MEMAX vs. EITEX

Last updated Aug 1, 2026

MEMAX (MFS Emerging Markets Equity Fund) and EITEX (Parametric Tax-Managed Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 10 years, MEMAX returned 7.90%/yr vs 6.67%/yr for EITEX. Their correlation of 0.90 means they have usually moved in the same direction. MEMAX charges 1.31%/yr vs 0.96%/yr for EITEX.

Performance

MEMAX vs. EITEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Emerging Markets Equity Fund (MEMAX) and Parametric Tax-Managed Emerging Markets Fund (EITEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMAX achieves a 12.97% return, which is significantly higher than EITEX's 9.06% return. Over the past 10 years, MEMAX has outperformed EITEX with an annualized return of 7.90%, while EITEX has yielded a comparatively lower 6.67% annualized return.

MEMAX

• 1D: 3.63%
• 1M: -0.68%
• 6M: 6.39%
• YTD: 12.97%
• 1Y: 29.07%
• 3Y*: 17.64%
• 5Y*: 6.90%
• 10Y*: 7.90%
• ALL TIME*: 6.24%

EITEX

• 1D: 1.90%
• 1M: 0.59%
• 6M: 1.44%
• YTD: 9.06%
• 1Y: 21.79%
• 3Y*: 13.29%
• 5Y*: 7.08%
• 10Y*: 6.67%
• ALL TIME*: 8.71%

*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)
EITEX Parametric Tax-Managed Emerging Markets Fund	$0.00	$0.00	$0.00
MEMAX MFS Emerging Markets Equity Fund	$0.00	$0.00	$0.00

MEMAX vs. EITEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEMAX MFS Emerging Markets Equity Fund	12.97%	33.44%	10.96%	10.89%	-20.10%	-6.98%	10.17%	19.81%	-14.02%	37.38%
EITEX Parametric Tax-Managed Emerging Markets Fund	9.06%	28.58%	4.67%	10.69%	-12.11%	4.47%	4.51%	12.51%	-13.20%	27.10%

Correlation

The correlation between MEMAX and EITEX is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Jun 30, 1998	0.90

The correlation between MEMAX and EITEX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

MEMAX vs. EITEX — Risk / Return Rank

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

MEMAX

MEMAX Risk / Return Rank: 52
MEMAX Sharpe Ratio Rank: 53
MEMAX Sortino Ratio Rank: 48
MEMAX Omega Ratio Rank: 54
MEMAX Calmar Ratio Rank: 61
MEMAX Martin Ratio Rank: 46

EITEX

EITEX Risk / Return Rank: 61
EITEX Sharpe Ratio Rank: 65
EITEX Sortino Ratio Rank: 61
EITEX Omega Ratio Rank: 69
EITEX Calmar Ratio Rank: 62
EITEX Martin Ratio Rank: 49

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.

MEMAX vs. EITEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Emerging Markets Equity Fund (MEMAX) and Parametric Tax-Managed Emerging Markets Fund (EITEX). 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.

	MEMAX	EITEX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.54	-0.12
Sortino ratio: Return per unit of downside risk	1.96	2.13	-0.17
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	2.13	2.06	+0.07
Martin ratio: Return relative to average drawdown	6.65	6.75	-0.10

MEMAX vs. EITEX - Sharpe Ratio Comparison

The current MEMAX Sharpe Ratio is 1.42, which is comparable to the EITEX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of MEMAX and EITEX, 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

MEMAX vs. EITEX - Drawdown Comparison

The maximum MEMAX drawdown since its inception was -67.04%, which is greater than EITEX's maximum drawdown of -61.70%. Use the drawdown chart below to compare losses from any high point for MEMAX and EITEX.

Drawdown Indicators

	MEMAX	EITEX	Difference
Max Drawdown Largest peak-to-trough decline	-67.04%	-61.70%	-5.34%
Max Drawdown (1Y) Largest decline over 1 year	-12.27%	-9.88%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-14.48%	-11.86%	-2.62%
Max Drawdown (5Y) Largest decline over 5 years	-36.87%	-25.58%	-11.29%
Max Drawdown (10Y) Largest decline over 10 years	-42.32%	-43.10%	+0.78%
Current Drawdown Current decline from peak	-7.69%	-3.67%	-4.02%
Average Drawdown Average peak-to-trough decline	-19.61%	-13.87%	-5.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	3.01%	+0.92%

Volatility

MEMAX vs. EITEX - Volatility Comparison

MFS Emerging Markets Equity Fund (MEMAX) has a higher volatility of 7.66% compared to Parametric Tax-Managed Emerging Markets Fund (EITEX) at 4.18%. This indicates that MEMAX's price experiences larger fluctuations and is considered to be riskier than EITEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMAX	EITEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.66%	4.18%	+3.48%
Volatility (6M) Calculated over the trailing 6-month period	16.49%	11.82%	+4.67%
Volatility (1Y) Calculated over the trailing 1-year period	18.43%	13.23%	+5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	12.53%	+4.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	13.74%	+3.17%

MEMAX vs. EITEX - Expense Ratio Comparison

MEMAX has a 1.31% expense ratio, which is higher than EITEX's 0.96% expense ratio.

Dividends

MEMAX vs. EITEX - Dividend Comparison

MEMAX's dividend yield for the trailing twelve months is around 2.19%, less than EITEX's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EITEX Parametric Tax-Managed Emerging Markets Fund	4.38%	4.77%	4.58%	5.85%	10.39%	9.72%	1.79%	2.63%	2.26%	1.80%	1.67%	2.11%
MEMAX MFS Emerging Markets Equity Fund	2.19%	2.47%	2.41%	2.48%	0.99%	1.97%	0.53%	1.64%	0.47%	0.09%	0.54%	0.14%

Frequently Asked Questions

Can I hold both MEMAX and EITEX in my portfolio?

MEMAX and EITEX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMAX or EITEX?

MEMAX has higher volatility (7.66%) compared to EITEX (4.18%). In terms of maximum drawdown, MEMAX dropped -67.04% vs EITEX's -61.70%.

Which has better risk-adjusted returns?

EITEX currently has the higher Sharpe Ratio (1.54 vs 1.42), 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.