MDVAX vs. MGFIX

Last updated Jun 4, 2026

MDVAX (MassMutual Diversified Bond Fund) and MGFIX (AMG GW&K ESG Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, MDVAX returned 2.22%/yr vs 1.39%/yr for MGFIX. Their correlation of 0.85 suggests significant overlap in exposure. MDVAX charges 1.07%/yr vs 0.68%/yr for MGFIX.

Performance

MDVAX vs. MGFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Diversified Bond Fund (MDVAX) and AMG GW&K ESG Bond Fund (MGFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDVAX achieves a 2.59% return, which is significantly higher than MGFIX's 0.44% return. Over the past 10 years, MDVAX has outperformed MGFIX with an annualized return of 2.22%, while MGFIX has yielded a comparatively lower 1.39% annualized return.

MDVAX

• 1D: 0.00%
• 1M: 0.96%
• YTD: 2.59%
• 6M: 2.58%
• 1Y: 8.43%
• 3Y*: 5.96%
• 5Y*: 0.38%
• 10Y*: 2.22%

MGFIX

• 1D: 0.09%
• 1M: 0.68%
• YTD: 0.44%
• 6M: 0.33%
• 1Y: 5.52%
• 3Y*: 4.30%
• 5Y*: 0.05%
• 10Y*: 1.39%

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

MDVAX vs. MGFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDVAX MassMutual Diversified Bond Fund	2.59%	8.40%	2.47%	5.81%	-17.01%	1.95%	8.08%	10.12%	-1.55%	4.52%
MGFIX AMG GW&K ESG Bond Fund	0.44%	7.26%	1.50%	6.69%	-13.17%	-9.68%	7.34%	11.11%	-1.82%	6.78%

Correlation

The correlation between MDVAX and MGFIX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 3, 1999	0.85

The correlation between MDVAX and MGFIX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

MDVAX vs. MGFIX — Risk / Return Rank

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

MDVAX

MDVAX Risk / Return Rank: 83
MDVAX Sharpe Ratio Rank: 78
MDVAX Sortino Ratio Rank: 88
MDVAX Omega Ratio Rank: 80
MDVAX Calmar Ratio Rank: 82
MDVAX Martin Ratio Rank: 85

MGFIX

MGFIX Risk / Return Rank: 26
MGFIX Sharpe Ratio Rank: 28
MGFIX Sortino Ratio Rank: 29
MGFIX Omega Ratio Rank: 26
MGFIX Calmar Ratio Rank: 26
MGFIX Martin Ratio Rank: 23

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.

MDVAX vs. MGFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Diversified Bond Fund (MDVAX) and AMG GW&K ESG Bond Fund (MGFIX). 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.

	MDVAX	MGFIX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	1.52	+1.06
Sortino ratio: Return per unit of downside risk	4.27	2.23	+2.05
Omega ratio: Gain probability vs. loss probability	1.53	1.27	+0.26
Calmar ratio: Return relative to maximum drawdown	3.82	1.92	+1.91
Martin ratio: Return relative to average drawdown	16.10	5.81	+10.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDVAX vs. MGFIX - Sharpe Ratio Comparison

The current MDVAX Sharpe Ratio is 2.58, which is higher than the MGFIX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of MDVAX and MGFIX, 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

	MDVAX	MGFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	1.52	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.01	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.27	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.85	-0.14

Drawdowns

MDVAX vs. MGFIX - Drawdown Comparison

The maximum MDVAX drawdown since its inception was -23.02%, smaller than the maximum MGFIX drawdown of -25.03%. Use the drawdown chart below to compare losses from any high point for MDVAX and MGFIX.

Drawdown Indicators

	MDVAX	MGFIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.02%	-25.03%	+2.01%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-2.93%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-5.44%	-6.75%	+1.31%
Max Drawdown (5Y) Largest decline over 5 years	-23.02%	-19.68%	-3.34%
Max Drawdown (10Y) Largest decline over 10 years	-23.02%	-25.03%	+2.01%
Current Drawdown Current decline from peak	-3.38%	-8.50%	+5.12%
Average Drawdown Average peak-to-trough decline	-3.47%	-4.81%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.96%	-0.44%

Volatility

MDVAX vs. MGFIX - Volatility Comparison

The current volatility for MassMutual Diversified Bond Fund (MDVAX) is 0.95%, while AMG GW&K ESG Bond Fund (MGFIX) has a volatility of 1.36%. This indicates that MDVAX experiences smaller price fluctuations and is considered to be less risky than MGFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDVAX	MGFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	1.36%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	2.71%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	3.70%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.46%	5.76%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.27%	5.24%	+0.03%

MDVAX vs. MGFIX - Expense Ratio Comparison

MDVAX has a 1.07% expense ratio, which is higher than MGFIX's 0.68% expense ratio.

Dividends

MDVAX vs. MGFIX - Dividend Comparison

MDVAX's dividend yield for the trailing twelve months is around 3.99%, less than MGFIX's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDVAX MassMutual Diversified Bond Fund	3.99%	3.91%	2.45%	4.87%	3.76%	4.06%	7.20%	2.90%	2.86%	2.64%	2.11%	0.53%
MGFIX AMG GW&K ESG Bond Fund	4.07%	3.85%	3.56%	2.94%	2.41%	2.21%	3.38%	4.20%	3.89%	3.81%	4.96%	4.17%

Frequently Asked Questions

Can I hold both MDVAX and MGFIX in my portfolio?

MDVAX and MGFIX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDVAX or MGFIX?

MGFIX has higher volatility (1.36%) compared to MDVAX (0.95%). In terms of maximum drawdown, MDVAX dropped -23.02% vs MGFIX's -25.03%.

Which has better risk-adjusted returns?

MDVAX currently has the higher Sharpe Ratio (2.58 vs 1.52), 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.