MMAIX vs. BRUFX

Last updated Jul 4, 2026

MMAIX (MFS Moderate Allocation Fund) and BRUFX (Bruce Fund) are both Diversified Portfolio funds. Over the past 10 years, MMAIX returned 7.80%/yr vs 7.73%/yr for BRUFX. A 0.67 correlation means they provide meaningful diversification when combined. MMAIX charges 0.65%/yr vs 0.68%/yr for BRUFX.

Performance

MMAIX vs. BRUFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Moderate Allocation Fund (MMAIX) and Bruce Fund (BRUFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMAIX achieves a 5.24% return, which is significantly lower than BRUFX's 15.92% return. Both investments have delivered pretty close results over the past 10 years, with MMAIX having a 7.80% annualized return and BRUFX not far behind at 7.73%.

MMAIX

• 1D: 0.28%
• 1M: 0.92%
• 6M: 4.93%
• YTD: 5.24%
• 1Y: 9.35%
• 3Y*: 10.24%
• 5Y*: 4.81%
• 10Y*: 7.80%

BRUFX

• 1D: 1.06%
• 1M: 6.03%
• 6M: 15.33%
• YTD: 15.92%
• 1Y: 26.79%
• 3Y*: 12.61%
• 5Y*: 5.92%
• 10Y*: 7.73%

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

MMAIX vs. BRUFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMAIX MFS Moderate Allocation Fund	5.24%	11.68%	8.68%	12.23%	-15.03%	12.04%	13.86%	22.10%	-4.20%	15.10%
BRUFX Bruce Fund	15.92%	14.89%	4.45%	-0.74%	-8.80%	17.35%	12.06%	22.42%	-3.99%	12.48%

Correlation

The correlation between MMAIX and BRUFX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 28, 2002	0.67

The correlation between MMAIX and BRUFX has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

Return for Risk

MMAIX vs. BRUFX — Risk / Return Rank

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

MMAIX

MMAIX Risk / Return Rank: 33
MMAIX Sharpe Ratio Rank: 34
MMAIX Sortino Ratio Rank: 33
MMAIX Omega Ratio Rank: 33
MMAIX Calmar Ratio Rank: 28
MMAIX Martin Ratio Rank: 38

BRUFX

BRUFX Risk / Return Rank: 89
BRUFX Sharpe Ratio Rank: 91
BRUFX Sortino Ratio Rank: 88
BRUFX Omega Ratio Rank: 84
BRUFX Calmar Ratio Rank: 88
BRUFX Martin Ratio Rank: 93

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.

MMAIX vs. BRUFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Moderate Allocation Fund (MMAIX) and Bruce Fund (BRUFX). 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.

	MMAIX	BRUFX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.52	-1.22
Sortino ratio: Return per unit of downside risk	1.88	3.58	-1.71
Omega ratio: Gain probability vs. loss probability	1.24	1.44	-0.21
Calmar ratio: Return relative to maximum drawdown	1.57	3.56	-1.99
Martin ratio: Return relative to average drawdown	6.65	15.74	-9.09

MMAIX vs. BRUFX - Sharpe Ratio Comparison

The current MMAIX Sharpe Ratio is 1.30, which is lower than the BRUFX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of MMAIX and BRUFX, 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

MMAIX vs. BRUFX - Drawdown Comparison

The maximum MMAIX drawdown since its inception was -37.57%, smaller than the maximum BRUFX drawdown of -44.50%. Use the drawdown chart below to compare losses from any high point for MMAIX and BRUFX.

Drawdown Indicators

	MMAIX	BRUFX	Difference
Max Drawdown Largest peak-to-trough decline	-37.57%	-44.50%	+6.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.22%	-7.67%	+1.45%
Max Drawdown (3Y) Largest decline over 3 years	-9.38%	-9.66%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	-21.36%	-17.91%	-3.45%
Max Drawdown (10Y) Largest decline over 10 years	-23.38%	-25.44%	+2.06%
Current Drawdown Current decline from peak	-0.03%	-0.35%	+0.32%
Average Drawdown Average peak-to-trough decline	-3.88%	-9.05%	+5.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.73%	-0.27%

Volatility

MMAIX vs. BRUFX - Volatility Comparison

The current volatility for MFS Moderate Allocation Fund (MMAIX) is 2.83%, while Bruce Fund (BRUFX) has a volatility of 3.56%. This indicates that MMAIX experiences smaller price fluctuations and is considered to be less risky than BRUFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMAIX	BRUFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	3.56%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	6.17%	8.50%	-2.33%
Volatility (1Y) Calculated over the trailing 1-year period	7.50%	10.80%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.79%	10.58%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.96%	11.64%	-1.68%

MMAIX vs. BRUFX - Expense Ratio Comparison

MMAIX has a 0.65% expense ratio, which is lower than BRUFX's 0.68% expense ratio.

Dividends

MMAIX vs. BRUFX - Dividend Comparison

MMAIX's dividend yield for the trailing twelve months is around 7.25%, more than BRUFX's 5.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRUFX Bruce Fund	5.48%	6.35%	5.01%	6.46%	13.31%	9.25%	5.83%	2.03%	2.49%	4.11%	6.26%	4.63%
MMAIX MFS Moderate Allocation Fund	7.25%	7.60%	7.09%	3.69%	4.31%	5.70%	3.88%	4.70%	6.34%	4.66%	2.92%	5.02%

Frequently Asked Questions

Can I hold both MMAIX and BRUFX in my portfolio?

MMAIX and BRUFX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMAIX or BRUFX?

BRUFX has higher volatility (3.56%) compared to MMAIX (2.83%). In terms of maximum drawdown, MMAIX dropped -37.57% vs BRUFX's -44.50%.

Which has better risk-adjusted returns?

BRUFX currently has the higher Sharpe Ratio (2.52 vs 1.30), 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.