MEFAX vs. PMEGX

Last updated Aug 1, 2026

MEFAX (MassMutual Mid Cap Growth Fund) and PMEGX (T. Rowe Price Institutional Mid Cap Equity Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, MEFAX returned 9.85%/yr vs 9.78%/yr for PMEGX. Their 0.99 correlation means they have historically moved very closely together. MEFAX charges 1.20%/yr vs 0.61%/yr for PMEGX.

Performance

MEFAX vs. PMEGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Mid Cap Growth Fund (MEFAX) and T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEFAX achieves a 4.02% return, which is significantly higher than PMEGX's 3.03% return. Both investments have delivered pretty close results over the past 10 years, with MEFAX having a 9.85% annualized return and PMEGX not far behind at 9.78%.

MEFAX

• 1D: 0.78%
• 1M: -2.45%
• 6M: 2.68%
• YTD: 4.02%
• 1Y: 6.84%
• 3Y*: 6.66%
• 5Y*: 1.70%
• 10Y*: 9.85%
• ALL TIME*: 8.56%

PMEGX

• 1D: 0.47%
• 1M: -1.53%
• 6M: 2.67%
• YTD: 3.03%
• 1Y: 6.19%
• 3Y*: 6.28%
• 5Y*: 2.15%
• 10Y*: 9.78%
• ALL TIME*: 10.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MEFAX MassMutual Mid Cap Growth Fund	$0.00	$0.00	$0.00
PMEGX T. Rowe Price Institutional Mid Cap Equity Growth Fund	$0.00	$0.00	$0.00

MEFAX vs. PMEGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEFAX MassMutual Mid Cap Growth Fund	4.02%	3.19%	10.80%	19.11%	-24.58%	13.75%	25.52%	40.75%	-3.88%	24.12%
PMEGX T. Rowe Price Institutional Mid Cap Equity Growth Fund	3.03%	3.73%	9.15%	20.69%	-23.19%	15.50%	23.95%	33.08%	-2.23%	26.02%

Correlation

The correlation between MEFAX and PMEGX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since May 31, 2000	0.99

The correlation between MEFAX and PMEGX has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

Return for Risk

MEFAX vs. PMEGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MEFAX

MEFAX Risk / Return Rank: 9
MEFAX Sharpe Ratio Rank: 9
MEFAX Sortino Ratio Rank: 9
MEFAX Omega Ratio Rank: 8
MEFAX Calmar Ratio Rank: 10
MEFAX Martin Ratio Rank: 11

PMEGX

PMEGX Risk / Return Rank: 10
PMEGX Sharpe Ratio Rank: 9
PMEGX Sortino Ratio Rank: 10
PMEGX Omega Ratio Rank: 9
PMEGX Calmar Ratio Rank: 10
PMEGX Martin Ratio Rank: 11

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MEFAX vs. PMEGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Mid Cap Growth Fund (MEFAX) and T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX). 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.

	MEFAX	PMEGX	Difference
Sharpe ratio: Return per unit of total volatility	0.30	0.31	-0.01
Sortino ratio: Return per unit of downside risk	0.54	0.56	-0.02
Omega ratio: Gain probability vs. loss probability	1.06	1.06	0.00
Calmar ratio: Return relative to maximum drawdown	0.43	0.41	+0.02
Martin ratio: Return relative to average drawdown	1.53	1.39	+0.14

MEFAX vs. PMEGX - Sharpe Ratio Comparison

The current MEFAX Sharpe Ratio is 0.30, which is comparable to the PMEGX Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of MEFAX and PMEGX, 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

MEFAX vs. PMEGX - Drawdown Comparison

The maximum MEFAX drawdown since its inception was -56.04%, roughly equal to the maximum PMEGX drawdown of -55.88%. Use the drawdown chart below to compare losses from any high point for MEFAX and PMEGX.

Drawdown Indicators

	MEFAX	PMEGX	Difference
Max Drawdown Largest peak-to-trough decline	-56.04%	-55.88%	-0.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.45%	-10.21%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-34.46%	-27.99%	-6.47%
Max Drawdown (5Y) Largest decline over 5 years	-45.14%	-32.87%	-12.27%
Max Drawdown (10Y) Largest decline over 10 years	-45.14%	-37.16%	-7.98%
Current Drawdown Current decline from peak	-15.26%	-6.20%	-9.06%
Average Drawdown Average peak-to-trough decline	-11.44%	-8.99%	-2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	3.04%	-0.08%

Volatility

MEFAX vs. PMEGX - Volatility Comparison

MassMutual Mid Cap Growth Fund (MEFAX) has a higher volatility of 2.87% compared to T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX) at 2.50%. This indicates that MEFAX's price experiences larger fluctuations and is considered to be riskier than PMEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEFAX	PMEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.50%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	11.82%	10.49%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	13.64%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.52%	20.11%	+7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.90%	19.75%	+4.15%

MEFAX vs. PMEGX - Expense Ratio Comparison

MEFAX has a 1.20% expense ratio, which is higher than PMEGX's 0.61% expense ratio.

Dividends

MEFAX vs. PMEGX - Dividend Comparison

MEFAX's dividend yield for the trailing twelve months is around 32.84%, more than PMEGX's 20.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEFAX MassMutual Mid Cap Growth Fund	32.84%	34.16%	21.40%	7.62%	20.71%	29.49%	6.92%	12.81%	12.06%	7.66%	5.32%	10.27%
PMEGX T. Rowe Price Institutional Mid Cap Equity Growth Fund	20.48%	21.10%	14.15%	7.07%	1.65%	12.80%	4.44%	5.11%	10.42%	6.30%	1.04%	6.18%

Frequently Asked Questions

Can I hold both MEFAX and PMEGX in my portfolio?

With a correlation of 0.96, MEFAX and PMEGX 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, MEFAX or PMEGX?

MEFAX has higher volatility (2.87%) compared to PMEGX (2.50%). In terms of maximum drawdown, MEFAX dropped -56.04% vs PMEGX's -55.88%.

Which has better risk-adjusted returns?

PMEGX currently has the higher Sharpe Ratio (0.31 vs 0.30), 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.