MDDAX vs. MIEYX

Last updated Jun 4, 2026

MDDAX (MassMutual Diversified Value Fund) and MIEYX (MM S&P 500 Index Fund) are both mutual funds - MDDAX is a Large Cap Value Equities fund managed by MassMutual, while MIEYX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MDDAX returned 11.93%/yr vs 14.60%/yr for MIEYX. Their correlation of 0.90 suggests significant overlap in exposure. MDDAX charges 1.12%/yr vs 0.46%/yr for MIEYX.

Performance

MDDAX vs. MIEYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Diversified Value Fund (MDDAX) and MM S&P 500 Index Fund (MIEYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDDAX achieves a 9.86% return, which is significantly lower than MIEYX's 11.45% return. Over the past 10 years, MDDAX has underperformed MIEYX with an annualized return of 11.93%, while MIEYX has yielded a comparatively higher 14.60% annualized return.

MDDAX

• 1D: 0.44%
• 1M: 3.75%
• YTD: 9.86%
• 6M: 10.88%
• 1Y: 25.16%
• 3Y*: 18.38%
• 5Y*: 10.52%
• 10Y*: 11.93%

MIEYX

• 1D: 0.13%
• 1M: 5.77%
• YTD: 11.45%
• 6M: 11.46%
• 1Y: 28.32%
• 3Y*: 22.16%
• 5Y*: 13.68%
• 10Y*: 14.60%

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

MDDAX vs. MIEYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDDAX MassMutual Diversified Value Fund	9.86%	16.56%	16.62%	8.97%	-2.70%	28.07%	-1.14%	32.34%	-8.88%	15.88%
MIEYX MM S&P 500 Index Fund	11.45%	17.27%	24.36%	25.76%	-18.63%	28.02%	17.87%	30.98%	-5.26%	18.90%

Correlation

The correlation between MDDAX and MIEYX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 20, 2004	0.90

Over the past year, the correlation between MDDAX and MIEYX has dropped to 0.64 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

Return for Risk

MDDAX vs. MIEYX — Risk / Return Rank

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

MDDAX

MDDAX Risk / Return Rank: 70
MDDAX Sharpe Ratio Rank: 69
MDDAX Sortino Ratio Rank: 71
MDDAX Omega Ratio Rank: 58
MDDAX Calmar Ratio Rank: 81
MDDAX Martin Ratio Rank: 69

MIEYX

MIEYX Risk / Return Rank: 70
MIEYX Sharpe Ratio Rank: 72
MIEYX Sortino Ratio Rank: 64
MIEYX Omega Ratio Rank: 64
MIEYX Calmar Ratio Rank: 71
MIEYX Martin Ratio Rank: 81

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.

MDDAX vs. MIEYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Diversified Value Fund (MDDAX) and MM S&P 500 Index Fund (MIEYX). 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.

	MDDAX	MIEYX	Difference
Sharpe ratio Return per unit of total volatility	2.42	2.46	-0.04
Sortino ratio Return per unit of downside risk	3.52	3.34	+0.17
Omega ratio Gain probability vs. loss probability	1.42	1.45	-0.02
Calmar ratio Return relative to maximum drawdown	3.73	3.28	+0.44
Martin ratio Return relative to average drawdown	13.27	15.26	-1.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDDAX vs. MIEYX - Sharpe Ratio Comparison

The current MDDAX Sharpe Ratio is 2.42, which is comparable to the MIEYX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of MDDAX and MIEYX, 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

	MDDAX	MIEYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.46	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.54	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.65	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.40	+0.03

Drawdowns

MDDAX vs. MIEYX - Drawdown Comparison

The maximum MDDAX drawdown since its inception was -63.45%, which is greater than MIEYX's maximum drawdown of -55.63%. Use the drawdown chart below to compare losses from any high point for MDDAX and MIEYX.

Drawdown Indicators

	MDDAX	MIEYX	Difference
Max Drawdown Largest peak-to-trough decline	-63.45%	-55.63%	-7.82%
Max Drawdown (1Y) Largest decline over 1 year	-6.99%	-8.92%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-14.14%	-36.63%	+22.49%
Max Drawdown (5Y) Largest decline over 5 years	-24.00%	-36.63%	+12.63%
Max Drawdown (10Y) Largest decline over 10 years	-38.72%	-36.63%	-2.09%
Current Drawdown Current decline from peak	0.00%	-2.43%	+2.43%
Average Drawdown Average peak-to-trough decline	-11.17%	-12.57%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.91%	+0.05%

Volatility

MDDAX vs. MIEYX - Volatility Comparison

MassMutual Diversified Value Fund (MDDAX) and MM S&P 500 Index Fund (MIEYX) have volatilities of 2.85% and 2.84%, 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

	MDDAX	MIEYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.84%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.89%	8.99%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	11.89%	-1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	25.50%	-8.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	22.57%	-3.85%

MDDAX vs. MIEYX - Expense Ratio Comparison

MDDAX has a 1.12% expense ratio, which is higher than MIEYX's 0.46% expense ratio.

Dividends

MDDAX vs. MIEYX - Dividend Comparison

MDDAX's dividend yield for the trailing twelve months is around 29.53%, more than MIEYX's 15.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDDAX MassMutual Diversified Value Fund	29.53%	32.44%	40.33%	4.62%	12.85%	12.66%	1.64%	11.68%	18.94%	37.06%	5.94%	1.22%
MIEYX MM S&P 500 Index Fund	15.82%	17.63%	32.89%	7.13%	33.24%	13.29%	16.29%	6.38%	19.14%	21.81%	4.19%	2.29%

Frequently Asked Questions

Can I hold both MDDAX and MIEYX in my portfolio?

MDDAX and MIEYX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDDAX or MIEYX?

MDDAX has higher volatility (2.85%) compared to MIEYX (2.84%). In terms of maximum drawdown, MDDAX dropped -63.45% vs MIEYX's -55.63%.

Which has better risk-adjusted returns?

MIEYX currently has the higher Sharpe Ratio (2.46 vs 2.42), 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.