MNDIX vs. DFSTX

Last updated Jun 4, 2026

MNDIX (MFS New Discovery Fund) and DFSTX (DFA U.S. Small Cap Portfolio) are both mutual funds - MNDIX is a Small Cap Growth Equities fund managed by MFS, while DFSTX is a Small Cap Blend Equities fund managed by Dimensional. Over the past 10 years, MNDIX returned 11.59%/yr vs 10.93%/yr for DFSTX. Their correlation of 0.91 suggests significant overlap in exposure. MNDIX charges 0.99%/yr vs 0.27%/yr for DFSTX.

Performance

MNDIX vs. DFSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS New Discovery Fund (MNDIX) and DFA U.S. Small Cap Portfolio (DFSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNDIX achieves a 11.23% return, which is significantly lower than DFSTX's 14.69% return. Over the past 10 years, MNDIX has outperformed DFSTX with an annualized return of 11.59%, while DFSTX has yielded a comparatively lower 10.93% annualized return.

MNDIX

• 1D: 0.58%
• 1M: 2.97%
• YTD: 11.23%
• 6M: 9.95%
• 1Y: 25.97%
• 3Y*: 12.73%
• 5Y*: 1.13%
• 10Y*: 11.59%

DFSTX

• 1D: 0.76%
• 1M: 3.51%
• YTD: 14.69%
• 6M: 13.91%
• 1Y: 29.09%
• 3Y*: 16.25%
• 5Y*: 8.13%
• 10Y*: 10.93%

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

MNDIX vs. DFSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNDIX MFS New Discovery Fund	11.23%	12.62%	6.32%	14.30%	-29.64%	2.03%	45.14%	41.12%	-1.41%	26.27%
DFSTX DFA U.S. Small Cap Portfolio	14.69%	8.07%	11.50%	17.66%	-13.50%	30.50%	11.19%	21.78%	-13.20%	11.19%

Correlation

The correlation between MNDIX and DFSTX 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	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997	0.91

The correlation between MNDIX and DFSTX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

MNDIX vs. DFSTX — Risk / Return Rank

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

MNDIX

MNDIX Risk / Return Rank: 27
MNDIX Sharpe Ratio Rank: 24
MNDIX Sortino Ratio Rank: 23
MNDIX Omega Ratio Rank: 22
MNDIX Calmar Ratio Rank: 30
MNDIX Martin Ratio Rank: 35

DFSTX

DFSTX Risk / Return Rank: 51
DFSTX Sharpe Ratio Rank: 41
DFSTX Sortino Ratio Rank: 42
DFSTX Omega Ratio Rank: 38
DFSTX Calmar Ratio Rank: 75
DFSTX Martin Ratio Rank: 58

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.

MNDIX vs. DFSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS New Discovery Fund (MNDIX) and DFA U.S. Small Cap Portfolio (DFSTX). 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.

	MNDIX	DFSTX	Difference
Sharpe ratio Return per unit of total volatility	1.41	1.87	-0.45
Sortino ratio Return per unit of downside risk	2.02	2.73	-0.70
Omega ratio Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio Return relative to maximum drawdown	2.06	3.42	-1.36
Martin ratio Return relative to average drawdown	7.74	11.58	-3.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNDIX vs. DFSTX - Sharpe Ratio Comparison

The current MNDIX Sharpe Ratio is 1.41, which is comparable to the DFSTX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of MNDIX and DFSTX, 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

	MNDIX	DFSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.87	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.40	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.50	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.50	-0.07

Drawdowns

MNDIX vs. DFSTX - Drawdown Comparison

The maximum MNDIX drawdown since its inception was -62.02%, roughly equal to the maximum DFSTX drawdown of -60.99%. Use the drawdown chart below to compare losses from any high point for MNDIX and DFSTX.

Drawdown Indicators

	MNDIX	DFSTX	Difference
Max Drawdown Largest peak-to-trough decline	-62.02%	-60.99%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-9.16%	-4.26%
Max Drawdown (3Y) Largest decline over 3 years	-25.32%	-25.91%	+0.59%
Max Drawdown (5Y) Largest decline over 5 years	-42.04%	-25.91%	-16.13%
Max Drawdown (10Y) Largest decline over 10 years	-42.04%	-44.78%	+2.74%
Current Drawdown Current decline from peak	-5.13%	0.00%	-5.13%
Average Drawdown Average peak-to-trough decline	-16.82%	-8.77%	-8.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	2.69%	+0.87%

Volatility

MNDIX vs. DFSTX - Volatility Comparison

MFS New Discovery Fund (MNDIX) has a higher volatility of 5.65% compared to DFA U.S. Small Cap Portfolio (DFSTX) at 4.45%. This indicates that MNDIX's price experiences larger fluctuations and is considered to be riskier than DFSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNDIX	DFSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	4.45%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	15.00%	11.57%	+3.43%
Volatility (1Y) Calculated over the trailing 1-year period	19.50%	16.76%	+2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.83%	20.56%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.06%	22.08%	-0.02%

MNDIX vs. DFSTX - Expense Ratio Comparison

MNDIX has a 0.99% expense ratio, which is higher than DFSTX's 0.27% expense ratio.

Dividends

MNDIX vs. DFSTX - Dividend Comparison

MNDIX has not paid dividends to shareholders, while DFSTX's dividend yield for the trailing twelve months is around 0.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSTX DFA U.S. Small Cap Portfolio	0.95%	1.08%	1.05%	2.45%	5.18%	6.39%	1.08%	3.30%	5.16%	4.56%	3.10%	5.90%
MNDIX MFS New Discovery Fund	0.00%	0.00%	0.00%	0.00%	0.09%	20.76%	9.22%	7.01%	23.11%	9.34%	2.24%	0.00%

Frequently Asked Questions

Can I hold both MNDIX and DFSTX in my portfolio?

With a correlation of 0.90, MNDIX and DFSTX 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, MNDIX or DFSTX?

MNDIX has higher volatility (5.65%) compared to DFSTX (4.45%). In terms of maximum drawdown, MNDIX dropped -62.02% vs DFSTX's -60.99%.

Which has better risk-adjusted returns?

DFSTX currently has the higher Sharpe Ratio (1.87 vs 1.41), 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.