MFHVX vs. AXSIX

Last updated Jun 3, 2026

MFHVX (Mesirow High Yield Fund) and AXSIX (Axonic Strategic Income Fund) are both mutual funds - MFHVX is a High Yield Bonds fund managed by Mesirow, while AXSIX is a Multisector Bonds fund managed by Axonic. Over the past 5 years, MFHVX returned 4.23%/yr vs 3.77%/yr for AXSIX. At a 0.25 correlation, their price movements are largely independent. MFHVX charges 1.43%/yr vs 1.00%/yr for AXSIX.

Performance

MFHVX vs. AXSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mesirow High Yield Fund (MFHVX) and Axonic Strategic Income Fund (AXSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFHVX achieves a 2.95% return, which is significantly higher than AXSIX's 1.94% return.

MFHVX

• 1D: 0.00%
• 1M: 0.97%
• YTD: 2.95%
• 6M: 3.00%
• 1Y: 7.33%
• 3Y*: 8.71%
• 5Y*: 4.23%
• 10Y*: —

AXSIX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.94%
• 6M: 1.67%
• 1Y: 5.78%
• 3Y*: 7.33%
• 5Y*: 3.77%
• 10Y*: —

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

MFHVX vs. AXSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MFHVX Mesirow High Yield Fund	2.95%	4.56%	9.72%	14.09%	-12.06%	10.53%	6.77%
AXSIX Axonic Strategic Income Fund	1.94%	6.71%	8.30%	7.54%	-6.81%	5.91%	-0.16%

Correlation

The correlation between MFHVX and AXSIX 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	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 3, 2020	0.25

Return for Risk

MFHVX vs. AXSIX — Risk / Return Rank

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

MFHVX

MFHVX Risk / Return Rank: 72
MFHVX Sharpe Ratio Rank: 84
MFHVX Sortino Ratio Rank: 83
MFHVX Omega Ratio Rank: 85
MFHVX Calmar Ratio Rank: 70
MFHVX Martin Ratio Rank: 38

AXSIX

AXSIX Risk / Return Rank: 88
AXSIX Sharpe Ratio Rank: 69
AXSIX Sortino Ratio Rank: 95
AXSIX Omega Ratio Rank: 91
AXSIX Calmar Ratio Rank: 94
AXSIX Martin Ratio Rank: 93

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.

MFHVX vs. AXSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mesirow High Yield Fund (MFHVX) and Axonic Strategic Income Fund (AXSIX). 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.

	MFHVX	AXSIX	Difference
Sharpe ratio Return per unit of total volatility	2.73	2.42	+0.31
Sortino ratio Return per unit of downside risk	3.94	5.20	-1.26
Omega ratio Gain probability vs. loss probability	1.57	1.67	-0.10
Calmar ratio Return relative to maximum drawdown	3.26	5.40	-2.13
Martin ratio Return relative to average drawdown	8.29	19.84	-11.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFHVX vs. AXSIX - Sharpe Ratio Comparison

The current MFHVX Sharpe Ratio is 2.73, which is comparable to the AXSIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of MFHVX and AXSIX, 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

	MFHVX	AXSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	2.42	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	1.74	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	0.96	+0.37

Drawdowns

MFHVX vs. AXSIX - Drawdown Comparison

The maximum MFHVX drawdown since its inception was -20.95%, which is greater than AXSIX's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for MFHVX and AXSIX.

Drawdown Indicators

	MFHVX	AXSIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.95%	-12.55%	-8.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-1.22%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-5.14%	-1.22%	-3.92%
Max Drawdown (5Y) Largest decline over 5 years	-13.54%	-6.87%	-6.67%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.07%	-1.96%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.33%	+0.62%

Volatility

MFHVX vs. AXSIX - Volatility Comparison

The current volatility for Mesirow High Yield Fund (MFHVX) is 0.71%, while Axonic Strategic Income Fund (AXSIX) has a volatility of 0.78%. This indicates that MFHVX experiences smaller price fluctuations and is considered to be less risky than AXSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFHVX	AXSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	0.78%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.01%	1.66%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	2.76%	2.41%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.46%	2.18%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	3.70%	+0.72%

MFHVX vs. AXSIX - Expense Ratio Comparison

MFHVX has a 1.43% expense ratio, which is higher than AXSIX's 1.00% expense ratio.

Dividends

MFHVX vs. AXSIX - Dividend Comparison

MFHVX's dividend yield for the trailing twelve months is around 9.35%, more than AXSIX's 6.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AXSIX Axonic Strategic Income Fund	6.21%	6.39%	6.52%	6.24%	3.89%	6.70%	2.04%	0.00%	0.00%
MFHVX Mesirow High Yield Fund	9.35%	9.41%	8.98%	9.66%	8.95%	8.44%	7.30%	8.61%	0.04%

Frequently Asked Questions

Can I hold both MFHVX and AXSIX in my portfolio?

MFHVX and AXSIX 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.

Which is riskier, MFHVX or AXSIX?

AXSIX has higher volatility (0.78%) compared to MFHVX (0.71%). In terms of maximum drawdown, MFHVX dropped -20.95% vs AXSIX's -12.55%.

Which has better risk-adjusted returns?

MFHVX currently has the higher Sharpe Ratio (2.73 vs 2.42), 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.