MEFAX vs. VIIIX

Last updated Aug 1, 2026

MEFAX (MassMutual Mid Cap Growth Fund) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - MEFAX is a Mid Cap Growth Equities fund managed by MassMutual, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MEFAX returned 9.85%/yr vs 15.07%/yr for VIIIX. Their correlation of 0.90 means they have usually moved in the same direction. MEFAX charges 1.20%/yr vs 0.02%/yr for VIIIX.

Performance

MEFAX vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Mid Cap Growth Fund (MEFAX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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 lower than VIIIX's 9.35% return. Over the past 10 years, MEFAX has underperformed VIIIX with an annualized return of 9.85%, while VIIIX has yielded a comparatively higher 15.07% annualized return.

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%

VIIIX

• 1D: 1.66%
• 1M: -0.56%
• 6M: 7.79%
• YTD: 9.35%
• 1Y: 20.63%
• 3Y*: 19.44%
• 5Y*: 12.83%
• 10Y*: 15.07%
• ALL TIME*: 9.41%

*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
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

MEFAX vs. VIIIX - 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%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	9.35%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%

Correlation

The correlation between MEFAX and VIIIX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since May 31, 2000	0.90

The correlation between MEFAX and VIIIX shifts across timeframes, from 0.78 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MEFAX vs. VIIIX — 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

VIIIX

VIIIX Risk / Return Rank: 63
VIIIX Sharpe Ratio Rank: 61
VIIIX Sortino Ratio Rank: 58
VIIIX Omega Ratio Rank: 58
VIIIX Calmar Ratio Rank: 65
VIIIX Martin Ratio Rank: 76

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. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Mid Cap Growth Fund (MEFAX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	0.30	1.43	-1.13
Sortino ratio: Return per unit of downside risk	0.54	2.00	-1.45
Omega ratio: Gain probability vs. loss probability	1.06	1.26	-0.20
Calmar ratio: Return relative to maximum drawdown	0.43	2.06	-1.63
Martin ratio: Return relative to average drawdown	1.53	8.86	-7.33

MEFAX vs. VIIIX - Sharpe Ratio Comparison

The current MEFAX Sharpe Ratio is 0.30, which is lower than the VIIIX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of MEFAX and VIIIX, 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. VIIIX - Drawdown Comparison

The maximum MEFAX drawdown since its inception was -56.04%, roughly equal to the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for MEFAX and VIIIX.

Drawdown Indicators

	MEFAX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.04%	-55.18%	-0.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.45%	-8.90%	-1.55%
Max Drawdown (3Y) Largest decline over 3 years	-34.46%	-18.75%	-15.71%
Max Drawdown (5Y) Largest decline over 5 years	-45.14%	-24.50%	-20.64%
Max Drawdown (10Y) Largest decline over 10 years	-45.14%	-33.79%	-11.35%
Current Drawdown Current decline from peak	-15.26%	-2.11%	-13.15%
Average Drawdown Average peak-to-trough decline	-11.44%	-9.97%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.07%	+0.89%

Volatility

MEFAX vs. VIIIX - Volatility Comparison

The current volatility for MassMutual Mid Cap Growth Fund (MEFAX) is 2.87%, while Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) has a volatility of 3.44%. This indicates that MEFAX experiences smaller price fluctuations and is considered to be less risky than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEFAX	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	3.44%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	11.82%	10.09%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	12.86%	+2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.52%	17.01%	+10.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.90%	18.07%	+5.83%

MEFAX vs. VIIIX - Expense Ratio Comparison

MEFAX has a 1.20% expense ratio, which is higher than VIIIX's 0.02% expense ratio.

Dividends

MEFAX vs. VIIIX - Dividend Comparison

MEFAX's dividend yield for the trailing twelve months is around 32.84%, more than VIIIX's 2.51% 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%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.51%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Frequently Asked Questions

Can I hold both MEFAX and VIIIX in my portfolio?

MEFAX and VIIIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEFAX or VIIIX?

VIIIX has higher volatility (3.44%) compared to MEFAX (2.87%). In terms of maximum drawdown, MEFAX dropped -56.04% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

VIIIX currently has the higher Sharpe Ratio (1.43 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.