MDVAX vs. MOGAX

Last updated Jun 5, 2026

MDVAX (MassMutual Diversified Bond Fund) and MOGAX (MassMutual 60/40 Allocation Fund) are both mutual funds - MDVAX is a Intermediate Core-Plus Bond fund managed by MassMutual, while MOGAX is a Diversified Portfolio fund managed by MassMutual. At a 0.06 correlation, their price movements are largely independent. MDVAX charges 1.07%/yr vs 0.61%/yr for MOGAX.

Performance

MDVAX vs. MOGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Diversified Bond Fund (MDVAX) and MassMutual 60/40 Allocation Fund (MOGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MDVAX

• 1D: -0.12%
• 1M: 0.73%
• YTD: 2.47%
• 6M: 2.70%
• 1Y: 7.78%
• 3Y*: 5.92%
• 5Y*: 0.30%
• 10Y*: 2.21%

MOGAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MDVAX vs. MOGAX - 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%
MOGAX MassMutual 60/40 Allocation Fund	0.00%	10.54%	8.82%	14.26%	-22.35%	13.74%	12.03%	24.58%	-8.02%	14.54%

Correlation

The correlation between MDVAX and MOGAX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jun 21, 2011	0.06

The correlation between MDVAX and MOGAX shifts across timeframes, from 0.06 (all time) to 0.46 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MDVAX vs. MOGAX — 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: 87
MDVAX Omega Ratio Rank: 79
MDVAX Calmar Ratio Rank: 83
MDVAX Martin Ratio Rank: 86

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. MOGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Diversified Bond Fund (MDVAX) and MassMutual 60/40 Allocation Fund (MOGAX). 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	MOGAX	Difference
Sharpe ratio: Return per unit of total volatility	2.54	—	—
Sortino ratio: Return per unit of downside risk	4.20	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	3.76	—	—
Martin ratio: Return relative to average drawdown	15.86	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MDVAX	MOGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	—	—

Drawdowns

Drawdown Indicators

	MDVAX	MOGAX	Difference
Max Drawdown Largest peak-to-trough decline	-23.02%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-23.02%	—	—
Current Drawdown Current decline from peak	-3.49%	—	—
Average Drawdown Average peak-to-trough decline	-3.47%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	—	—

Volatility

Volatility by Period

	MDVAX	MOGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.28%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.46%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.27%	—	—

MDVAX vs. MOGAX - Expense Ratio Comparison

MDVAX has a 1.07% expense ratio, which is higher than MOGAX's 0.61% expense ratio.

Dividends

MDVAX vs. MOGAX - Dividend Comparison

MDVAX's dividend yield for the trailing twelve months is around 3.99%, more than MOGAX's 3.65% 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%
MOGAX MassMutual 60/40 Allocation Fund	3.65%	3.65%	6.23%	3.93%	1.84%	13.14%	3.65%	13.70%	15.46%	1.02%	1.55%	3.52%

Frequently Asked Questions

Can I hold both MDVAX and MOGAX in my portfolio?

MDVAX and MOGAX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.