MCFTX vs. TAFTX

Last updated Aug 5, 2026

MCFTX (MFS California Municipal Bond Fund) and TAFTX (American Funds Tax-Exempt Fund of California) are both Municipal Bonds funds. Over the past 10 years, MCFTX returned 1.79%/yr vs 1.82%/yr for TAFTX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. MCFTX charges 0.70%/yr vs 0.57%/yr for TAFTX.

Performance

MCFTX vs. TAFTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS California Municipal Bond Fund (MCFTX) and American Funds Tax-Exempt Fund of California (TAFTX). 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 higher than TAFTX's 0.08% return. Both investments have delivered pretty close results over the past 10 years, with MCFTX having a 1.79% annualized return and TAFTX not far ahead at 1.82%.

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%

TAFTX

• 1D: 0.00%
• 1M: -2.19%
• 6M: -0.53%
• YTD: 0.08%
• 1Y: 4.93%
• 3Y*: 3.76%
• 5Y*: 0.39%
• 10Y*: 1.82%
• ALL TIME*: 4.86%

*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)
MCFTX MFS California Municipal Bond Fund	$0.00	$0.00	$0.00
TAFTX American Funds Tax-Exempt Fund of California	$0.00	$0.00	$0.00

MCFTX vs. TAFTX - 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%
TAFTX American Funds Tax-Exempt Fund of California	0.08%	4.73%	2.31%	5.76%	-9.78%	1.88%	4.43%	7.33%	0.71%	5.96%

Correlation

The correlation between MCFTX and TAFTX is 0.88, 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.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Oct 28, 1986	0.72

The correlation between MCFTX and TAFTX shifts across timeframes, from 0.72 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MCFTX vs. TAFTX — 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

TAFTX

TAFTX Risk / Return Rank: 58
TAFTX Sharpe Ratio Rank: 69
TAFTX Sortino Ratio Rank: 72
TAFTX Omega Ratio Rank: 82
TAFTX Calmar Ratio Rank: 35
TAFTX Martin Ratio Rank: 33

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. TAFTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS California Municipal Bond Fund (MCFTX) and American Funds Tax-Exempt Fund of California (TAFTX). 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	TAFTX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.79	-0.08
Sortino ratio: Return per unit of downside risk	2.51	2.63	-0.12
Omega ratio: Gain probability vs. loss probability	1.42	1.41	+0.02
Calmar ratio: Return relative to maximum drawdown	1.80	1.67	+0.14
Martin ratio: Return relative to average drawdown	6.20	5.45	+0.74

MCFTX vs. TAFTX - Sharpe Ratio Comparison

The current MCFTX Sharpe Ratio is 1.71, which is comparable to the TAFTX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of MCFTX and TAFTX, 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. TAFTX - Drawdown Comparison

The maximum MCFTX drawdown since its inception was -18.59%, roughly equal to the maximum TAFTX drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for MCFTX and TAFTX.

Drawdown Indicators

	MCFTX	TAFTX	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-18.83%	+0.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.38%	-3.05%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-6.44%	-5.34%	-1.10%
Max Drawdown (5Y) Largest decline over 5 years	-18.33%	-14.73%	-3.60%
Max Drawdown (10Y) Largest decline over 10 years	-18.46%	-14.82%	-3.64%
Current Drawdown Current decline from peak	-2.50%	-2.19%	-0.31%
Average Drawdown Average peak-to-trough decline	-2.68%	-1.93%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.93%	+0.05%

Volatility

MCFTX vs. TAFTX - Volatility Comparison

MFS California Municipal Bond Fund (MCFTX) has a higher volatility of 1.25% compared to American Funds Tax-Exempt Fund of California (TAFTX) at 0.92%. This indicates that MCFTX's price experiences larger fluctuations and is considered to be riskier than TAFTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCFTX	TAFTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	0.92%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	2.33%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	2.84%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.93%	4.07%	+0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.74%	3.93%	+0.81%

MCFTX vs. TAFTX - Expense Ratio Comparison

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

Dividends

MCFTX vs. TAFTX - Dividend Comparison

MCFTX's dividend yield for the trailing twelve months is around 3.33%, more than TAFTX's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TAFTX American Funds Tax-Exempt Fund of California	2.83%	3.96%	2.64%	2.19%	1.82%	2.19%	2.65%	3.15%	2.93%	2.95%	3.13%	3.32%

Frequently Asked Questions

Can I hold both MCFTX and TAFTX in my portfolio?

MCFTX and TAFTX have a correlation of 0.88, 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 TAFTX?

MCFTX has higher volatility (1.25%) compared to TAFTX (0.92%). In terms of maximum drawdown, MCFTX dropped -18.59% vs TAFTX's -18.83%.

Which has better risk-adjusted returns?

TAFTX currently has the higher Sharpe Ratio (1.79 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.