MGFAX vs. MIEYX

Last updated Jun 24, 2026

MGFAX (MassMutual Global Fund) and MIEYX (MM S&P 500 Index Fund) are both mutual funds - MGFAX is a Global Equities fund managed by MassMutual, while MIEYX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MGFAX returned 12.95%/yr vs 14.74%/yr for MIEYX. Their correlation of 0.89 suggests significant overlap in exposure. MGFAX charges 1.41%/yr vs 0.46%/yr for MIEYX.

Performance

MGFAX vs. MIEYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Global Fund (MGFAX) and MM S&P 500 Index Fund (MIEYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MGFAX having a 9.23% return and MIEYX slightly higher at 9.52%. Over the past 10 years, MGFAX has underperformed MIEYX with an annualized return of 12.95%, while MIEYX has yielded a comparatively higher 14.74% annualized return.

MGFAX

• 1D: -1.00%
• 1M: 4.20%
• YTD: 9.23%
• 6M: 8.48%
• 1Y: 20.81%
• 3Y*: 16.77%
• 5Y*: 7.20%
• 10Y*: 12.95%

MIEYX

• 1D: -0.39%
• 1M: 0.07%
• YTD: 9.52%
• 6M: 8.51%
• 1Y: 24.87%
• 3Y*: 20.83%
• 5Y*: 13.01%
• 10Y*: 14.74%

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

MGFAX vs. MIEYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGFAX MassMutual Global Fund	9.23%	14.37%	15.01%	33.87%	-32.08%	19.60%	27.18%	30.67%	-14.19%	35.30%
MIEYX MM S&P 500 Index Fund	9.52%	17.27%	24.36%	25.76%	-18.63%	28.02%	17.87%	30.98%	-5.26%	18.90%

Correlation

The correlation between MGFAX and MIEYX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 31, 2004	0.89

The correlation between MGFAX and MIEYX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

MGFAX vs. MIEYX — Risk / Return Rank

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

MGFAX

MGFAX Risk / Return Rank: 21
MGFAX Sharpe Ratio Rank: 22
MGFAX Sortino Ratio Rank: 22
MGFAX Omega Ratio Rank: 23
MGFAX Calmar Ratio Rank: 16
MGFAX Martin Ratio Rank: 21

MIEYX

MIEYX Risk / Return Rank: 62
MIEYX Sharpe Ratio Rank: 60
MIEYX Sortino Ratio Rank: 54
MIEYX Omega Ratio Rank: 56
MIEYX Calmar Ratio Rank: 64
MIEYX Martin Ratio Rank: 75

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.

MGFAX vs. MIEYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Global Fund (MGFAX) and MM S&P 500 Index Fund (MIEYX). 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.

	MGFAX	MIEYX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.10	-0.85
Sortino ratio: Return per unit of downside risk	1.79	2.84	-1.05
Omega ratio: Gain probability vs. loss probability	1.23	1.38	-0.15
Calmar ratio: Return relative to maximum drawdown	1.32	2.94	-1.62
Martin ratio: Return relative to average drawdown	4.86	13.21	-8.36

MGFAX vs. MIEYX - Sharpe Ratio Comparison

The current MGFAX Sharpe Ratio is 1.25, which is lower than the MIEYX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of MGFAX and MIEYX, 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

MGFAX vs. MIEYX - Drawdown Comparison

The maximum MGFAX drawdown since its inception was -62.06%, which is greater than MIEYX's maximum drawdown of -55.63%. Use the drawdown chart below to compare losses from any high point for MGFAX and MIEYX.

Drawdown Indicators

	MGFAX	MIEYX	Difference
Max Drawdown Largest peak-to-trough decline	-62.06%	-55.63%	-6.43%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-8.92%	-7.46%
Max Drawdown (3Y) Largest decline over 3 years	-23.61%	-36.63%	+13.02%
Max Drawdown (5Y) Largest decline over 5 years	-46.09%	-36.63%	-9.46%
Max Drawdown (10Y) Largest decline over 10 years	-46.09%	-36.63%	-9.46%
Current Drawdown Current decline from peak	-1.00%	-4.12%	+3.12%
Average Drawdown Average peak-to-trough decline	-13.57%	-12.55%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	1.98%	+2.45%

Volatility

MGFAX vs. MIEYX - Volatility Comparison

MassMutual Global Fund (MGFAX) has a higher volatility of 7.91% compared to MM S&P 500 Index Fund (MIEYX) at 4.69%. This indicates that MGFAX's price experiences larger fluctuations and is considered to be riskier than MIEYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGFAX	MIEYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	4.69%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	9.84%	+4.70%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	12.52%	+4.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.63%	25.57%	+8.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.65%	22.61%	+5.04%

MGFAX vs. MIEYX - Expense Ratio Comparison

MGFAX has a 1.41% expense ratio, which is higher than MIEYX's 0.46% expense ratio.

Dividends

MGFAX vs. MIEYX - Dividend Comparison

MGFAX's dividend yield for the trailing twelve months is around 39.97%, more than MIEYX's 16.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGFAX MassMutual Global Fund	39.97%	43.66%	16.85%	30.43%	28.11%	15.89%	5.05%	0.36%	27.78%	12.10%	3.75%	8.25%
MIEYX MM S&P 500 Index Fund	16.10%	17.63%	32.89%	7.13%	33.24%	13.29%	16.29%	6.38%	19.14%	21.81%	4.19%	2.29%

Frequently Asked Questions

Can I hold both MGFAX and MIEYX in my portfolio?

With a correlation of 0.92, MGFAX and MIEYX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MGFAX or MIEYX?

MGFAX has higher volatility (7.91%) compared to MIEYX (4.69%). In terms of maximum drawdown, MGFAX dropped -62.06% vs MIEYX's -55.63%.

Which has better risk-adjusted returns?

MIEYX currently has the higher Sharpe Ratio (2.10 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.