MIEIX vs. SPY

Last updated Aug 1, 2026

MIEIX (MFS International Equity Fund Class R6) and SPY (State Street SPDR S&P 500 ETF) are both funds - MIEIX is a Foreign Large Cap Equities fund managed by MFS, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MIEIX returned 10.24%/yr vs 15.07%/yr for SPY. Their 0.63 correlation means they have sometimes moved together and sometimes differently. MIEIX charges 0.64%/yr vs 0.09%/yr for SPY.

Performance

MIEIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS International Equity Fund Class R6 (MIEIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIEIX achieves a 8.67% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, MIEIX has underperformed SPY with an annualized return of 10.24%, while SPY has yielded a comparatively higher 15.07% annualized return.

MIEIX

• 1D: 2.06%
• 1M: 3.67%
• 6M: 7.12%
• YTD: 8.67%
• 1Y: 17.91%
• 3Y*: 12.63%
• 5Y*: 8.20%
• 10Y*: 10.24%
• ALL TIME*: 8.23%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MIEIX MFS International Equity Fund Class R6	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

MIEIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIEIX MFS International Equity Fund Class R6	8.67%	23.22%	4.13%	19.06%	-14.82%	15.13%	11.11%	28.42%	-10.66%	28.01%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MIEIX and SPY is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Jan 30, 1996	0.63

The correlation between MIEIX and SPY has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

Return for Risk

MIEIX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MIEIX

MIEIX Risk / Return Rank: 40
MIEIX Sharpe Ratio Rank: 43
MIEIX Sortino Ratio Rank: 43
MIEIX Omega Ratio Rank: 42
MIEIX Calmar Ratio Rank: 34
MIEIX Martin Ratio Rank: 36

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MIEIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS International Equity Fund Class R6 (MIEIX) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.52	-0.32
Sortino ratio: Return per unit of downside risk	1.75	2.11	-0.36
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.42	2.20	-0.78
Martin ratio: Return relative to average drawdown	5.14	9.40	-4.26

MIEIX vs. SPY - Sharpe Ratio Comparison

The current MIEIX Sharpe Ratio is 1.20, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of MIEIX and SPY, 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. SPY - Drawdown Comparison

The maximum MIEIX drawdown since its inception was -53.13%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MIEIX and SPY.

Drawdown Indicators

	MIEIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-53.13%	-55.19%	+2.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-8.88%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-13.43%	-18.76%	+5.33%
Max Drawdown (5Y) Largest decline over 5 years	-28.07%	-24.50%	-3.57%
Max Drawdown (10Y) Largest decline over 10 years	-31.35%	-33.72%	+2.37%
Current Drawdown Current decline from peak	0.00%	-1.40%	+1.40%
Average Drawdown Average peak-to-trough decline	-8.94%	-9.01%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	2.08%	+1.03%

Volatility

MIEIX vs. SPY - Volatility Comparison

MFS International Equity Fund Class R6 (MIEIX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.74% and 3.58%, 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	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	3.58%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	10.93%	10.14%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	12.89%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	17.18%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.67%	17.95%	-2.28%

MIEIX vs. SPY - Expense Ratio Comparison

MIEIX has a 0.64% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MIEIX vs. SPY - Dividend Comparison

MIEIX's dividend yield for the trailing twelve months is around 2.46%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MIEIX MFS International Equity Fund Class R6	2.46%	2.68%	1.47%	1.67%	1.26%	5.40%	1.00%	3.12%	1.63%	1.85%	1.78%	1.71%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MIEIX and SPY in my portfolio?

MIEIX and SPY have a correlation of 0.70, 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 SPY?

MIEIX has higher volatility (3.74%) compared to SPY (3.58%). In terms of maximum drawdown, MIEIX dropped -53.13% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.20), 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.