MFSM vs. BREE

Last updated Jun 24, 2026

MFSM (MFS Active Intermediate Muni Bond ETF) and BREE (MFS Blended Research Emerging Markets Equity ETF) are both exchange-traded funds - MFSM is a Municipal Bonds fund actively managed by MFS, while BREE is a Emerging Markets Diversified fund actively managed by MFS. Both are actively managed. A 0.60 correlation means they provide meaningful diversification when combined. MFSM charges 0.34%/yr vs 0.44%/yr for BREE.

Performance

MFSM vs. BREE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Active Intermediate Muni Bond ETF (MFSM) and MFS Blended Research Emerging Markets Equity ETF (BREE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MFSM

• 1D: -0.10%
• 1M: 1.38%
• YTD: 1.97%
• 6M: 2.31%
• 1Y: 6.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BREE

• 1D: -5.28%
• 1M: 3.88%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MFSM vs. BREE - Yearly Performance Comparison

	2026 (YTD)
MFSM MFS Active Intermediate Muni Bond ETF	0.43%
BREE MFS Blended Research Emerging Markets Equity ETF	9.44%

Correlation

The correlation between MFSM and BREE is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 5, 2026	0.60

Return for Risk

MFSM vs. BREE — Risk / Return Rank

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

MFSM

MFSM Risk / Return Rank: 78
MFSM Sharpe Ratio Rank: 89
MFSM Sortino Ratio Rank: 92
MFSM Omega Ratio Rank: 93
MFSM Calmar Ratio Rank: 58
MFSM Martin Ratio Rank: 59

BREE

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.

MFSM vs. BREE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Active Intermediate Muni Bond ETF (MFSM) and MFS Blended Research Emerging Markets Equity ETF (BREE). 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.

	MFSM	BREE	Difference
Sharpe ratio: Return per unit of total volatility	2.65	—	—
Sortino ratio: Return per unit of downside risk	4.05	—	—
Omega ratio: Gain probability vs. loss probability	1.57	—	—
Calmar ratio: Return relative to maximum drawdown	2.61	—	—
Martin ratio: Return relative to average drawdown	9.61	—	—

Drawdowns

MFSM vs. BREE - Drawdown Comparison

The maximum MFSM drawdown since its inception was -3.86%, smaller than the maximum BREE drawdown of -12.31%. Use the drawdown chart below to compare losses from any high point for MFSM and BREE.

Drawdown Indicators

	MFSM	BREE	Difference
Max Drawdown Largest peak-to-trough decline	-3.86%	-12.31%	+8.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.65%	—	—
Current Drawdown Current decline from peak	-0.28%	-5.28%	+5.00%
Average Drawdown Average peak-to-trough decline	-0.86%	-3.77%	+2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	—	—

Volatility

Volatility by Period

	MFSM	BREE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	33.53%	-30.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	33.53%	-30.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.40%	33.53%	-30.13%

MFSM vs. BREE - Expense Ratio Comparison

MFSM has a 0.34% expense ratio, which is lower than BREE's 0.44% expense ratio.

Dividends

MFSM vs. BREE - Dividend Comparison

MFSM's dividend yield for the trailing twelve months is around 3.55%, while BREE has not paid dividends to shareholders.

Position	TTM	2025	2024
BREE MFS Blended Research Emerging Markets Equity ETF	0.00%	0.00%	0.00%
MFSM MFS Active Intermediate Muni Bond ETF	3.55%	3.53%	0.23%

Frequently Asked Questions

Can I hold both MFSM and BREE in my portfolio?

MFSM and BREE have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MFSM or BREE?

On fees, MFSM is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MFSM or BREE?

MFSM is cheaper with a 0.34% expense ratio, compared with 0.44% for BREE.

Which ETF pays a higher dividend yield, MFSM or BREE?

MFSM has the higher dividend yield at 3.55%, compared with 0.00% for BREE.

What is the main difference between MFSM and BREE?

MFSM is categorized as Municipal Bonds, while BREE is Emerging Markets Diversified. Their fees differ too: 0.34% for MFSM and 0.44% for BREE.