MCVIX vs. VMFVX

Last updated Jul 3, 2026

MCVIX (MFS Mid Cap Value Fund Class I) and VMFVX (Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares) are both Mid Cap Value Equities funds. Over the past 10 years, MCVIX returned 10.49%/yr vs 10.83%/yr for VMFVX. With a 0.96 correlation, they move nearly in lockstep. MCVIX charges 0.72%/yr vs 0.08%/yr for VMFVX.

Performance

MCVIX vs. VMFVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Mid Cap Value Fund Class I (MCVIX) and Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares (VMFVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MCVIX having a 12.76% return and VMFVX slightly lower at 12.42%. Both investments have delivered pretty close results over the past 10 years, with MCVIX having a 10.49% annualized return and VMFVX not far ahead at 10.83%.

MCVIX

• 1D: -0.17%
• 1M: 3.47%
• 6M: 12.76%
• YTD: 12.76%
• 1Y: 16.80%
• 3Y*: 13.23%
• 5Y*: 8.89%
• 10Y*: 10.49%

VMFVX

• 1D: -0.51%
• 1M: 2.77%
• 6M: 12.42%
• YTD: 12.42%
• 1Y: 17.47%
• 3Y*: 13.29%
• 5Y*: 8.88%
• 10Y*: 10.83%

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

MCVIX vs. VMFVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCVIX MFS Mid Cap Value Fund Class I	12.76%	6.33%	13.88%	12.80%	-8.74%	30.79%	4.27%	30.87%	-11.48%	13.67%
VMFVX Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares	12.42%	7.57%	10.59%	16.49%	-7.03%	30.54%	3.68%	26.18%	-11.90%	12.27%

Correlation

The correlation between MCVIX and VMFVX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.96

The correlation between MCVIX and VMFVX has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

Return for Risk

MCVIX vs. VMFVX — Risk / Return Rank

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

MCVIX

MCVIX Risk / Return Rank: 35
MCVIX Sharpe Ratio Rank: 34
MCVIX Sortino Ratio Rank: 36
MCVIX Omega Ratio Rank: 32
MCVIX Calmar Ratio Rank: 38
MCVIX Martin Ratio Rank: 36

VMFVX

VMFVX Risk / Return Rank: 32
VMFVX Sharpe Ratio Rank: 30
VMFVX Sortino Ratio Rank: 33
VMFVX Omega Ratio Rank: 29
VMFVX Calmar Ratio Rank: 34
VMFVX Martin Ratio Rank: 34

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.

MCVIX vs. VMFVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Mid Cap Value Fund Class I (MCVIX) and Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares (VMFVX). 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.

	MCVIX	VMFVX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.26	+0.05
Sortino ratio: Return per unit of downside risk	1.97	1.92	+0.05
Omega ratio: Gain probability vs. loss probability	1.23	1.22	+0.01
Calmar ratio: Return relative to maximum drawdown	1.88	1.81	+0.07
Martin ratio: Return relative to average drawdown	6.45	6.23	+0.22

MCVIX vs. VMFVX - Sharpe Ratio Comparison

The current MCVIX Sharpe Ratio is 1.31, which is comparable to the VMFVX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of MCVIX and VMFVX, 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

MCVIX vs. VMFVX - Drawdown Comparison

The maximum MCVIX drawdown since its inception was -59.64%, which is greater than VMFVX's maximum drawdown of -45.79%. Use the drawdown chart below to compare losses from any high point for MCVIX and VMFVX.

Drawdown Indicators

	MCVIX	VMFVX	Difference
Max Drawdown Largest peak-to-trough decline	-59.64%	-45.79%	-13.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.38%	-10.52%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	-21.01%	-22.46%	+1.45%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	-22.46%	+1.45%
Max Drawdown (10Y) Largest decline over 10 years	-42.79%	-45.79%	+3.00%
Current Drawdown Current decline from peak	-0.20%	-0.51%	+0.31%
Average Drawdown Average peak-to-trough decline	-7.87%	-5.46%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	3.04%	-0.31%

Volatility

MCVIX vs. VMFVX - Volatility Comparison

MFS Mid Cap Value Fund Class I (MCVIX) and Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares (VMFVX) have volatilities of 3.86% and 3.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCVIX	VMFVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	3.95%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	10.71%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	15.19%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	19.41%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	21.81%	-2.63%

MCVIX vs. VMFVX - Expense Ratio Comparison

MCVIX has a 0.72% expense ratio, which is higher than VMFVX's 0.08% expense ratio.

Dividends

MCVIX vs. VMFVX - Dividend Comparison

MCVIX's dividend yield for the trailing twelve months is around 7.24%, more than VMFVX's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCVIX MFS Mid Cap Value Fund Class I	7.24%	8.16%	10.88%	2.88%	5.32%	5.78%	0.99%	2.20%	6.49%	3.53%	0.06%	4.74%
VMFVX Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares	1.67%	1.88%	1.81%	1.58%	2.04%	1.81%	2.48%	1.94%	2.01%	1.56%	1.42%	1.73%

Frequently Asked Questions

Can I hold both MCVIX and VMFVX in my portfolio?

With a correlation of 0.96, MCVIX and VMFVX 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.

Which is riskier, MCVIX or VMFVX?

VMFVX has higher volatility (3.95%) compared to MCVIX (3.86%). In terms of maximum drawdown, MCVIX dropped -59.64% vs VMFVX's -45.79%.

Which has better risk-adjusted returns?

MCVIX currently has the higher Sharpe Ratio (1.31 vs 1.26), 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.