MGRAX vs. FISMX

Last updated Jun 16, 2026

MGRAX (MFS International Growth Fund) and FISMX (Fidelity International Small Cap Fund) are both mutual funds - MGRAX is a Foreign Large Cap Equities fund managed by MFS, while FISMX is a Foreign Small & Mid Cap Equities fund managed by Fidelity. Over the past 10 years, MGRAX returned 9.95%/yr vs 9.23%/yr for FISMX. Their correlation of 0.84 suggests significant overlap in exposure. MGRAX charges 1.06%/yr vs 1.01%/yr for FISMX.

Performance

MGRAX vs. FISMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS International Growth Fund (MGRAX) and Fidelity International Small Cap Fund (FISMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGRAX achieves a 1.74% return, which is significantly lower than FISMX's 9.34% return. Over the past 10 years, MGRAX has outperformed FISMX with an annualized return of 9.95%, while FISMX has yielded a comparatively lower 9.23% annualized return.

MGRAX

• 1D: 0.36%
• 1M: 2.19%
• YTD: 1.74%
• 6M: 1.84%
• 1Y: 8.01%
• 3Y*: 10.82%
• 5Y*: 5.40%
• 10Y*: 9.95%

FISMX

• 1D: 0.55%
• 1M: 0.73%
• YTD: 9.34%
• 6M: 10.06%
• 1Y: 17.15%
• 3Y*: 13.51%
• 5Y*: 6.09%
• 10Y*: 9.23%

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

MGRAX vs. FISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGRAX MFS International Growth Fund	1.74%	20.73%	8.82%	14.54%	-15.31%	9.20%	15.45%	26.83%	-9.09%	32.15%
FISMX Fidelity International Small Cap Fund	9.34%	24.73%	0.05%	19.62%	-16.66%	13.44%	9.98%	21.45%	-16.08%	31.58%

Correlation

The correlation between MGRAX and FISMX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 19, 2002	0.84

The correlation between MGRAX and FISMX has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

MGRAX vs. FISMX — Risk / Return Rank

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

MGRAX

MGRAX Risk / Return Rank: 7
MGRAX Sharpe Ratio Rank: 7
MGRAX Sortino Ratio Rank: 7
MGRAX Omega Ratio Rank: 7
MGRAX Calmar Ratio Rank: 7
MGRAX Martin Ratio Rank: 8

FISMX

FISMX Risk / Return Rank: 25
FISMX Sharpe Ratio Rank: 25
FISMX Sortino Ratio Rank: 26
FISMX Omega Ratio Rank: 27
FISMX Calmar Ratio Rank: 22
FISMX Martin Ratio Rank: 25

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.

MGRAX vs. FISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS International Growth Fund (MGRAX) and Fidelity International Small Cap Fund (FISMX). 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.

	MGRAX	FISMX	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.25	-0.79
Sortino ratio: Return per unit of downside risk	0.74	1.84	-1.10
Omega ratio: Gain probability vs. loss probability	1.09	1.24	-0.15
Calmar ratio: Return relative to maximum drawdown	0.52	1.50	-0.97
Martin ratio: Return relative to average drawdown	1.71	5.27	-3.56

MGRAX vs. FISMX - Sharpe Ratio Comparison

The current MGRAX Sharpe Ratio is 0.47, which is lower than the FISMX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of MGRAX and FISMX, 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

MGRAX vs. FISMX - Drawdown Comparison

The maximum MGRAX drawdown since its inception was -55.29%, smaller than the maximum FISMX drawdown of -60.94%. Use the drawdown chart below to compare losses from any high point for MGRAX and FISMX.

Drawdown Indicators

	MGRAX	FISMX	Difference
Max Drawdown Largest peak-to-trough decline	-55.29%	-60.94%	+5.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-10.71%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-13.66%	-12.70%	-0.96%
Max Drawdown (5Y) Largest decline over 5 years	-30.58%	-31.07%	+0.49%
Max Drawdown (10Y) Largest decline over 10 years	-30.58%	-38.80%	+8.22%
Current Drawdown Current decline from peak	-4.93%	-1.83%	-3.10%
Average Drawdown Average peak-to-trough decline	-10.85%	-10.63%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	3.04%	+0.78%

Volatility

MGRAX vs. FISMX - Volatility Comparison

MFS International Growth Fund (MGRAX) has a higher volatility of 5.49% compared to Fidelity International Small Cap Fund (FISMX) at 4.85%. This indicates that MGRAX's price experiences larger fluctuations and is considered to be riskier than FISMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGRAX	FISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	4.85%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	10.81%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	13.97%	12.78%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.68%	13.66%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	14.08%	+1.68%

MGRAX vs. FISMX - Expense Ratio Comparison

MGRAX has a 1.06% expense ratio, which is higher than FISMX's 1.01% expense ratio.

Dividends

MGRAX vs. FISMX - Dividend Comparison

MGRAX's dividend yield for the trailing twelve months is around 5.26%, more than FISMX's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISMX Fidelity International Small Cap Fund	3.28%	3.58%	2.64%	1.87%	0.70%	7.28%	0.83%	2.32%	6.14%	2.46%	2.70%	2.80%
MGRAX MFS International Growth Fund	5.26%	5.35%	5.99%	2.56%	2.69%	6.62%	0.56%	1.42%	3.82%	2.26%	1.01%	1.06%

Frequently Asked Questions

Can I hold both MGRAX and FISMX in my portfolio?

MGRAX and FISMX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGRAX or FISMX?

MGRAX has higher volatility (5.49%) compared to FISMX (4.85%). In terms of maximum drawdown, MGRAX dropped -55.29% vs FISMX's -60.94%.

Which has better risk-adjusted returns?

FISMX currently has the higher Sharpe Ratio (1.25 vs 0.47), 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.