MIDLX vs. BHYAX
MIDLX (MFS International New Discovery Fund Class R6) and BHYAX (BlackRock High Yield Bond Fund Investor A Shares) are both mutual funds - MIDLX is a Foreign Small & Mid Cap Equities fund tracking the MSCI All Country World ex-US Small Mid Cap Index, while BHYAX is a High Yield Bonds fund tracking the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. Both are passively managed. Over the past 10 years, MIDLX returned 6.75%/yr vs 5.41%/yr for BHYAX. A 0.55 correlation means they provide meaningful diversification when combined. MIDLX charges 0.91%/yr vs 0.93%/yr for BHYAX.
Performance
MIDLX vs. BHYAX - Performance Comparison
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Returns By Period
In the year-to-date period, MIDLX achieves a 6.33% return, which is significantly higher than BHYAX's 1.62% return. Over the past 10 years, MIDLX has outperformed BHYAX with an annualized return of 6.75%, while BHYAX has yielded a comparatively lower 5.41% annualized return.
MIDLX
- 1D
- 0.22%
- 1M
- -0.80%
- YTD
- 6.33%
- 6M
- 6.99%
- 1Y
- 10.11%
- 3Y*
- 10.82%
- 5Y*
- 3.32%
- 10Y*
- 6.75%
BHYAX
- 1D
- 0.14%
- 1M
- 0.25%
- YTD
- 1.62%
- 6M
- 2.13%
- 1Y
- 7.38%
- 3Y*
- 8.48%
- 5Y*
- 3.86%
- 10Y*
- 5.41%
MIDLX vs. BHYAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MIDLX MFS International New Discovery Fund Class R6 | 6.33% | 17.03% | 3.33% | 13.21% | -18.52% | 5.17% | 10.15% | 24.97% | -10.29% | 30.65% |
BHYAX BlackRock High Yield Bond Fund Investor A Shares | 1.62% | 8.96% | 7.55% | 12.19% | -11.63% | 5.21% | 5.54% | 15.15% | -3.24% | 8.03% |
Correlation
The correlation between MIDLX and BHYAX is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2012 | 0.55 |
The correlation between MIDLX and BHYAX has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
MIDLX vs. BHYAX — Risk / Return Rank
MIDLX
BHYAX
MIDLX vs. BHYAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MFS International New Discovery Fund Class R6 (MIDLX) and BlackRock High Yield Bond Fund Investor A Shares (BHYAX). 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.
| MIDLX | BHYAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.52 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 3.29 | -2.43 |
| Martin ratioReturn relative to average drawdown | 2.97 | 16.19 | -13.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MIDLX | BHYAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 2.22 | -1.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.75 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.92 | -0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 1.14 | -0.56 |
Drawdowns
MIDLX vs. BHYAX - Drawdown Comparison
The maximum MIDLX drawdown since its inception was -34.70%, roughly equal to the maximum BHYAX drawdown of -35.18%. Use the drawdown chart below to compare losses from any high point for MIDLX and BHYAX.
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Drawdown Indicators
| MIDLX | BHYAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.70% | -35.18% | +0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -11.75% | -2.30% | -9.45% |
Max Drawdown (3Y)Largest decline over 3 years | -13.15% | -4.10% | -9.05% |
Max Drawdown (5Y)Largest decline over 5 years | -33.58% | -15.60% | -17.98% |
Max Drawdown (10Y)Largest decline over 10 years | -34.70% | -23.25% | -11.45% |
Current DrawdownCurrent decline from peak | -2.21% | -0.14% | -2.07% |
Average DrawdownAverage peak-to-trough decline | -6.92% | -2.87% | -4.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 0.47% | +2.94% |
Volatility
MIDLX vs. BHYAX - Volatility Comparison
MFS International New Discovery Fund Class R6 (MIDLX) has a higher volatility of 3.58% compared to BlackRock High Yield Bond Fund Investor A Shares (BHYAX) at 1.08%. This indicates that MIDLX's price experiences larger fluctuations and is considered to be riskier than BHYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MIDLX | BHYAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.58% | 1.08% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 9.48% | 2.64% | +6.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.49% | 3.41% | +8.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.21% | 5.19% | +8.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.00% | 5.90% | +8.10% |
MIDLX vs. BHYAX - Expense Ratio Comparison
MIDLX has a 0.91% expense ratio, which is lower than BHYAX's 0.93% expense ratio.
Dividends
MIDLX vs. BHYAX - Dividend Comparison
MIDLX's dividend yield for the trailing twelve months is around 3.17%, less than BHYAX's 6.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BHYAX BlackRock High Yield Bond Fund Investor A Shares | 6.72% | 6.71% | 6.56% | 5.30% | 4.60% | 4.42% | 4.83% | 5.39% | 6.02% | 5.50% | 5.65% | 6.01% |
MIDLX MFS International New Discovery Fund Class R6 | 3.17% | 3.37% | 10.08% | 4.21% | 5.85% | 5.19% | 4.03% | 4.36% | 6.82% | 1.63% | 1.09% | 1.25% |
Frequently Asked Questions
MIDLX and BHYAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MIDLX has higher volatility (3.58%) compared to BHYAX (1.08%). In terms of maximum drawdown, MIDLX dropped -34.70% vs BHYAX's -35.18%.
BHYAX currently has the higher Sharpe Ratio (2.22 vs 0.88), 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.
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