MDVAX vs. MIEYX

Last updated Jun 24, 2026

MDVAX (MassMutual Diversified Bond Fund) and MIEYX (MM S&P 500 Index Fund) are both mutual funds - MDVAX is a Intermediate Core-Plus Bond fund managed by MassMutual, while MIEYX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MDVAX returned 2.15%/yr vs 14.74%/yr for MIEYX. At a correlation of -0.08, they often move in opposite directions. MDVAX charges 1.07%/yr vs 0.46%/yr for MIEYX.

Performance

MDVAX vs. MIEYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Diversified Bond Fund (MDVAX) 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, MDVAX achieves a 2.47% return, which is significantly lower than MIEYX's 9.52% return. Over the past 10 years, MDVAX has underperformed MIEYX with an annualized return of 2.15%, while MIEYX has yielded a comparatively higher 14.74% annualized return.

MDVAX

• 1D: -0.12%
• 1M: 0.73%
• YTD: 2.47%
• 6M: 2.94%
• 1Y: 7.26%
• 3Y*: 5.92%
• 5Y*: 0.18%
• 10Y*: 2.15%

MIEYX

• 1D: -0.39%
• 1M: 0.07%
• YTD: 9.52%
• 6M: 8.51%
• 1Y: 24.87%
• 3Y*: 20.83%
• 5Y*: 13.01%
• 10Y*: 14.74%

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

MDVAX vs. MIEYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDVAX MassMutual Diversified Bond Fund	2.47%	8.40%	2.47%	5.81%	-17.01%	1.95%	8.08%	10.12%	-1.55%	4.52%
MIEYX MM S&P 500 Index Fund	9.52%	17.27%	24.36%	25.76%	-18.63%	28.02%	17.87%	30.98%	-5.26%	18.90%

Correlation

The correlation between MDVAX and MIEYX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Apr 30, 1999	-0.08

The correlation between MDVAX and MIEYX shifts across timeframes, from -0.08 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MDVAX vs. MIEYX — Risk / Return Rank

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

MDVAX

MDVAX Risk / Return Rank: 82
MDVAX Sharpe Ratio Rank: 77
MDVAX Sortino Ratio Rank: 88
MDVAX Omega Ratio Rank: 80
MDVAX Calmar Ratio Rank: 79
MDVAX Martin Ratio Rank: 83

MIEYX

MIEYX Risk / Return Rank: 62
MIEYX Sharpe Ratio Rank: 60
MIEYX Sortino Ratio Rank: 54
MIEYX Omega Ratio Rank: 56
MIEYX Calmar Ratio Rank: 64
MIEYX Martin Ratio Rank: 75

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. MIEYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Diversified Bond Fund (MDVAX) 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.

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.

	MDVAX	MIEYX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.10	+0.27
Sortino ratio: Return per unit of downside risk	3.93	2.84	+1.09
Omega ratio: Gain probability vs. loss probability	1.48	1.38	+0.10
Calmar ratio: Return relative to maximum drawdown	3.41	2.94	+0.47
Martin ratio: Return relative to average drawdown	14.38	13.21	+1.16

MDVAX vs. MIEYX - Sharpe Ratio Comparison

The current MDVAX Sharpe Ratio is 2.37, which is comparable to the MIEYX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of MDVAX 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.

Drawdowns

MDVAX vs. MIEYX - Drawdown Comparison

The maximum MDVAX drawdown since its inception was -23.02%, smaller than the maximum MIEYX drawdown of -55.63%. Use the drawdown chart below to compare losses from any high point for MDVAX and MIEYX.

Drawdown Indicators

	MDVAX	MIEYX	Difference
Max Drawdown Largest peak-to-trough decline	-23.02%	-55.63%	+32.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-8.92%	+6.71%
Max Drawdown (3Y) Largest decline over 3 years	-5.44%	-36.63%	+31.19%
Max Drawdown (5Y) Largest decline over 5 years	-23.02%	-36.63%	+13.61%
Max Drawdown (10Y) Largest decline over 10 years	-23.02%	-36.63%	+13.61%
Current Drawdown Current decline from peak	-3.49%	-4.12%	+0.63%
Average Drawdown Average peak-to-trough decline	-3.47%	-12.55%	+9.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	1.98%	-1.46%

Volatility

MDVAX vs. MIEYX - Volatility Comparison

The current volatility for MassMutual Diversified Bond Fund (MDVAX) is 0.74%, while MM S&P 500 Index Fund (MIEYX) has a volatility of 4.69%. This indicates that MDVAX experiences smaller price fluctuations and is considered to be less risky than MIEYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDVAX	MIEYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	4.69%	-3.95%
Volatility (6M) Calculated over the trailing 6-month period	2.15%	9.84%	-7.69%
Volatility (1Y) Calculated over the trailing 1-year period	3.19%	12.52%	-9.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.46%	25.57%	-19.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.27%	22.61%	-17.34%

MDVAX vs. MIEYX - Expense Ratio Comparison

MDVAX has a 1.07% expense ratio, which is higher than MIEYX's 0.46% expense ratio.

Dividends

MDVAX vs. MIEYX - Dividend Comparison

MDVAX's dividend yield for the trailing twelve months is around 3.99%, less than MIEYX's 16.10% 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%
MIEYX MM S&P 500 Index Fund	16.10%	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 MDVAX and MIEYX in my portfolio?

MDVAX and MIEYX have a correlation of 0.33, 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 MIEYX?

MIEYX has higher volatility (4.69%) compared to MDVAX (0.74%). In terms of maximum drawdown, MDVAX dropped -23.02% vs MIEYX's -55.63%.

Which has better risk-adjusted returns?

MDVAX currently has the higher Sharpe Ratio (2.37 vs 2.10), 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.