MNDIX vs. VRTGX

Last updated Jun 4, 2026

MNDIX (MFS New Discovery Fund) and VRTGX (Vanguard Russell 2000 Growth Index Fund Institutional Shares) are both Small Cap Growth Equities funds. Over the past 10 years, MNDIX returned 11.59%/yr vs 11.55%/yr for VRTGX. Their correlation of 0.95 suggests significant overlap in exposure. MNDIX charges 0.99%/yr vs 0.08%/yr for VRTGX.

Performance

MNDIX vs. VRTGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS New Discovery Fund (MNDIX) and Vanguard Russell 2000 Growth Index Fund Institutional Shares (VRTGX). 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 VRTGX's 18.46% return. Both investments have delivered pretty close results over the past 10 years, with MNDIX having a 11.59% annualized return and VRTGX not far behind at 11.55%.

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%

VRTGX

• 1D: 0.86%
• 1M: 5.85%
• YTD: 18.46%
• 6M: 16.83%
• 1Y: 39.45%
• 3Y*: 18.76%
• 5Y*: 6.15%
• 10Y*: 11.55%

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

MNDIX vs. VRTGX - 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%
VRTGX Vanguard Russell 2000 Growth Index Fund Institutional Shares	18.46%	12.97%	15.26%	18.80%	-26.30%	2.82%	34.81%	28.84%	-9.21%	22.27%

Correlation

The correlation between MNDIX and VRTGX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 23, 2010	0.95

The correlation between MNDIX and VRTGX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

MNDIX vs. VRTGX — 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

VRTGX

VRTGX Risk / Return Rank: 45
VRTGX Sharpe Ratio Rank: 45
VRTGX Sortino Ratio Rank: 41
VRTGX Omega Ratio Rank: 36
VRTGX Calmar Ratio Rank: 55
VRTGX Martin Ratio Rank: 50

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. VRTGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS New Discovery Fund (MNDIX) and Vanguard Russell 2000 Growth Index Fund Institutional Shares (VRTGX). 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	VRTGX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.96	-0.55
Sortino ratio: Return per unit of downside risk	2.02	2.68	-0.66
Omega ratio: Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio: Return relative to maximum drawdown	2.06	2.83	-0.78
Martin ratio: Return relative to average drawdown	7.74	10.20	-2.46
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. VRTGX - Sharpe Ratio Comparison

The current MNDIX Sharpe Ratio is 1.41, which is comparable to the VRTGX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of MNDIX and VRTGX, 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	VRTGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.96	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.25	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.47	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.52	-0.08

Drawdowns

MNDIX vs. VRTGX - Drawdown Comparison

The maximum MNDIX drawdown since its inception was -62.02%, which is greater than VRTGX's maximum drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for MNDIX and VRTGX.

Drawdown Indicators

	MNDIX	VRTGX	Difference
Max Drawdown Largest peak-to-trough decline	-62.02%	-41.97%	-20.05%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-14.80%	+1.38%
Max Drawdown (3Y) Largest decline over 3 years	-25.32%	-28.54%	+3.22%
Max Drawdown (5Y) Largest decline over 5 years	-42.04%	-40.48%	-1.56%
Max Drawdown (10Y) Largest decline over 10 years	-42.04%	-41.97%	-0.07%
Current Drawdown Current decline from peak	-5.13%	-0.02%	-5.11%
Average Drawdown Average peak-to-trough decline	-16.82%	-10.44%	-6.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	4.10%	-0.54%

Volatility

MNDIX vs. VRTGX - Volatility Comparison

The current volatility for MFS New Discovery Fund (MNDIX) is 5.65%, while Vanguard Russell 2000 Growth Index Fund Institutional Shares (VRTGX) has a volatility of 6.44%. This indicates that MNDIX experiences smaller price fluctuations and is considered to be less risky than VRTGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNDIX	VRTGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	6.44%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	15.00%	15.87%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	19.50%	21.37%	-1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.83%	24.55%	-1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.06%	24.51%	-2.45%

MNDIX vs. VRTGX - Expense Ratio Comparison

MNDIX has a 0.99% expense ratio, which is higher than VRTGX's 0.08% expense ratio.

Dividends

MNDIX vs. VRTGX - Dividend Comparison

MNDIX has not paid dividends to shareholders, while VRTGX's dividend yield for the trailing twelve months is around 0.60%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VRTGX Vanguard Russell 2000 Growth Index Fund Institutional Shares	0.60%	0.57%	0.62%	0.85%	0.78%	0.54%	0.53%	0.90%	0.85%	0.75%	1.07%	0.84%

Frequently Asked Questions

Can I hold both MNDIX and VRTGX in my portfolio?

With a correlation of 0.94, MNDIX and VRTGX 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 VRTGX?

VRTGX has higher volatility (6.44%) compared to MNDIX (5.65%). In terms of maximum drawdown, MNDIX dropped -62.02% vs VRTGX's -41.97%.

Which has better risk-adjusted returns?

VRTGX currently has the higher Sharpe Ratio (1.96 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.