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MFPAX vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MFPAX vs. BATVX

Last updated Jun 23, 2026

MFPAX (MFS Pennsylvania Municipal Bond Fund) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, MFPAX returned 0.68%/yr vs 1.51%/yr for BATVX. At a 0.19 correlation, their price movements are largely independent. MFPAX charges 0.69%/yr vs 0.00%/yr for BATVX.

Performance

MFPAX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Pennsylvania Municipal Bond Fund (MFPAX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MFPAX achieves a 2.10% return, which is significantly higher than BATVX's 0.97% return.

MFPAX

1D
0.10%
1M
1.99%
YTD
2.10%
6M
2.51%
1Y
7.58%
3Y*
4.13%
5Y*
0.68%
10Y*
2.13%

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MFPAX vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
MFPAX
MFS Pennsylvania Municipal Bond Fund		2.10%4.65%2.83%4.90%-10.76%1.33%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between MFPAX and BATVX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.19

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.19

The correlation between MFPAX and BATVX shifts across timeframes, from 0.19 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

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MFS Pennsylvania Municipal Bond Fund

BlackRock Allocation Target Shares

Often compared with MFPAX:
MFPAX vs. MINIXMFPAX vs. MDIJXMFPAX vs. NRKMFPAX vs. MEIIXMFPAX vs. MFEKXMFPAX vs. MIGFXMFPAX vs. USMSX
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. FOHFXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. VPALXBATVX vs. PTEAXBATVX vs. NMTRX

Return for Risk

MFPAX vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MFPAX
MFPAX Risk / Return Rank: 7272
Overall Rank
MFPAX Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
MFPAX Sortino Ratio Rank: 8989
Sortino Ratio Rank
MFPAX Omega Ratio Rank: 9191
Omega Ratio Rank
MFPAX Calmar Ratio Rank: 4949
Calmar Ratio Rank
MFPAX Martin Ratio Rank: 4646
Martin Ratio Rank
BATVX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

MFPAX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Pennsylvania Municipal Bond Fund (MFPAX) and BlackRock Allocation Target Shares (BATVX). 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.

MFPAXBATVXDifference
Sharpe ratioReturn per unit of total volatility
2.51
3.57

-1.06

Sortino ratioReturn per unit of downside risk
3.99

—

—

Omega ratioGain probability vs. loss probability

1.63

—

—

Calmar ratioReturn relative to maximum drawdown

2.55

—

—

Martin ratioReturn relative to average drawdown

9.17

—

—

MFPAX vs. BATVX - Sharpe Ratio Comparison

The current MFPAX Sharpe Ratio is 2.51, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of MFPAX and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MFPAX vs. BATVX - Drawdown Comparison

The maximum MFPAX drawdown since its inception was -16.26%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for MFPAX and BATVX.

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Drawdown Indicators

MFPAXBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-16.26%

-0.20%

-16.06%

Max Drawdown (1Y)

Largest decline over 1 year

-2.99%

0.00%

-2.99%

Max Drawdown (3Y)

Largest decline over 3 years

-7.17%

-0.10%

-7.07%

Max Drawdown (5Y)

Largest decline over 5 years

-16.26%

-0.20%

-16.06%

Max Drawdown (10Y)

Largest decline over 10 years

-16.26%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-2.19%

-0.03%

-2.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.83%

0.00%

+0.83%

Volatility

MFPAX vs. BATVX - Volatility Comparison

MFS Pennsylvania Municipal Bond Fund (MFPAX) has a higher volatility of 0.87% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that MFPAX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MFPAXBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.87%

0.20%

+0.67%

Volatility (6M)

Calculated over the trailing 6-month period

2.29%

0.49%

+1.80%

Volatility (1Y)

Calculated over the trailing 1-year period

3.04%

0.73%

+2.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.28%

0.64%

+3.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.13%

0.63%

+3.50%

MFPAX vs. BATVX - Expense Ratio Comparison

MFPAX has a 0.69% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

MFPAX vs. BATVX - Dividend Comparison

MFPAX's dividend yield for the trailing twelve months is around 3.44%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MFPAX
MFS Pennsylvania Municipal Bond Fund		3.44%4.47%3.00%2.63%1.92%2.04%2.68%3.48%3.60%3.65%3.63%3.72%

Frequently Asked Questions

MFPAX and BATVX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MFPAX has higher volatility (0.87%) compared to BATVX (0.20%). In terms of maximum drawdown, MFPAX dropped -16.26% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 2.51), 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.

Portfolio Optimizer

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