MIGFX vs. MFRFX

Last updated Jun 5, 2026

MIGFX (MFS Massachusetts Investors Growth Stock Fund) and MFRFX (MFS Research Fund) are both mutual funds - MIGFX is a Large Cap Growth Equities fund managed by MFS, while MFRFX is a Large Cap Blend Equities fund managed by MFS. Over the past 10 years, MIGFX returned 14.46%/yr vs 13.05%/yr for MFRFX. Their correlation of 0.86 suggests significant overlap in exposure. MIGFX charges 0.70%/yr vs 0.78%/yr for MFRFX.

Performance

MIGFX vs. MFRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Massachusetts Investors Growth Stock Fund (MIGFX) and MFS Research Fund (MFRFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIGFX achieves a -1.97% return, which is significantly lower than MFRFX's 6.29% return. Over the past 10 years, MIGFX has outperformed MFRFX with an annualized return of 14.46%, while MFRFX has yielded a comparatively lower 13.05% annualized return.

MIGFX

• 1D: -1.64%
• 1M: 1.32%
• YTD: -1.97%
• 6M: -1.60%
• 1Y: 7.52%
• 3Y*: 15.00%
• 5Y*: 9.50%
• 10Y*: 14.46%

MFRFX

• 1D: -0.78%
• 1M: 2.53%
• YTD: 6.29%
• 6M: 6.33%
• 1Y: 18.66%
• 3Y*: 16.94%
• 5Y*: 9.82%
• 10Y*: 13.05%

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

MIGFX vs. MFRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIGFX MFS Massachusetts Investors Growth Stock Fund	-1.97%	9.97%	27.25%	24.13%	-19.20%	26.06%	22.55%	39.89%	0.81%	28.68%
MFRFX MFS Research Fund	6.29%	12.80%	18.77%	22.49%	-17.21%	24.66%	16.63%	33.13%	-4.51%	23.31%

Correlation

The correlation between MIGFX and MFRFX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 4, 1973	0.86

The correlation between MIGFX and MFRFX has been stable across timeframes, ranging from 0.86 to 0.96 - a consistent structural relationship.

Return for Risk

MIGFX vs. MFRFX — Risk / Return Rank

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

MIGFX

MIGFX Risk / Return Rank: 7
MIGFX Sharpe Ratio Rank: 8
MIGFX Sortino Ratio Rank: 7
MIGFX Omega Ratio Rank: 7
MIGFX Calmar Ratio Rank: 6
MIGFX Martin Ratio Rank: 7

MFRFX

MFRFX Risk / Return Rank: 34
MFRFX Sharpe Ratio Rank: 34
MFRFX Sortino Ratio Rank: 32
MFRFX Omega Ratio Rank: 33
MFRFX Calmar Ratio Rank: 30
MFRFX Martin Ratio Rank: 41

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.

MIGFX vs. MFRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Massachusetts Investors Growth Stock Fund (MIGFX) and MFS Research Fund (MFRFX). 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.

	MIGFX	MFRFX	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.63	-1.01
Sortino ratio: Return per unit of downside risk	0.94	2.28	-1.34
Omega ratio: Gain probability vs. loss probability	1.11	1.30	-0.18
Calmar ratio: Return relative to maximum drawdown	0.58	1.98	-1.40
Martin ratio: Return relative to average drawdown	1.92	8.55	-6.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MIGFX vs. MFRFX - Sharpe Ratio Comparison

The current MIGFX Sharpe Ratio is 0.62, which is lower than the MFRFX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of MIGFX and MFRFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MIGFX	MFRFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	1.63	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.60	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.74	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.44	-0.05

Drawdowns

MIGFX vs. MFRFX - Drawdown Comparison

The maximum MIGFX drawdown since its inception was -61.83%, which is greater than MFRFX's maximum drawdown of -56.15%. Use the drawdown chart below to compare losses from any high point for MIGFX and MFRFX.

Drawdown Indicators

	MIGFX	MFRFX	Difference
Max Drawdown Largest peak-to-trough decline	-61.83%	-56.15%	-5.68%
Max Drawdown (1Y) Largest decline over 1 year	-13.77%	-9.63%	-4.14%
Max Drawdown (3Y) Largest decline over 3 years	-18.68%	-19.19%	+0.51%
Max Drawdown (5Y) Largest decline over 5 years	-26.67%	-23.37%	-3.30%
Max Drawdown (10Y) Largest decline over 10 years	-32.42%	-33.52%	+1.10%
Current Drawdown Current decline from peak	-4.01%	-0.83%	-3.18%
Average Drawdown Average peak-to-trough decline	-18.95%	-14.45%	-4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	2.22%	+1.90%

Volatility

MIGFX vs. MFRFX - Volatility Comparison

MFS Massachusetts Investors Growth Stock Fund (MIGFX) has a higher volatility of 3.79% compared to MFS Research Fund (MFRFX) at 2.70%. This indicates that MIGFX's price experiences larger fluctuations and is considered to be riskier than MFRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIGFX	MFRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	2.70%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	9.97%	8.92%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	11.72%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	16.57%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	17.60%	+0.62%

MIGFX vs. MFRFX - Expense Ratio Comparison

MIGFX has a 0.70% expense ratio, which is lower than MFRFX's 0.78% expense ratio.

Dividends

MIGFX vs. MFRFX - Dividend Comparison

MIGFX's dividend yield for the trailing twelve months is around 11.62%, less than MFRFX's 15.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFRFX MFS Research Fund	15.13%	16.09%	10.04%	6.68%	7.56%	5.43%	5.09%	3.68%	12.52%	8.80%	4.63%	6.98%
MIGFX MFS Massachusetts Investors Growth Stock Fund	11.62%	11.39%	17.15%	4.11%	4.49%	10.47%	7.43%	7.39%	10.76%	6.87%	5.12%	6.51%

Frequently Asked Questions

Can I hold both MIGFX and MFRFX in my portfolio?

With a correlation of 0.93, MIGFX and MFRFX 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.

Which is riskier, MIGFX or MFRFX?

MIGFX has higher volatility (3.79%) compared to MFRFX (2.70%). In terms of maximum drawdown, MIGFX dropped -61.83% vs MFRFX's -56.15%.

Which has better risk-adjusted returns?

MFRFX currently has the higher Sharpe Ratio (1.63 vs 0.62), 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.