MIIAX vs. MCBDX
MIIAX (Praxis Impact Bond Fund) and MCBDX (MassMutual Core Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, MIIAX returned 1.29%/yr vs 5.38%/yr for MCBDX. Their correlation of 0.92 suggests significant overlap in exposure. MIIAX charges 0.88%/yr vs 0.52%/yr for MCBDX.
Performance
MIIAX vs. MCBDX - Performance Comparison
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Returns By Period
In the year-to-date period, MIIAX achieves a 0.43% return, which is significantly lower than MCBDX's 0.96% return. Over the past 10 years, MIIAX has underperformed MCBDX with an annualized return of 1.29%, while MCBDX has yielded a comparatively higher 5.38% annualized return.
MIIAX
- 1D
- 0.21%
- 1M
- 0.82%
- YTD
- 0.43%
- 6M
- 0.52%
- 1Y
- 4.51%
- 3Y*
- 3.76%
- 5Y*
- -0.27%
- 10Y*
- 1.29%
MCBDX
- 1D
- 0.22%
- 1M
- 1.01%
- YTD
- 0.96%
- 6M
- 1.46%
- 1Y
- 6.17%
- 3Y*
- 4.86%
- 5Y*
- 6.56%
- 10Y*
- 5.38%
MIIAX vs. MCBDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MIIAX Praxis Impact Bond Fund | 0.43% | 6.82% | 1.17% | 5.32% | -13.09% | -2.22% | 7.45% | 7.75% | -0.36% | 3.11% |
MCBDX MassMutual Core Bond Fund | 0.96% | 8.03% | 1.13% | 6.64% | -15.29% | 38.26% | 8.42% | 9.62% | -0.48% | 4.60% |
Correlation
The correlation between MIIAX and MCBDX is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since May 12, 1999 | 0.92 |
The correlation between MIIAX and MCBDX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
MIIAX vs. MCBDX — Risk / Return Rank
MIIAX
MCBDX
MIIAX vs. MCBDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Praxis Impact Bond Fund (MIIAX) and MassMutual Core Bond Fund (MCBDX). 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.
| MIIAX | MCBDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 2.16 | -0.64 |
| Martin ratioReturn relative to average drawdown | 4.38 | 7.06 | -2.68 |
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Drawdowns
MIIAX vs. MCBDX - Drawdown Comparison
The maximum MIIAX drawdown since its inception was -18.76%, smaller than the maximum MCBDX drawdown of -22.01%. Use the drawdown chart below to compare losses from any high point for MIIAX and MCBDX.
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Drawdown Indicators
| MIIAX | MCBDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.76% | -22.01% | +3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -2.87% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -6.20% | -5.34% | -0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -18.22% | -22.01% | +3.79% |
Max Drawdown (10Y)Largest decline over 10 years | -18.76% | -22.01% | +3.25% |
Current DrawdownCurrent decline from peak | -3.13% | -4.04% | +0.91% |
Average DrawdownAverage peak-to-trough decline | -2.53% | -3.53% | +1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.88% | +0.18% |
Volatility
MIIAX vs. MCBDX - Volatility Comparison
Praxis Impact Bond Fund (MIIAX) and MassMutual Core Bond Fund (MCBDX) have volatilities of 1.14% and 1.10%, 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
| MIIAX | MCBDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.10% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 2.82% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.76% | 3.80% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.84% | 20.10% | -14.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.73% | 14.44% | -9.71% |
MIIAX vs. MCBDX - Expense Ratio Comparison
MIIAX has a 0.88% expense ratio, which is higher than MCBDX's 0.52% expense ratio.
Dividends
MIIAX vs. MCBDX - Dividend Comparison
MIIAX's dividend yield for the trailing twelve months is around 3.38%, less than MCBDX's 4.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCBDX MassMutual Core Bond Fund | 4.47% | 4.50% | 1.93% | 4.62% | 3.83% | 31.12% | 5.98% | 3.35% | 3.32% | 2.96% | 3.29% | 1.43% |
MIIAX Praxis Impact Bond Fund | 3.38% | 3.28% | 3.12% | 2.35% | 2.02% | 1.50% | 2.42% | 2.15% | 2.27% | 2.19% | 2.35% | 2.55% |
Frequently Asked Questions
MIIAX and MCBDX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MIIAX has higher volatility (1.14%) compared to MCBDX (1.10%). In terms of maximum drawdown, MIIAX dropped -18.76% vs MCBDX's -22.01%.
MCBDX currently has the higher Sharpe Ratio (1.63 vs 1.24), 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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