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MNDIX vs. RFIMX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MNDIX vs. RFIMX

Last updated Jun 24, 2026

MNDIX (MFS New Discovery Fund) and RFIMX (Ranger Micro Cap Fund) are both Small Cap Growth Equities funds. Over the past 5 years, MNDIX returned 0.55%/yr vs 3.64%/yr for RFIMX. Their correlation of 0.86 suggests significant overlap in exposure. MNDIX charges 0.99%/yr vs 1.51%/yr for RFIMX.

Performance

MNDIX vs. RFIMX - Performance Comparison

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

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Returns By Period

In the year-to-date period, MNDIX achieves a 13.77% return, which is significantly lower than RFIMX's 20.52% return.

MNDIX

1D
0.33%
1M
4.64%
YTD
13.77%
6M
10.86%
1Y
26.18%
3Y*
13.57%
5Y*
0.55%
10Y*
12.25%

RFIMX

1D
-0.34%
1M
6.27%
YTD
20.52%
6M
16.96%
1Y
30.09%
3Y*
9.23%
5Y*
3.64%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MNDIX vs. RFIMX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MNDIX
MFS New Discovery Fund		13.77%12.62%6.32%14.30%-29.64%2.03%45.14%41.12%0.21%
RFIMX
Ranger Micro Cap Fund		20.52%1.99%11.52%9.14%-24.26%30.58%44.44%24.94%-0.56%

Correlation

The correlation between MNDIX and RFIMX is 0.86, 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

0.86

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

Correlation (5Y)
Calculated over the trailing 5-year period

0.88

Correlation (All Time)
Calculated using the full available price history since Dec 18, 2018

0.86

The correlation between MNDIX and RFIMX has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

MFS New Discovery Fund

Ranger Micro Cap Fund

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Often compared with RFIMX:
RFIMX vs. FXAIXRFIMX vs. ONEQRFIMX vs. MISGXRFIMX vs. ARTSXRFIMX vs. HRSMXRFIMX vs. PQJCXRFIMX vs. LAGWX

Return for Risk

MNDIX vs. RFIMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MNDIX
MNDIX Risk / Return Rank: 2929
Overall Rank
MNDIX Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
MNDIX Sortino Ratio Rank: 2525
Sortino Ratio Rank
MNDIX Omega Ratio Rank: 2424
Omega Ratio Rank
MNDIX Calmar Ratio Rank: 3333
Calmar Ratio Rank
MNDIX Martin Ratio Rank: 3737
Martin Ratio Rank
RFIMX
RFIMX Risk / Return Rank: 4747
Overall Rank
RFIMX Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
RFIMX Sortino Ratio Rank: 3737
Sortino Ratio Rank
RFIMX Omega Ratio Rank: 3131
Omega Ratio Rank
RFIMX Calmar Ratio Rank: 8080
Calmar Ratio Rank
RFIMX Martin Ratio Rank: 5151
Martin Ratio Rank
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. RFIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS New Discovery Fund (MNDIX) and Ranger Micro Cap Fund (RFIMX). 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.

MNDIXRFIMXDifference
Sharpe ratioReturn per unit of total volatility
1.36
1.62

-0.26

Sortino ratioReturn per unit of downside risk
1.96
2.37

-0.41

Omega ratioGain probability vs. loss probability

1.24

1.27

-0.04

Calmar ratioReturn relative to maximum drawdown

2.04

3.46

-1.42

Martin ratioReturn relative to average drawdown

7.67

9.79

-2.13

MNDIX vs. RFIMX - Sharpe Ratio Comparison

The current MNDIX Sharpe Ratio is 1.36, which is comparable to the RFIMX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of MNDIX and RFIMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MNDIX vs. RFIMX - Drawdown Comparison

The maximum MNDIX drawdown since its inception was -62.02%, smaller than the maximum RFIMX drawdown of -99.41%. Use the drawdown chart below to compare losses from any high point for MNDIX and RFIMX.

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Drawdown Indicators

MNDIXRFIMXDifference

Max Drawdown

Largest peak-to-trough decline

-62.02%

-99.41%

+37.39%

Max Drawdown (1Y)

Largest decline over 1 year

-13.42%

-9.11%

-4.31%

Max Drawdown (3Y)

Largest decline over 3 years

-25.32%

-99.41%

+74.09%

Max Drawdown (5Y)

Largest decline over 5 years

-42.04%

-99.41%

+57.37%

Max Drawdown (10Y)

Largest decline over 10 years

-42.04%

—

—

Current Drawdown

Current decline from peak

-2.97%

-99.09%

+96.12%

Average Drawdown

Average peak-to-trough decline

-16.80%

-29.75%

+12.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.56%

3.22%

+0.34%

Volatility

MNDIX vs. RFIMX - Volatility Comparison

MFS New Discovery Fund (MNDIX) has a higher volatility of 6.84% compared to Ranger Micro Cap Fund (RFIMX) at 6.09%. This indicates that MNDIX's price experiences larger fluctuations and is considered to be riskier than RFIMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MNDIXRFIMXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.84%

6.09%

+0.75%

Volatility (6M)

Calculated over the trailing 6-month period

15.81%

14.23%

+1.58%

Volatility (1Y)

Calculated over the trailing 1-year period

20.17%

19.50%

+0.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.97%

5,378.52%

-5,355.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.13%

4,389.81%

-4,367.68%

MNDIX vs. RFIMX - Expense Ratio Comparison

MNDIX has a 0.99% expense ratio, which is lower than RFIMX's 1.51% expense ratio.

Dividends

MNDIX vs. RFIMX - Dividend Comparison

MNDIX has not paid dividends to shareholders, while RFIMX's dividend yield for the trailing twelve months is around 1.10%.

PositionTTM2025202420232022202120202019201820172016
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%
RFIMX
Ranger Micro Cap Fund		1.10%1.33%0.00%0.77%47.82%71.79%0.00%0.00%0.36%0.00%0.00%

Frequently Asked Questions

MNDIX and RFIMX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MNDIX has higher volatility (6.84%) compared to RFIMX (6.09%). In terms of maximum drawdown, MNDIX dropped -62.02% vs RFIMX's -99.41%.

RFIMX currently has the higher Sharpe Ratio (1.62 vs 1.36), 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.

Portfolio Optimizer

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