCFTX MFS California Municipal Bond Fund	$0.00	$0.00	$0.00

MCFTX vs. ANCFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCFTX MFS California Municipal Bond Fund	0.34%	4.06%	2.46%	6.33%	-12.26%	2.95%	4.02%	8.58%	0.96%	6.17%
ANCFX American Funds Fundamental Investors Class A	14.46%	24.21%	22.73%	25.86%	-16.66%	22.43%	14.92%	27.07%	-8.13%	22.80%

Correlation

The correlation between MCFTX and ANCFX is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.16
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (10Y) Provides a long-term view across more market conditions.	0.05
Correlation (All Time) Calculated using the full available price history since Jun 17, 1985	0.03

The correlation between MCFTX and ANCFX shifts across timeframes, from 0.03 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MCFTX vs. ANCFX — Risk / Return Rank

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

MCFTX

MCFTX Risk / Return Rank: 56
MCFTX Sharpe Ratio Rank: 58
MCFTX Sortino Ratio Rank: 62
MCFTX Omega Ratio Rank: 84
MCFTX Calmar Ratio Rank: 38
MCFTX Martin Ratio Rank: 37

ANCFX

ANCFX Risk / Return Rank: 74
ANCFX Sharpe Ratio Rank: 75
ANCFX Sortino Ratio Rank: 70
ANCFX Omega Ratio Rank: 68
ANCFX Calmar Ratio Rank: 75
ANCFX Martin Ratio Rank: 84

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.

MCFTX vs. ANCFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS California Municipal Bond Fund (MCFTX) and American Funds Fundamental Investors Class A (ANCFX). 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.

	MCFTX	ANCFX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.81	-0.10
Sortino ratio: Return per unit of downside risk	2.51	2.49	+0.02
Omega ratio: Gain probability vs. loss probability	1.42	1.32	+0.10
Calmar ratio: Return relative to maximum drawdown	1.80	2.57	-0.76
Martin ratio: Return relative to average drawdown	6.20	11.08	-4.88

MCFTX vs. ANCFX - Sharpe Ratio Comparison

The current MCFTX Sharpe Ratio is 1.71, which is comparable to the ANCFX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of MCFTX and ANCFX, 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

MCFTX vs. ANCFX - Drawdown Comparison

The maximum MCFTX drawdown since its inception was -18.59%, smaller than the maximum ANCFX drawdown of -53.29%. Use the drawdown chart below to compare losses from any high point for MCFTX and ANCFX.

Drawdown Indicators

	MCFTX	ANCFX	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-53.29%	+34.70%
Max Drawdown (1Y) Largest decline over 1 year	-3.38%	-10.66%	+7.28%
Max Drawdown (3Y) Largest decline over 3 years	-6.44%	-17.97%	+11.53%
Max Drawdown (5Y) Largest decline over 5 years	-18.33%	-25.07%	+6.74%
Max Drawdown (10Y) Largest decline over 10 years	-18.46%	-33.93%	+15.47%
Current Drawdown Current decline from peak	-2.50%	-0.59%	-1.91%
Average Drawdown Average peak-to-trough decline	-2.68%	-7.30%	+4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	2.47%	-1.49%

Volatility

MCFTX vs. ANCFX - Volatility Comparison

The current volatility for MFS California Municipal Bond Fund (MCFTX) is 1.25%, while American Funds Fundamental Investors Class A (ANCFX) has a volatility of 4.40%. This indicates that MCFTX experiences smaller price fluctuations and is considered to be less risky than ANCFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCFTX	ANCFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	4.40%	-3.15%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	12.14%	-9.22%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	15.13%	-11.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.93%	17.02%	-12.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.74%	17.77%	-13.03%

MCFTX vs. ANCFX - Expense Ratio Comparison

MCFTX has a 0.70% expense ratio, which is higher than ANCFX's 0.57% expense ratio.

Dividends

MCFTX vs. ANCFX - Dividend Comparison

MCFTX's dividend yield for the trailing twelve months is around 3.33%, less than ANCFX's 7.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANCFX American Funds Fundamental Investors Class A	7.28%	8.54%	8.90%	5.80%	4.98%	10.97%	2.61%	6.91%	9.31%	7.28%	4.71%	6.08%
MCFTX MFS California Municipal Bond Fund	3.33%	4.63%	3.15%	2.81%	2.17%	2.27%	2.60%	3.23%	3.47%	3.62%	3.59%	3.92%

Frequently Asked Questions

Can I hold both MCFTX and ANCFX in my portfolio?

MCFTX and ANCFX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCFTX or ANCFX?

ANCFX has higher volatility (4.40%) compared to MCFTX (1.25%). In terms of maximum drawdown, MCFTX dropped -18.59% vs ANCFX's -53.29%.

Which has better risk-adjusted returns?

ANCFX currently has the higher Sharpe Ratio (1.81 vs 1.71), 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.