MCFTX vs. TAIAX

Last updated Jun 5, 2026

MCFTX (MFS California Municipal Bond Fund) and TAIAX (American Funds Tax-Aware Conservative Growth and Income Portfolio) are both mutual funds - MCFTX is a Municipal Bonds fund managed by MFS, while TAIAX is a Diversified Portfolio fund managed by American Funds. Over the past 10 years, MCFTX returned 2.10%/yr vs 7.81%/yr for TAIAX. At a 0.11 correlation, their price movements are largely independent. MCFTX charges 0.70%/yr vs 0.34%/yr for TAIAX.

Performance

MCFTX vs. TAIAX - 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-Aware Conservative Growth and Income Portfolio (TAIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCFTX achieves a 2.06% return, which is significantly lower than TAIAX's 5.98% return. Over the past 10 years, MCFTX has underperformed TAIAX with an annualized return of 2.10%, while TAIAX has yielded a comparatively higher 7.81% annualized return.

MCFTX

• 1D: 0.00%
• 1M: 1.04%
• YTD: 2.06%
• 6M: 2.37%
• 1Y: 7.94%
• 3Y*: 4.10%
• 5Y*: 0.43%
• 10Y*: 2.10%

TAIAX

• 1D: -0.28%
• 1M: 2.11%
• YTD: 5.98%
• 6M: 6.48%
• 1Y: 16.05%
• 3Y*: 12.48%
• 5Y*: 6.88%
• 10Y*: 7.81%

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

MCFTX vs. TAIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCFTX MFS California Municipal Bond Fund	2.06%	4.06%	2.46%	6.33%	-12.26%	2.95%	4.02%	8.58%	0.96%	6.17%
TAIAX American Funds Tax-Aware Conservative Growth and Income Portfolio	5.98%	13.27%	10.09%	11.74%	-10.18%	13.47%	7.46%	16.26%	-2.17%	14.25%

Correlation

The correlation between MCFTX and TAIAX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since May 22, 2012	0.11

Over the past year, MCFTX and TAIAX have become more correlated (0.35) than their long-term average of 0.11, meaning their price movements have been converging.

Return for Risk

MCFTX vs. TAIAX — Risk / Return Rank

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

MCFTX

MCFTX Risk / Return Rank: 63
MCFTX Sharpe Ratio Rank: 66
MCFTX Sortino Ratio Rank: 76
MCFTX Omega Ratio Rank: 85
MCFTX Calmar Ratio Rank: 45
MCFTX Martin Ratio Rank: 42

TAIAX

TAIAX Risk / Return Rank: 68
TAIAX Sharpe Ratio Rank: 77
TAIAX Sortino Ratio Rank: 75
TAIAX Omega Ratio Rank: 77
TAIAX Calmar Ratio Rank: 49
TAIAX Martin Ratio Rank: 63

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.

MCFTX vs. TAIAX - 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-Aware Conservative Growth and Income Portfolio (TAIAX). 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.

	MCFTX	TAIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.56	-0.25
Sortino ratio: Return per unit of downside risk	3.58	3.64	-0.05
Omega ratio: Gain probability vs. loss probability	1.57	1.51	+0.07
Calmar ratio: Return relative to maximum drawdown	2.48	2.66	-0.18
Martin ratio: Return relative to average drawdown	8.73	12.31	-3.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCFTX vs. TAIAX - Sharpe Ratio Comparison

The current MCFTX Sharpe Ratio is 2.31, which is comparable to the TAIAX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of MCFTX and TAIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MCFTX	TAIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.56	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.91	-0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.96	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.06	-0.01

Drawdowns

MCFTX vs. TAIAX - Drawdown Comparison

The maximum MCFTX drawdown since its inception was -18.59%, smaller than the maximum TAIAX drawdown of -21.42%. Use the drawdown chart below to compare losses from any high point for MCFTX and TAIAX.

Drawdown Indicators

	MCFTX	TAIAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-21.42%	+2.83%
Max Drawdown (1Y) Largest decline over 1 year	-3.38%	-6.16%	+2.78%
Max Drawdown (3Y) Largest decline over 3 years	-7.05%	-8.75%	+1.70%
Max Drawdown (5Y) Largest decline over 5 years	-18.46%	-16.76%	-1.70%
Max Drawdown (10Y) Largest decline over 10 years	-18.46%	-21.42%	+2.96%
Current Drawdown Current decline from peak	-0.15%	-0.28%	+0.13%
Average Drawdown Average peak-to-trough decline	-2.69%	-2.20%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.33%	-0.37%

Volatility

MCFTX vs. TAIAX - Volatility Comparison

The current volatility for MFS California Municipal Bond Fund (MCFTX) is 1.42%, while American Funds Tax-Aware Conservative Growth and Income Portfolio (TAIAX) has a volatility of 2.01%. This indicates that MCFTX experiences smaller price fluctuations and is considered to be less risky than TAIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCFTX	TAIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	2.01%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	5.28%	-2.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	6.41%	-2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.90%	7.63%	-2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.74%	8.19%	-3.45%

MCFTX vs. TAIAX - Expense Ratio Comparison

MCFTX has a 0.70% expense ratio, which is higher than TAIAX's 0.34% expense ratio.

Dividends

MCFTX vs. TAIAX - Dividend Comparison

MCFTX's dividend yield for the trailing twelve months is around 3.54%, less than TAIAX's 4.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCFTX MFS California Municipal Bond Fund	3.54%	4.63%	3.15%	2.81%	2.17%	2.27%	2.60%	3.23%	3.47%	3.62%	3.59%	3.92%
TAIAX American Funds Tax-Aware Conservative Growth and Income Portfolio	4.88%	5.18%	5.16%	4.29%	4.37%	3.40%	2.65%	4.01%	4.54%	4.04%	2.77%	3.38%

Frequently Asked Questions

Can I hold both MCFTX and TAIAX in my portfolio?

MCFTX and TAIAX have a correlation of 0.35, 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 TAIAX?

TAIAX has higher volatility (2.01%) compared to MCFTX (1.42%). In terms of maximum drawdown, MCFTX dropped -18.59% vs TAIAX's -21.42%.

Which has better risk-adjusted returns?

TAIAX currently has the higher Sharpe Ratio (2.56 vs 2.31), 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.