MIEIX vs. MSNYX

Last updated Jun 23, 2026

MIEIX (MFS International Equity Fund Class R6) and MSNYX (MFS New York Municipal Bond Fund) are both mutual funds - MIEIX is a Foreign Large Cap Equities fund managed by MFS, while MSNYX is a Municipal Bonds fund managed by MFS. Over the past 10 years, MIEIX returned 9.95%/yr vs 1.89%/yr for MSNYX. At a correlation of -0.05, they often move in opposite directions. MIEIX charges 0.68%/yr vs 0.83%/yr for MSNYX.

Performance

MIEIX vs. MSNYX - Performance Comparison

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

Returns By Period

In the year-to-date period, MIEIX achieves a 3.10% return, which is significantly higher than MSNYX's 2.40% return. Over the past 10 years, MIEIX has outperformed MSNYX with an annualized return of 9.95%, while MSNYX has yielded a comparatively lower 1.89% annualized return.

MIEIX

• 1D: 0.38%
• 1M: 0.50%
• YTD: 3.10%
• 6M: 3.18%
• 1Y: 12.13%
• 3Y*: 10.86%
• 5Y*: 7.46%
• 10Y*: 9.95%

MSNYX

• 1D: 0.10%
• 1M: 2.22%
• YTD: 2.40%
• 6M: 2.71%
• 1Y: 8.03%
• 3Y*: 4.22%
• 5Y*: 0.46%
• 10Y*: 1.89%

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

MIEIX vs. MSNYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIEIX MFS International Equity Fund Class R6	3.10%	23.22%	4.13%	19.06%	-14.82%	15.13%	11.11%	28.42%	-10.66%	28.01%
MSNYX MFS New York Municipal Bond Fund	2.40%	4.09%	2.91%	6.67%	-12.93%	2.97%	3.80%	7.96%	0.59%	5.57%

Correlation

The correlation between MIEIX and MSNYX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jan 30, 1996	-0.05

The correlation between MIEIX and MSNYX shifts across timeframes, from -0.05 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MIEIX vs. MSNYX — Risk / Return Rank

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

MIEIX

MIEIX Risk / Return Rank: 11
MIEIX Sharpe Ratio Rank: 11
MIEIX Sortino Ratio Rank: 11
MIEIX Omega Ratio Rank: 11
MIEIX Calmar Ratio Rank: 11
MIEIX Martin Ratio Rank: 13

MSNYX

MSNYX Risk / Return Rank: 68
MSNYX Sharpe Ratio Rank: 76
MSNYX Sortino Ratio Rank: 82
MSNYX Omega Ratio Rank: 86
MSNYX Calmar Ratio Rank: 50
MSNYX Martin Ratio Rank: 44

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. MSNYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS International Equity Fund Class R6 (MIEIX) and MFS New York Municipal Bond Fund (MSNYX). 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	MSNYX	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.32	-1.48
Sortino ratio: Return per unit of downside risk	1.26	3.56	-2.30
Omega ratio: Gain probability vs. loss probability	1.16	1.54	-0.39
Calmar ratio: Return relative to maximum drawdown	1.00	2.57	-1.58
Martin ratio: Return relative to average drawdown	3.48	8.84	-5.36

MIEIX vs. MSNYX - Sharpe Ratio Comparison

The current MIEIX Sharpe Ratio is 0.84, which is lower than the MSNYX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of MIEIX and MSNYX, 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. MSNYX - Drawdown Comparison

The maximum MIEIX drawdown since its inception was -53.13%, which is greater than MSNYX's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for MIEIX and MSNYX.

Drawdown Indicators

	MIEIX	MSNYX	Difference
Max Drawdown Largest peak-to-trough decline	-53.13%	-18.43%	-34.70%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-3.13%	-8.13%
Max Drawdown (3Y) Largest decline over 3 years	-13.43%	-8.25%	-5.18%
Max Drawdown (5Y) Largest decline over 5 years	-28.07%	-18.43%	-9.64%
Max Drawdown (10Y) Largest decline over 10 years	-31.35%	-18.43%	-12.92%
Current Drawdown Current decline from peak	-1.62%	0.00%	-1.62%
Average Drawdown Average peak-to-trough decline	-8.97%	-2.23%	-6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	0.91%	+2.30%

Volatility

MIEIX vs. MSNYX - Volatility Comparison

MFS International Equity Fund Class R6 (MIEIX) has a higher volatility of 3.68% compared to MFS New York Municipal Bond Fund (MSNYX) at 0.88%. This indicates that MIEIX's price experiences larger fluctuations and is considered to be riskier than MSNYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIEIX	MSNYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	0.88%	+2.80%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	2.56%	+8.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	3.47%	+9.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	4.99%	+10.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	4.61%	+11.32%

MIEIX vs. MSNYX - Expense Ratio Comparison

MIEIX has a 0.68% expense ratio, which is lower than MSNYX's 0.83% expense ratio.

Dividends

MIEIX vs. MSNYX - Dividend Comparison

MIEIX's dividend yield for the trailing twelve months is around 2.60%, less than MSNYX's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MIEIX MFS International Equity Fund Class R6	2.60%	2.68%	1.47%	1.67%	1.26%	5.40%	1.00%	3.12%	1.63%	1.85%	1.78%	1.71%
MSNYX MFS New York Municipal Bond Fund	3.53%	4.64%	3.17%	2.77%	2.06%	2.13%	2.52%	3.08%	3.53%	3.58%	3.56%	3.76%

Frequently Asked Questions

Can I hold both MIEIX and MSNYX in my portfolio?

MIEIX and MSNYX have a correlation of 0.30, 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 MSNYX?

MIEIX has higher volatility (3.68%) compared to MSNYX (0.88%). In terms of maximum drawdown, MIEIX dropped -53.13% vs MSNYX's -18.43%.

Which has better risk-adjusted returns?

MSNYX currently has the higher Sharpe Ratio (2.32 vs 0.84), 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.