MNWIX vs. SAOAX

Last updated Aug 1, 2026

MNWIX (MFS Managed Wealth Fund) and SAOAX (Guggenheim Alpha Opportunity Fund) are both Long-Short funds. Over the past 10 years, MNWIX returned 3.95%/yr vs 3.75%/yr for SAOAX. Their 0.26 correlation means their historical movements had little consistent relationship. MNWIX charges 0.67%/yr vs 1.76%/yr for SAOAX.

Performance

MNWIX vs. SAOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Managed Wealth Fund (MNWIX) and Guggenheim Alpha Opportunity Fund (SAOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNWIX achieves a 2.85% return, which is significantly lower than SAOAX's 15.53% return. Over the past 10 years, MNWIX has outperformed SAOAX with an annualized return of 3.95%, while SAOAX has yielded a comparatively lower 3.75% annualized return.

MNWIX

• 1D: 0.88%
• 1M: 0.88%
• 6M: 2.78%
• YTD: 2.85%
• 1Y: 4.97%
• 3Y*: 6.67%
• 5Y*: 4.13%
• 10Y*: 3.95%
• ALL TIME*: 3.52%

SAOAX

• 1D: 0.14%
• 1M: 2.81%
• 6M: 10.85%
• YTD: 15.53%
• 1Y: 17.50%
• 3Y*: 8.87%
• 5Y*: 5.67%
• 10Y*: 3.75%
• ALL TIME*: 6.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MNWIX MFS Managed Wealth Fund	$0.00	$0.00	$0.00
SAOAX Guggenheim Alpha Opportunity Fund	$0.00	$0.00	$0.00

MNWIX vs. SAOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNWIX MFS Managed Wealth Fund	2.85%	7.71%	6.42%	5.41%	-2.15%	1.35%	3.11%	8.70%	2.10%	6.70%
SAOAX Guggenheim Alpha Opportunity Fund	15.53%	-2.00%	10.49%	8.81%	-8.66%	14.38%	0.17%	-2.26%	-11.25%	7.48%

Correlation

The correlation between MNWIX and SAOAX is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.28
Correlation (5Y) Shows whether the relationship held over a longer period.	0.27
Correlation (10Y) Provides a long-term view across more market conditions.	0.20
Correlation (All Time) Calculated using the full available price history since Jun 30, 2014	0.26

Return for Risk

MNWIX vs. SAOAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MNWIX

MNWIX Risk / Return Rank: 17
MNWIX Sharpe Ratio Rank: 18
MNWIX Sortino Ratio Rank: 17
MNWIX Omega Ratio Rank: 17
MNWIX Calmar Ratio Rank: 15
MNWIX Martin Ratio Rank: 21

SAOAX

SAOAX Risk / Return Rank: 83
SAOAX Sharpe Ratio Rank: 82
SAOAX Sortino Ratio Rank: 81
SAOAX Omega Ratio Rank: 78
SAOAX Calmar Ratio Rank: 87
SAOAX Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MNWIX vs. SAOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Managed Wealth Fund (MNWIX) and Guggenheim Alpha Opportunity Fund (SAOAX). 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.

	MNWIX	SAOAX	Difference
Sharpe ratio: Return per unit of total volatility	0.67	1.98	-1.31
Sortino ratio: Return per unit of downside risk	1.00	2.86	-1.86
Omega ratio: Gain probability vs. loss probability	1.12	1.35	-0.23
Calmar ratio: Return relative to maximum drawdown	0.72	3.12	-2.40
Martin ratio: Return relative to average drawdown	2.87	10.85	-7.98

MNWIX vs. SAOAX - Sharpe Ratio Comparison

The current MNWIX Sharpe Ratio is 0.67, which is lower than the SAOAX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of MNWIX and SAOAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MNWIX vs. SAOAX - Drawdown Comparison

The maximum MNWIX drawdown since its inception was -5.57%, smaller than the maximum SAOAX drawdown of -52.28%. Use the drawdown chart below to compare losses from any high point for MNWIX and SAOAX.

Drawdown Indicators

	MNWIX	SAOAX	Difference
Max Drawdown Largest peak-to-trough decline	-5.57%	-52.28%	+46.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.57%	-5.90%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-5.57%	-35.90%	+30.33%
Max Drawdown (5Y) Largest decline over 5 years	-5.57%	-35.90%	+30.33%
Max Drawdown (10Y) Largest decline over 10 years	-5.57%	-35.90%	+30.33%
Current Drawdown Current decline from peak	0.00%	-2.44%	+2.44%
Average Drawdown Average peak-to-trough decline	-1.12%	-8.66%	+7.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	1.70%	-0.29%

Volatility

MNWIX vs. SAOAX - Volatility Comparison

The current volatility for MFS Managed Wealth Fund (MNWIX) is 1.68%, while Guggenheim Alpha Opportunity Fund (SAOAX) has a volatility of 2.69%. This indicates that MNWIX experiences smaller price fluctuations and is considered to be less risky than SAOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNWIX	SAOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	2.69%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	4.86%	7.51%	-2.65%
Volatility (1Y) Calculated over the trailing 1-year period	6.02%	9.31%	-3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	28.76%	-24.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.90%	21.18%	-17.28%

MNWIX vs. SAOAX - Expense Ratio Comparison

MNWIX has a 0.67% expense ratio, which is lower than SAOAX's 1.76% expense ratio.

Dividends

MNWIX vs. SAOAX - Dividend Comparison

MNWIX's dividend yield for the trailing twelve months is around 0.74%, more than SAOAX's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNWIX MFS Managed Wealth Fund	0.74%	0.76%	1.13%	0.78%	0.70%	0.13%	0.24%	0.54%	0.42%	0.94%	2.65%	1.19%
SAOAX Guggenheim Alpha Opportunity Fund	0.62%	0.71%	1.06%	0.62%	0.72%	0.82%	1.22%	0.92%	1.17%	7.07%	0.03%	0.00%

Frequently Asked Questions

Can I hold both MNWIX and SAOAX in my portfolio?

MNWIX and SAOAX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MNWIX or SAOAX?

SAOAX has higher volatility (2.69%) compared to MNWIX (1.68%). In terms of maximum drawdown, MNWIX dropped -5.57% vs SAOAX's -52.28%.

Which has better risk-adjusted returns?

SAOAX currently has the higher Sharpe Ratio (1.98 vs 0.67), 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.