MPSAX vs. MCBDX

Last updated Aug 1, 2026

MPSAX (MassMutual Inflation-Protected and Income Fund) and MCBDX (MassMutual Core Bond Fund) are both mutual funds - MPSAX is a Inflation-Protected Bonds fund managed by MassMutual, while MCBDX is a Intermediate Core Bond fund managed by MassMutual. Over the past 10 years, MPSAX returned 3.13%/yr vs 5.10%/yr for MCBDX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. MPSAX charges 1.02%/yr vs 0.52%/yr for MCBDX.

Performance

MPSAX vs. MCBDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Inflation-Protected and Income Fund (MPSAX) and MassMutual Core Bond Fund (MCBDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MPSAX achieves a 0.05% return, which is significantly higher than MCBDX's -0.07% return. Over the past 10 years, MPSAX has underperformed MCBDX with an annualized return of 3.13%, while MCBDX has yielded a comparatively higher 5.10% annualized return.

MPSAX

• 1D: 0.00%
• 1M: -0.77%
• 6M: -0.39%
• YTD: 0.05%
• 1Y: 0.29%
• 3Y*: 2.59%
• 5Y*: 1.88%
• 10Y*: 3.13%
• ALL TIME*: 3.32%

MCBDX

• 1D: 0.00%
• 1M: -1.19%
• 6M: -0.42%
• YTD: -0.07%
• 1Y: 3.03%
• 3Y*: 4.46%
• 5Y*: 6.08%
• 10Y*: 5.10%
• ALL TIME*: 4.67%

*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)
MCBDX MassMutual Core Bond Fund	$0.00	$0.00	$0.00
MPSAX MassMutual Inflation-Protected and Income Fund	$0.00	$0.00	$0.00

MPSAX vs. MCBDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MPSAX MassMutual Inflation-Protected and Income Fund	0.05%	5.50%	-0.02%	4.93%	-13.72%	20.31%	10.79%	7.67%	-1.86%	2.86%
MCBDX MassMutual Core Bond Fund	-0.07%	8.03%	1.13%	6.64%	-15.29%	38.26%	8.42%	9.62%	-0.48%	4.60%

Correlation

The correlation between MPSAX and MCBDX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since Dec 31, 2003	0.76

The correlation between MPSAX and MCBDX has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

MPSAX vs. MCBDX — Risk / Return Rank

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

MPSAX

MPSAX Risk / Return Rank: 8
MPSAX Sharpe Ratio Rank: 8
MPSAX Sortino Ratio Rank: 7
MPSAX Omega Ratio Rank: 7
MPSAX Calmar Ratio Rank: 10
MPSAX Martin Ratio Rank: 9

MCBDX

MCBDX Risk / Return Rank: 33
MCBDX Sharpe Ratio Rank: 34
MCBDX Sortino Ratio Rank: 36
MCBDX Omega Ratio Rank: 32
MCBDX Calmar Ratio Rank: 33
MCBDX Martin Ratio Rank: 30

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.

MPSAX vs. MCBDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Inflation-Protected and Income Fund (MPSAX) and MassMutual Core Bond Fund (MCBDX). 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.

	MPSAX	MCBDX	Difference
Sharpe ratio: Return per unit of total volatility	0.31	1.10	-0.79
Sortino ratio: Return per unit of downside risk	0.47	1.63	-1.16
Omega ratio: Gain probability vs. loss probability	1.05	1.19	-0.14
Calmar ratio: Return relative to maximum drawdown	0.50	1.43	-0.93
Martin ratio: Return relative to average drawdown	1.08	4.38	-3.30

MPSAX vs. MCBDX - Sharpe Ratio Comparison

The current MPSAX Sharpe Ratio is 0.31, which is lower than the MCBDX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of MPSAX and MCBDX, 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

MPSAX vs. MCBDX - Drawdown Comparison

The maximum MPSAX drawdown since its inception was -19.35%, smaller than the maximum MCBDX drawdown of -22.01%. Use the drawdown chart below to compare losses from any high point for MPSAX and MCBDX.

Drawdown Indicators

	MPSAX	MCBDX	Difference
Max Drawdown Largest peak-to-trough decline	-19.35%	-22.01%	+2.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-2.87%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-3.94%	-4.56%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-19.35%	-22.01%	+2.66%
Max Drawdown (10Y) Largest decline over 10 years	-19.35%	-22.01%	+2.66%
Current Drawdown Current decline from peak	-9.34%	-5.02%	-4.32%
Average Drawdown Average peak-to-trough decline	-6.21%	-3.54%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.94%	0.00%

Volatility

MPSAX vs. MCBDX - Volatility Comparison

The current volatility for MassMutual Inflation-Protected and Income Fund (MPSAX) is 0.70%, while MassMutual Core Bond Fund (MCBDX) has a volatility of 1.00%. This indicates that MPSAX experiences smaller price fluctuations and is considered to be less risky than MCBDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MPSAX	MCBDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	1.00%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	2.48%	2.95%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	3.76%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.76%	20.11%	-8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.97%	14.45%	-5.48%

MPSAX vs. MCBDX - Expense Ratio Comparison

MPSAX has a 1.02% expense ratio, which is higher than MCBDX's 0.52% expense ratio.

Dividends

MPSAX vs. MCBDX - Dividend Comparison

MPSAX's dividend yield for the trailing twelve months is around 3.30%, less than MCBDX's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCBDX MassMutual Core Bond Fund	4.15%	4.50%	1.93%	4.62%	3.83%	31.12%	5.98%	3.35%	3.32%	2.96%	3.29%	1.43%
MPSAX MassMutual Inflation-Protected and Income Fund	3.30%	3.51%	1.44%	2.47%	3.34%	18.54%	5.13%	1.59%	2.68%	2.34%	2.23%	0.61%

Frequently Asked Questions

Can I hold both MPSAX and MCBDX in my portfolio?

MPSAX and MCBDX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MPSAX or MCBDX?

MCBDX has higher volatility (1.00%) compared to MPSAX (0.70%). In terms of maximum drawdown, MPSAX dropped -19.35% vs MCBDX's -22.01%.

Which has better risk-adjusted returns?

MCBDX currently has the higher Sharpe Ratio (1.10 vs 0.31), 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.