MNDIX vs. ETMGX

Last updated Jun 3, 2026

MNDIX (MFS New Discovery Fund) and ETMGX (Eaton Vance Tax-Managed Small-Cap Fund) are both Small Cap Growth Equities funds. Over the past 10 years, MNDIX returned 11.52%/yr vs 7.49%/yr for ETMGX. Their correlation of 0.86 suggests significant overlap in exposure. MNDIX charges 0.99%/yr vs 1.11%/yr for ETMGX.

Performance

MNDIX vs. ETMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS New Discovery Fund (MNDIX) and Eaton Vance Tax-Managed Small-Cap Fund (ETMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNDIX achieves a 10.59% return, which is significantly higher than ETMGX's 0.97% return. Over the past 10 years, MNDIX has outperformed ETMGX with an annualized return of 11.52%, while ETMGX has yielded a comparatively lower 7.49% annualized return.

MNDIX

• 1D: -0.32%
• 1M: 2.27%
• YTD: 10.59%
• 6M: 10.98%
• 1Y: 26.71%
• 3Y*: 12.51%
• 5Y*: 0.86%
• 10Y*: 11.52%

ETMGX

• 1D: -0.67%
• 1M: -2.23%
• YTD: 0.97%
• 6M: 1.06%
• 1Y: -1.33%
• 3Y*: 3.26%
• 5Y*: 0.80%
• 10Y*: 7.49%

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

MNDIX vs. ETMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNDIX MFS New Discovery Fund	10.59%	12.62%	6.32%	14.30%	-29.64%	2.03%	45.14%	41.12%	-1.41%	26.27%
ETMGX Eaton Vance Tax-Managed Small-Cap Fund	0.97%	-6.63%	11.43%	11.06%	-16.53%	20.91%	12.33%	27.32%	-5.86%	15.26%

Correlation

The correlation between MNDIX and ETMGX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.86

The correlation between MNDIX and ETMGX has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

MNDIX vs. ETMGX — Risk / Return Rank

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

MNDIX

MNDIX Risk / Return Rank: 26
MNDIX Sharpe Ratio Rank: 23
MNDIX Sortino Ratio Rank: 22
MNDIX Omega Ratio Rank: 21
MNDIX Calmar Ratio Rank: 28
MNDIX Martin Ratio Rank: 33

ETMGX

ETMGX Risk / Return Rank: 2
ETMGX Sharpe Ratio Rank: 2
ETMGX Sortino Ratio Rank: 2
ETMGX Omega Ratio Rank: 2
ETMGX Calmar Ratio Rank: 2
ETMGX Martin Ratio Rank: 2

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. ETMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS New Discovery Fund (MNDIX) and Eaton Vance Tax-Managed Small-Cap Fund (ETMGX). 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	ETMGX	Difference
Sharpe ratio Return per unit of total volatility	1.40	-0.12	+1.52
Sortino ratio Return per unit of downside risk	2.01	-0.06	+2.07
Omega ratio Gain probability vs. loss probability	1.24	0.99	+0.25
Calmar ratio Return relative to maximum drawdown	2.00	-0.16	+2.16
Martin ratio Return relative to average drawdown	7.55	-0.35	+7.90
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. ETMGX - Sharpe Ratio Comparison

The current MNDIX Sharpe Ratio is 1.40, which is higher than the ETMGX Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of MNDIX and ETMGX, 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	ETMGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	-0.12	+1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.04	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.38	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.47	-0.04

Drawdowns

MNDIX vs. ETMGX - Drawdown Comparison

The maximum MNDIX drawdown since its inception was -62.02%, which is greater than ETMGX's maximum drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for MNDIX and ETMGX.

Drawdown Indicators

	MNDIX	ETMGX	Difference
Max Drawdown Largest peak-to-trough decline	-62.02%	-37.02%	-25.00%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-13.14%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-25.32%	-22.28%	-3.04%
Max Drawdown (5Y) Largest decline over 5 years	-42.04%	-25.14%	-16.90%
Max Drawdown (10Y) Largest decline over 10 years	-42.04%	-37.02%	-5.02%
Current Drawdown Current decline from peak	-5.68%	-13.46%	+7.78%
Average Drawdown Average peak-to-trough decline	-16.82%	-6.58%	-10.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	5.82%	-2.26%

Volatility

MNDIX vs. ETMGX - Volatility Comparison

MFS New Discovery Fund (MNDIX) has a higher volatility of 5.64% compared to Eaton Vance Tax-Managed Small-Cap Fund (ETMGX) at 4.45%. This indicates that MNDIX's price experiences larger fluctuations and is considered to be riskier than ETMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNDIX	ETMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	4.45%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	15.01%	11.14%	+3.87%
Volatility (1Y) Calculated over the trailing 1-year period	19.54%	16.08%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.83%	18.75%	+4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.06%	19.92%	+2.14%

MNDIX vs. ETMGX - Expense Ratio Comparison

MNDIX has a 0.99% expense ratio, which is lower than ETMGX's 1.11% expense ratio.

Dividends

MNDIX vs. ETMGX - Dividend Comparison

MNDIX has not paid dividends to shareholders, while ETMGX's dividend yield for the trailing twelve months is around 6.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETMGX Eaton Vance Tax-Managed Small-Cap Fund	6.98%	7.04%	2.85%	1.36%	2.80%	8.28%	0.09%	6.50%	7.75%	11.87%	6.00%	5.50%
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 ETMGX in my portfolio?

MNDIX and ETMGX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MNDIX or ETMGX?

MNDIX has higher volatility (5.64%) compared to ETMGX (4.45%). In terms of maximum drawdown, MNDIX dropped -62.02% vs ETMGX's -37.02%.

Which has better risk-adjusted returns?

MNDIX currently has the higher Sharpe Ratio (1.40 vs -0.12), 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.