MIEYX vs. FXAIX
MIEYX (MM S&P 500 Index Fund) and FXAIX (Fidelity 500 Index Fund) are both S&P 500 funds tracking the S&P 500 Index, from MassMutual and Fidelity respectively. Both are passively managed. Over the past 10 years, MIEYX returned 14.74%/yr vs 15.80%/yr for FXAIX. With a 0.99 correlation, they move nearly in lockstep. MIEYX charges 0.46%/yr vs 0.02%/yr for FXAIX.
Performance
MIEYX vs. FXAIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with MIEYX having a 9.52% return and FXAIX slightly higher at 9.79%. Over the past 10 years, MIEYX has underperformed FXAIX with an annualized return of 14.74%, while FXAIX has yielded a comparatively higher 15.80% annualized return.
MIEYX
- 1D
- -0.39%
- 1M
- 0.07%
- YTD
- 9.52%
- 6M
- 8.51%
- 1Y
- 24.87%
- 3Y*
- 20.83%
- 5Y*
- 13.01%
- 10Y*
- 14.74%
FXAIX
- 1D
- -0.37%
- 1M
- 0.10%
- YTD
- 9.79%
- 6M
- 8.79%
- 1Y
- 25.51%
- 3Y*
- 21.39%
- 5Y*
- 13.60%
- 10Y*
- 15.80%
MIEYX vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MIEYX MM S&P 500 Index Fund | 9.52% | 17.27% | 24.36% | 25.76% | -18.63% | 28.02% | 17.87% | 30.98% | -5.26% | 18.90% |
FXAIX Fidelity 500 Index Fund | 9.79% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Correlation
The correlation between MIEYX and FXAIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.99 |
The correlation between MIEYX and FXAIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
MIEYX vs. FXAIX — Risk / Return Rank
MIEYX
FXAIX
MIEYX vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MM S&P 500 Index Fund (MIEYX) and Fidelity 500 Index Fund (FXAIX). 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.
| MIEYX | FXAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.39 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 3.02 | -0.08 |
| Martin ratioReturn relative to average drawdown | 13.21 | 13.62 | -0.41 |
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Drawdowns
MIEYX vs. FXAIX - Drawdown Comparison
The maximum MIEYX drawdown since its inception was -55.63%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for MIEYX and FXAIX.
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Drawdown Indicators
| MIEYX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -33.79% | -21.84% |
Max Drawdown (1Y)Largest decline over 1 year | -8.92% | -8.89% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -36.63% | -18.76% | -17.87% |
Max Drawdown (5Y)Largest decline over 5 years | -36.63% | -24.50% | -12.13% |
Max Drawdown (10Y)Largest decline over 10 years | -36.63% | -33.79% | -2.84% |
Current DrawdownCurrent decline from peak | -4.12% | -1.72% | -2.40% |
Average DrawdownAverage peak-to-trough decline | -12.55% | -3.79% | -8.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.97% | +0.01% |
Volatility
MIEYX vs. FXAIX - Volatility Comparison
MM S&P 500 Index Fund (MIEYX) and Fidelity 500 Index Fund (FXAIX) have volatilities of 4.69% and 4.68%, 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.
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Volatility by Period
| MIEYX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.69% | 4.68% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.84% | 9.84% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 12.50% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.57% | 17.00% | +8.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.61% | 18.12% | +4.49% |
MIEYX vs. FXAIX - Expense Ratio Comparison
MIEYX has a 0.46% expense ratio, which is higher than FXAIX's 0.02% expense ratio.
Dividends
MIEYX vs. FXAIX - Dividend Comparison
MIEYX's dividend yield for the trailing twelve months is around 16.10%, more than FXAIX's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXAIX Fidelity 500 Index Fund | 1.04% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
MIEYX MM S&P 500 Index Fund | 16.10% | 17.63% | 32.89% | 7.13% | 33.24% | 13.29% | 16.29% | 6.38% | 19.14% | 21.81% | 4.19% | 2.29% |
Frequently Asked Questions
With a correlation of 1.00, MIEYX and FXAIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MIEYX has higher volatility (4.69%) compared to FXAIX (4.68%). In terms of maximum drawdown, MIEYX dropped -55.63% vs FXAIX's -33.79%.
FXAIX currently has the higher Sharpe Ratio (2.15 vs 2.10), 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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