MPHQX vs. MCFIX

Last updated Jun 6, 2026

MPHQX (BlackRock Total Return Fund Class K) and MCFIX (Mercer Core Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, MPHQX returned 0.40%/yr vs -0.12%/yr for MCFIX. Their correlation of 0.88 suggests significant overlap in exposure. MPHQX charges 0.37%/yr vs 0.16%/yr for MCFIX.

Performance

MPHQX vs. MCFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Total Return Fund Class K (MPHQX) and Mercer Core Fixed Income Fund (MCFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MPHQX achieves a 0.76% return, which is significantly higher than MCFIX's -1.21% return.

MPHQX

• 1D: 0.20%
• 1M: 0.38%
• YTD: 0.76%
• 6M: 1.16%
• 1Y: 6.81%
• 3Y*: 4.55%
• 5Y*: 0.40%
• 10Y*: 2.21%

MCFIX

• 1D: 0.11%
• 1M: -0.34%
• YTD: -1.21%
• 6M: -0.92%
• 1Y: 2.77%
• 3Y*: 3.73%
• 5Y*: -0.12%
• 10Y*: —

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

MPHQX vs. MCFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MPHQX BlackRock Total Return Fund Class K	0.76%	8.21%	1.92%	6.04%	-14.14%	-0.68%	9.10%	6.64%
MCFIX Mercer Core Fixed Income Fund	-1.21%	6.64%	2.02%	6.47%	-13.69%	-1.05%	4.75%	3.31%

Correlation

The correlation between MPHQX and MCFIX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019	0.88

The correlation between MPHQX and MCFIX shifts across timeframes, from 0.78 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MPHQX vs. MCFIX — Risk / Return Rank

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

MPHQX

MPHQX Risk / Return Rank: 20
MPHQX Sharpe Ratio Rank: 23
MPHQX Sortino Ratio Rank: 22
MPHQX Omega Ratio Rank: 25
MPHQX Calmar Ratio Rank: 18
MPHQX Martin Ratio Rank: 14

MCFIX

MCFIX Risk / Return Rank: 9
MCFIX Sharpe Ratio Rank: 9
MCFIX Sortino Ratio Rank: 9
MCFIX Omega Ratio Rank: 8
MCFIX Calmar Ratio Rank: 9
MCFIX Martin Ratio Rank: 8

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.

MPHQX vs. MCFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Total Return Fund Class K (MPHQX) and Mercer Core Fixed Income Fund (MCFIX). 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.

	MPHQX	MCFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	0.70	+0.61
Sortino ratio: Return per unit of downside risk	1.84	1.03	+0.81
Omega ratio: Gain probability vs. loss probability	1.25	1.12	+0.13
Calmar ratio: Return relative to maximum drawdown	1.42	0.77	+0.65
Martin ratio: Return relative to average drawdown	3.82	2.16	+1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MPHQX vs. MCFIX - Sharpe Ratio Comparison

The current MPHQX Sharpe Ratio is 1.32, which is higher than the MCFIX Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of MPHQX and MCFIX, 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

	MPHQX	MCFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	0.70	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	-0.02	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.14	+0.21

Drawdowns

MPHQX vs. MCFIX - Drawdown Comparison

The maximum MPHQX drawdown since its inception was -21.68%, roughly equal to the maximum MCFIX drawdown of -21.68%. Use the drawdown chart below to compare losses from any high point for MPHQX and MCFIX.

Drawdown Indicators

	MPHQX	MCFIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.68%	-21.68%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-4.28%	-3.75%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-6.86%	-6.32%	-0.54%
Max Drawdown (5Y) Largest decline over 5 years	-19.28%	-18.72%	-0.56%
Max Drawdown (10Y) Largest decline over 10 years	-19.28%	—	—
Current Drawdown Current decline from peak	-2.39%	-6.18%	+3.79%
Average Drawdown Average peak-to-trough decline	-3.79%	-8.54%	+4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.29%	+0.30%

Volatility

MPHQX vs. MCFIX - Volatility Comparison

BlackRock Total Return Fund Class K (MPHQX) and Mercer Core Fixed Income Fund (MCFIX) have volatilities of 1.33% and 1.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MPHQX	MCFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.29%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.53%	2.75%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	4.12%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	6.04%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	6.11%	-0.97%

MPHQX vs. MCFIX - Expense Ratio Comparison

MPHQX has a 0.37% expense ratio, which is higher than MCFIX's 0.16% expense ratio.

Dividends

MPHQX vs. MCFIX - Dividend Comparison

MPHQX's dividend yield for the trailing twelve months is around 4.78%, more than MCFIX's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCFIX Mercer Core Fixed Income Fund	4.32%	3.89%	4.54%	3.68%	3.31%	2.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MPHQX BlackRock Total Return Fund Class K	4.78%	4.89%	5.01%	4.19%	3.09%	2.58%	6.30%	3.24%	3.40%	3.21%	2.89%	3.49%

Frequently Asked Questions

Can I hold both MPHQX and MCFIX in my portfolio?

MPHQX and MCFIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MPHQX or MCFIX?

MPHQX has higher volatility (1.33%) compared to MCFIX (1.29%). In terms of maximum drawdown, MPHQX dropped -21.68% vs MCFIX's -21.68%.

Which has better risk-adjusted returns?

MPHQX currently has the higher Sharpe Ratio (1.31 vs 0.70), 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.