MMSIX vs. IPSIX

Last updated Jun 23, 2026

MMSIX (Praxis Small Cap Index Fund) and IPSIX (Voya Index Plus SmallCap Portfolio) are both Small Cap Blend Equities funds. Over the past 10 years, MMSIX returned 9.99%/yr vs 10.52%/yr for IPSIX. With a 0.96 correlation, they move nearly in lockstep. MMSIX charges 0.43%/yr vs 0.60%/yr for IPSIX.

Performance

MMSIX vs. IPSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Praxis Small Cap Index Fund (MMSIX) and Voya Index Plus SmallCap Portfolio (IPSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMSIX achieves a 16.11% return, which is significantly lower than IPSIX's 21.20% return. Over the past 10 years, MMSIX has underperformed IPSIX with an annualized return of 9.99%, while IPSIX has yielded a comparatively higher 10.52% annualized return.

MMSIX

• 1D: 1.49%
• 1M: 3.18%
• YTD: 16.11%
• 6M: 13.46%
• 1Y: 28.58%
• 3Y*: 14.19%
• 5Y*: 7.13%
• 10Y*: 9.99%

IPSIX

• 1D: 1.79%
• 1M: 4.75%
• YTD: 21.20%
• 6M: 18.13%
• 1Y: 40.69%
• 3Y*: 16.89%
• 5Y*: 9.43%
• 10Y*: 10.52%

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

MMSIX vs. IPSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMSIX Praxis Small Cap Index Fund	16.11%	6.67%	8.48%	16.66%	-19.61%	34.07%	11.05%	24.44%	-7.90%	11.30%
IPSIX Voya Index Plus SmallCap Portfolio	21.20%	8.46%	8.64%	18.17%	-13.82%	28.42%	5.25%	21.07%	-12.34%	9.94%

Correlation

The correlation between MMSIX and IPSIX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 2, 2007	0.96

The correlation between MMSIX and IPSIX shifts across timeframes, from 0.85 (1 year) to 0.96 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MMSIX vs. IPSIX — Risk / Return Rank

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

MMSIX

MMSIX Risk / Return Rank: 49
MMSIX Sharpe Ratio Rank: 41
MMSIX Sortino Ratio Rank: 41
MMSIX Omega Ratio Rank: 37
MMSIX Calmar Ratio Rank: 70
MMSIX Martin Ratio Rank: 59

IPSIX

IPSIX Risk / Return Rank: 86
IPSIX Sharpe Ratio Rank: 86
IPSIX Sortino Ratio Rank: 84
IPSIX Omega Ratio Rank: 70
IPSIX Calmar Ratio Rank: 96
IPSIX Martin Ratio Rank: 95

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.

MMSIX vs. IPSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Praxis Small Cap Index Fund (MMSIX) and Voya Index Plus SmallCap Portfolio (IPSIX). 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.

	MMSIX	IPSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.59	-0.87
Sortino ratio: Return per unit of downside risk	2.48	3.69	-1.21
Omega ratio: Gain probability vs. loss probability	1.30	1.43	-0.13
Calmar ratio: Return relative to maximum drawdown	3.07	6.00	-2.94
Martin ratio: Return relative to average drawdown	11.02	19.92	-8.91

MMSIX vs. IPSIX - Sharpe Ratio Comparison

The current MMSIX Sharpe Ratio is 1.73, which is lower than the IPSIX Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of MMSIX and IPSIX, 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

MMSIX vs. IPSIX - Drawdown Comparison

The maximum MMSIX drawdown since its inception was -57.70%, roughly equal to the maximum IPSIX drawdown of -58.01%. Use the drawdown chart below to compare losses from any high point for MMSIX and IPSIX.

Drawdown Indicators

	MMSIX	IPSIX	Difference
Max Drawdown Largest peak-to-trough decline	-57.70%	-58.01%	+0.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-7.63%	-1.77%
Max Drawdown (3Y) Largest decline over 3 years	-25.89%	-26.60%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-26.99%	-26.60%	-0.39%
Max Drawdown (10Y) Largest decline over 10 years	-42.42%	-47.92%	+5.50%
Current Drawdown Current decline from peak	-0.22%	0.00%	-0.22%
Average Drawdown Average peak-to-trough decline	-11.26%	-9.69%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.26%	+0.35%

Volatility

MMSIX vs. IPSIX - Volatility Comparison

Praxis Small Cap Index Fund (MMSIX) and Voya Index Plus SmallCap Portfolio (IPSIX) have volatilities of 5.25% and 5.36%, 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

	MMSIX	IPSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	5.36%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	11.94%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	17.68%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.41%	22.04%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	23.76%	-0.77%

MMSIX vs. IPSIX - Expense Ratio Comparison

MMSIX has a 0.43% expense ratio, which is lower than IPSIX's 0.60% expense ratio.

Dividends

MMSIX vs. IPSIX - Dividend Comparison

MMSIX's dividend yield for the trailing twelve months is around 7.65%, less than IPSIX's 9.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPSIX Voya Index Plus SmallCap Portfolio	9.02%	5.72%	4.44%	4.20%	19.88%	0.65%	1.98%	16.87%	18.12%	9.69%	3.19%	0.93%
MMSIX Praxis Small Cap Index Fund	7.65%	8.89%	1.14%	1.30%	1.08%	15.39%	1.19%	4.58%	6.37%	23.15%	5.35%	15.37%

Frequently Asked Questions

Can I hold both MMSIX and IPSIX in my portfolio?

MMSIX and IPSIX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMSIX or IPSIX?

IPSIX has higher volatility (5.36%) compared to MMSIX (5.25%). In terms of maximum drawdown, MMSIX dropped -57.70% vs IPSIX's -58.01%.

Which has better risk-adjusted returns?

IPSIX currently has the higher Sharpe Ratio (2.59 vs 1.73), 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.