MNDIX vs. NESIX

Last updated Apr 1, 2026

Compare and contrast key facts about MFS New Discovery Fund (MNDIX) and Needham Small Cap Growth Fund Institutional (NESIX).

MNDIX is managed by MFS. It was launched on Jan 2, 1997. NESIX is managed by Needham. It was launched on Dec 30, 2016.

Performance

MNDIX vs. NESIX - Performance Comparison

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

MNDIX vs. NESIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNDIX MFS New Discovery Fund	-5.84%	12.62%	6.32%	14.30%	-29.64%	2.03%	45.14%	41.12%	-1.41%	25.84%
NESIX Needham Small Cap Growth Fund Institutional	9.63%	11.16%	13.47%	5.85%	-29.71%	11.36%	73.06%	55.28%	-4.87%	12.63%

Returns By Period

In the year-to-date period, MNDIX achieves a -5.84% return, which is significantly lower than NESIX's 9.63% return.

MNDIX

• 1D: -1.91%
• 1M: -9.78%
• YTD: -5.84%
• 6M: -1.91%
• 1Y: 14.39%
• 3Y*: 6.40%
• 5Y*: -1.73%
• 10Y*: 10.39%

NESIX

• 1D: -4.46%
• 1M: -7.08%
• YTD: 9.63%
• 6M: 12.40%
• 1Y: 48.73%
• 3Y*: 11.47%
• 5Y*: 1.26%
• 10Y*: —

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

MNDIX vs. NESIX - Expense Ratio Comparison

MNDIX has a 0.99% expense ratio, which is lower than NESIX's 1.18% expense ratio.

NESIX

Needham Small Cap Growth Fund Institutional

MNDIX

MFS New Discovery Fund

Return for Risk

MNDIX vs. NESIX — Risk / Return Rank

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

MNDIX

MNDIX Risk / Return Rank: 24
MNDIX Sharpe Ratio Rank: 22
MNDIX Sortino Ratio Rank: 24
MNDIX Omega Ratio Rank: 21
MNDIX Calmar Ratio Rank: 27
MNDIX Martin Ratio Rank: 27

NESIX

NESIX Risk / Return Rank: 78
NESIX Sharpe Ratio Rank: 75
NESIX Sortino Ratio Rank: 76
NESIX Omega Ratio Rank: 67
NESIX Calmar Ratio Rank: 89
NESIX Martin Ratio Rank: 82

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. NESIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS New Discovery Fund (MNDIX) and Needham Small Cap Growth Fund Institutional (NESIX). 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	NESIX	Difference
Sharpe ratio Return per unit of total volatility	0.59	1.34	-0.75
Sortino ratio Return per unit of downside risk	0.97	1.91	-0.93
Omega ratio Gain probability vs. loss probability	1.13	1.25	-0.13
Calmar ratio Return relative to maximum drawdown	0.81	2.44	-1.63
Martin ratio Return relative to average drawdown	3.00	8.21	-5.21
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. NESIX - Sharpe Ratio Comparison

The current MNDIX Sharpe Ratio is 0.59, which is lower than the NESIX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of MNDIX and NESIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MNDIX	NESIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	1.34	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.04	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.53	-0.12

Correlation

The correlation between MNDIX and NESIX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MNDIX vs. NESIX - Dividend Comparison

Neither MNDIX nor NESIX has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
NESIX Needham Small Cap Growth Fund Institutional	0.00%	0.00%	0.00%	0.00%	3.93%	23.92%	13.26%	8.25%	21.96%	8.89%	0.00%

Drawdowns

MNDIX vs. NESIX - Drawdown Comparison

The maximum MNDIX drawdown since its inception was -62.02%, which is greater than NESIX's maximum drawdown of -49.61%. Use the drawdown chart below to compare losses from any high point for MNDIX and NESIX.

Drawdown Indicators

	MNDIX	NESIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.02%	-49.61%	-12.41%
Max Drawdown (1Y) Largest decline over 1 year	-14.21%	-17.25%	+3.04%
Max Drawdown (5Y) Largest decline over 5 years	-42.04%	-49.61%	+7.57%
Max Drawdown (10Y) Largest decline over 10 years	-42.04%	—	—
Current Drawdown Current decline from peak	-19.69%	-9.15%	-10.54%
Average Drawdown Average peak-to-trough decline	-16.86%	-15.27%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	5.12%	-1.30%

Volatility

MNDIX vs. NESIX - Volatility Comparison

The current volatility for MFS New Discovery Fund (MNDIX) is 7.80%, while Needham Small Cap Growth Fund Institutional (NESIX) has a volatility of 10.99%. This indicates that MNDIX experiences smaller price fluctuations and is considered to be less risky than NESIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNDIX	NESIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.80%	10.99%	-3.19%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	22.90%	-8.46%
Volatility (1Y) Calculated over the trailing 1-year period	23.69%	35.06%	-11.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.66%	29.10%	-6.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.94%	26.30%	-4.36%