MEMAX vs. MEIAX

Last updated Jun 4, 2026

MEMAX (MFS Emerging Markets Equity Fund) and MEIAX (MFS Value Fund) are both mutual funds - MEMAX is a Emerging Markets Diversified fund managed by MFS, while MEIAX is a Large Cap Value Equities fund managed by MFS. Over the past 10 years, MEMAX returned 9.42%/yr vs 9.61%/yr for MEIAX. A 0.56 correlation means they provide meaningful diversification when combined. MEMAX charges 1.31%/yr vs 0.80%/yr for MEIAX.

Performance

MEMAX vs. MEIAX - Performance Comparison

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

Returns By Period

In the year-to-date period, MEMAX achieves a 22.38% return, which is significantly higher than MEIAX's 4.37% return. Both investments have delivered pretty close results over the past 10 years, with MEMAX having a 9.42% annualized return and MEIAX not far ahead at 9.61%.

MEMAX

• 1D: 1.40%
• 1M: 8.92%
• YTD: 22.38%
• 6M: 24.26%
• 1Y: 48.01%
• 3Y*: 23.21%
• 5Y*: 6.89%
• 10Y*: 9.42%

MEIAX

• 1D: 0.62%
• 1M: 0.41%
• YTD: 4.37%
• 6M: 5.72%
• 1Y: 12.71%
• 3Y*: 12.93%
• 5Y*: 7.50%
• 10Y*: 9.61%

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

MEMAX vs. MEIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEMAX MFS Emerging Markets Equity Fund	22.38%	33.44%	10.96%	10.89%	-20.10%	-6.98%	10.17%	19.81%	-14.02%	37.38%
MEIAX MFS Value Fund	4.37%	12.97%	11.60%	7.92%	-6.25%	25.11%	3.71%	29.73%	-10.11%	16.97%

Correlation

The correlation between MEMAX and MEIAX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 2, 1996	0.56

Over the past year, the correlation between MEMAX and MEIAX has dropped to 0.24 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

Return for Risk

MEMAX vs. MEIAX — Risk / Return Rank

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

MEMAX

MEMAX Risk / Return Rank: 87
MEMAX Sharpe Ratio Rank: 94
MEMAX Sortino Ratio Rank: 89
MEMAX Omega Ratio Rank: 86
MEMAX Calmar Ratio Rank: 84
MEMAX Martin Ratio Rank: 83

MEIAX

MEIAX Risk / Return Rank: 22
MEIAX Sharpe Ratio Rank: 19
MEIAX Sortino Ratio Rank: 19
MEIAX Omega Ratio Rank: 18
MEIAX Calmar Ratio Rank: 26
MEIAX Martin Ratio Rank: 27

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.

MEMAX vs. MEIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Emerging Markets Equity Fund (MEMAX) and MFS Value Fund (MEIAX). 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.

	MEMAX	MEIAX	Difference
Sharpe ratio Return per unit of total volatility	3.24	1.25	+1.99
Sortino ratio Return per unit of downside risk	4.30	1.83	+2.48
Omega ratio Gain probability vs. loss probability	1.59	1.22	+0.38
Calmar ratio Return relative to maximum drawdown	3.96	1.92	+2.04
Martin ratio Return relative to average drawdown	15.52	6.61	+8.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEMAX vs. MEIAX - Sharpe Ratio Comparison

The current MEMAX Sharpe Ratio is 3.24, which is higher than the MEIAX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of MEMAX and MEIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MEMAX	MEIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.24	1.25	+1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.54	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.58	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.58	-0.25

Drawdowns

MEMAX vs. MEIAX - Drawdown Comparison

The maximum MEMAX drawdown since its inception was -67.04%, which is greater than MEIAX's maximum drawdown of -52.85%. Use the drawdown chart below to compare losses from any high point for MEMAX and MEIAX.

Drawdown Indicators

	MEMAX	MEIAX	Difference
Max Drawdown Largest peak-to-trough decline	-67.04%	-52.85%	-14.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.27%	-6.78%	-5.49%
Max Drawdown (3Y) Largest decline over 3 years	-14.48%	-13.26%	-1.22%
Max Drawdown (5Y) Largest decline over 5 years	-40.94%	-17.72%	-23.22%
Max Drawdown (10Y) Largest decline over 10 years	-42.32%	-36.71%	-5.61%
Current Drawdown Current decline from peak	0.00%	-1.88%	+1.88%
Average Drawdown Average peak-to-trough decline	-19.69%	-6.54%	-13.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	1.96%	+1.16%

Volatility

MEMAX vs. MEIAX - Volatility Comparison

MFS Emerging Markets Equity Fund (MEMAX) has a higher volatility of 6.21% compared to MFS Value Fund (MEIAX) at 2.35%. This indicates that MEMAX's price experiences larger fluctuations and is considered to be riskier than MEIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMAX	MEIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	2.35%	+3.86%
Volatility (6M) Calculated over the trailing 6-month period	12.42%	7.76%	+4.66%
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	10.38%	+4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	13.91%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	16.55%	+0.12%

MEMAX vs. MEIAX - Expense Ratio Comparison

MEMAX has a 1.31% expense ratio, which is higher than MEIAX's 0.80% expense ratio.

Dividends

MEMAX vs. MEIAX - Dividend Comparison

MEMAX's dividend yield for the trailing twelve months is around 2.02%, less than MEIAX's 9.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEIAX MFS Value Fund	9.13%	9.34%	9.10%	8.21%	7.36%	3.10%	2.42%	2.97%	3.36%	3.87%	2.84%	5.73%
MEMAX MFS Emerging Markets Equity Fund	2.02%	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 MEIAX in my portfolio?

MEMAX and MEIAX have a correlation of 0.24, 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 MEIAX?

MEMAX has higher volatility (6.21%) compared to MEIAX (2.35%). In terms of maximum drawdown, MEMAX dropped -67.04% vs MEIAX's -52.85%.

Which has better risk-adjusted returns?

MEMAX currently has the higher Sharpe Ratio (3.24 vs 1.25), 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.