MIEIX vs. MCSTX

Last updated Jul 14, 2026

MIEIX (MFS International Equity Fund Class R6) and MCSTX (MFS Commodity Strategy Fund Class R4) are both mutual funds - MIEIX is a Foreign Large Cap Equities fund managed by MFS, while MCSTX is a Commodities fund tracking the Bloomberg Commodity Index Total Return. Over the past 5 years, MIEIX returned 7.49%/yr vs 10.11%/yr for MCSTX. At a 0.25 correlation, their price movements are largely independent. MIEIX charges 0.68%/yr vs 0.91%/yr for MCSTX.

Performance

MIEIX vs. MCSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS International Equity Fund Class R6 (MIEIX) and MFS Commodity Strategy Fund Class R4 (MCSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIEIX achieves a 4.58% return, which is significantly lower than MCSTX's 15.51% return.

MIEIX

• 1D: 0.02%
• 1M: 1.70%
• 6M: 2.14%
• YTD: 4.58%
• 1Y: 10.62%
• 3Y*: 12.37%
• 5Y*: 7.49%
• 10Y*: 10.07%

MCSTX

• 1D: -0.24%
• 1M: -2.80%
• 6M: 10.61%
• YTD: 15.51%
• 1Y: 26.20%
• 3Y*: 13.07%
• 5Y*: 10.11%
• 10Y*: —

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

MIEIX vs. MCSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MIEIX MFS International Equity Fund Class R6	4.58%	23.22%	4.13%	19.06%	-14.82%	15.13%	11.11%	14.19%
MCSTX MFS Commodity Strategy Fund Class R4	15.51%	18.51%	5.09%	-6.15%	13.37%	27.60%	-0.21%	-1.04%

Correlation

The correlation between MIEIX and MCSTX is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Mar 20, 2019	0.25

Over the past year, the correlation between MIEIX and MCSTX has dropped to 0.01 - well below their long-term average of 0.25, suggesting their price drivers have been diverging.

Return for Risk

MIEIX vs. MCSTX — Risk / Return Rank

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

MIEIX

MIEIX Risk / Return Rank: 14
MIEIX Sharpe Ratio Rank: 13
MIEIX Sortino Ratio Rank: 13
MIEIX Omega Ratio Rank: 13
MIEIX Calmar Ratio Rank: 13
MIEIX Martin Ratio Rank: 15

MCSTX

MCSTX Risk / Return Rank: 52
MCSTX Sharpe Ratio Rank: 60
MCSTX Sortino Ratio Rank: 51
MCSTX Omega Ratio Rank: 58
MCSTX Calmar Ratio Rank: 49
MCSTX Martin Ratio Rank: 43

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.

MIEIX vs. MCSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS International Equity Fund Class R6 (MIEIX) and MFS Commodity Strategy Fund Class R4 (MCSTX). 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.

	MIEIX	MCSTX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.72	-1.00
Sortino ratio: Return per unit of downside risk	1.10	2.28	-1.18
Omega ratio: Gain probability vs. loss probability	1.13	1.31	-0.18
Calmar ratio: Return relative to maximum drawdown	0.85	2.15	-1.30
Martin ratio: Return relative to average drawdown	2.96	7.29	-4.33

MIEIX vs. MCSTX - Sharpe Ratio Comparison

The current MIEIX Sharpe Ratio is 0.72, which is lower than the MCSTX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of MIEIX and MCSTX, 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

MIEIX vs. MCSTX - Drawdown Comparison

The maximum MIEIX drawdown since its inception was -53.13%, which is greater than MCSTX's maximum drawdown of -37.67%. Use the drawdown chart below to compare losses from any high point for MIEIX and MCSTX.

Drawdown Indicators

	MIEIX	MCSTX	Difference
Max Drawdown Largest peak-to-trough decline	-53.13%	-37.67%	-15.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-12.72%	+1.46%
Max Drawdown (3Y) Largest decline over 3 years	-13.43%	-12.72%	-0.71%
Max Drawdown (5Y) Largest decline over 5 years	-28.07%	-37.67%	+9.60%
Max Drawdown (10Y) Largest decline over 10 years	-31.35%	—	—
Current Drawdown Current decline from peak	-1.16%	-10.13%	+8.97%
Average Drawdown Average peak-to-trough decline	-8.95%	-17.37%	+8.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	3.74%	-0.50%

Volatility

MIEIX vs. MCSTX - Volatility Comparison

MFS International Equity Fund Class R6 (MIEIX) and MFS Commodity Strategy Fund Class R4 (MCSTX) have volatilities of 3.85% and 3.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIEIX	MCSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	3.91%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	10.81%	13.28%	-2.47%
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	15.89%	-2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	34.66%	-19.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	29.83%	-14.17%

MIEIX vs. MCSTX - Expense Ratio Comparison

MIEIX has a 0.68% expense ratio, which is lower than MCSTX's 0.91% expense ratio.

Dividends

MIEIX vs. MCSTX - Dividend Comparison

MIEIX's dividend yield for the trailing twelve months is around 2.56%, less than MCSTX's 13.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCSTX MFS Commodity Strategy Fund Class R4	13.92%	16.08%	3.30%	2.21%	27.44%	56.14%	0.87%	1.87%	0.00%	0.00%	0.00%	0.00%
MIEIX MFS International Equity Fund Class R6	2.56%	2.68%	1.47%	1.67%	1.26%	5.40%	1.00%	3.12%	1.63%	1.85%	1.78%	1.71%

Frequently Asked Questions

Can I hold both MIEIX and MCSTX in my portfolio?

MIEIX and MCSTX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MIEIX or MCSTX?

MCSTX has higher volatility (3.91%) compared to MIEIX (3.85%). In terms of maximum drawdown, MIEIX dropped -53.13% vs MCSTX's -37.67%.

Which has better risk-adjusted returns?

MCSTX currently has the higher Sharpe Ratio (1.72 vs 0.72), 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.