MPSAX vs. MDVAX
MPSAX (MassMutual Inflation-Protected and Income Fund) and MDVAX (MassMutual Diversified Bond Fund) are both mutual funds - MPSAX is a Inflation-Protected Bonds fund managed by MassMutual, while MDVAX is a Intermediate Core-Plus Bond fund managed by MassMutual. Over the past 10 years, MPSAX returned 3.37%/yr vs 2.18%/yr for MDVAX. A 0.75 correlation means they provide meaningful diversification when combined. MPSAX charges 1.02%/yr vs 1.07%/yr for MDVAX.
Performance
MPSAX vs. MDVAX - Performance Comparison
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Returns By Period
In the year-to-date period, MPSAX achieves a 0.82% return, which is significantly lower than MDVAX's 2.59% return. Over the past 10 years, MPSAX has outperformed MDVAX with an annualized return of 3.37%, while MDVAX has yielded a comparatively lower 2.18% annualized return.
MPSAX
- 1D
- 0.11%
- 1M
- 0.32%
- YTD
- 0.82%
- 6M
- 1.21%
- 1Y
- 2.77%
- 3Y*
- 2.93%
- 5Y*
- 2.72%
- 10Y*
- 3.37%
MDVAX
- 1D
- 0.00%
- 1M
- 0.84%
- YTD
- 2.59%
- 6M
- 3.06%
- 1Y
- 7.64%
- 3Y*
- 5.91%
- 5Y*
- 0.17%
- 10Y*
- 2.18%
MPSAX vs. MDVAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MPSAX MassMutual Inflation-Protected and Income Fund | 0.82% | 5.50% | -0.02% | 4.93% | -13.72% | 20.31% | 10.79% | 7.67% | -1.86% | 2.86% |
MDVAX MassMutual Diversified Bond Fund | 2.59% | 8.40% | 2.47% | 5.81% | -17.01% | 1.95% | 8.08% | 10.12% | -1.55% | 4.52% |
Correlation
The correlation between MPSAX and MDVAX is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2003 | 0.75 |
The correlation between MPSAX and MDVAX has been stable across timeframes, ranging from 0.74 to 0.84 - a consistent structural relationship.
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Return for Risk
MPSAX vs. MDVAX — Risk / Return Rank
MPSAX
MDVAX
MPSAX vs. MDVAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MassMutual Inflation-Protected and Income Fund (MPSAX) and MassMutual Diversified Bond Fund (MDVAX). 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 | MDVAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.49 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 3.46 | -2.04 |
| Martin ratioReturn relative to average drawdown | 3.38 | 14.62 | -11.24 |
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Drawdowns
MPSAX vs. MDVAX - Drawdown Comparison
The maximum MPSAX drawdown since its inception was -19.35%, smaller than the maximum MDVAX drawdown of -23.02%. Use the drawdown chart below to compare losses from any high point for MPSAX and MDVAX.
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Drawdown Indicators
| MPSAX | MDVAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.35% | -23.02% | +3.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -2.21% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -4.01% | -5.44% | +1.43% |
Max Drawdown (5Y)Largest decline over 5 years | -19.35% | -23.02% | +3.67% |
Max Drawdown (10Y)Largest decline over 10 years | -19.35% | -23.02% | +3.67% |
Current DrawdownCurrent decline from peak | -8.65% | -3.38% | -5.27% |
Average DrawdownAverage peak-to-trough decline | -6.19% | -3.47% | -2.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.52% | +0.34% |
Volatility
MPSAX vs. MDVAX - Volatility Comparison
MassMutual Inflation-Protected and Income Fund (MPSAX) has a higher volatility of 1.18% compared to MassMutual Diversified Bond Fund (MDVAX) at 0.78%. This indicates that MPSAX's price experiences larger fluctuations and is considered to be riskier than MDVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MPSAX | MDVAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 0.78% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 2.15% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 3.18% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.76% | 6.46% | +5.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.97% | 5.27% | +3.70% |
MPSAX vs. MDVAX - Expense Ratio Comparison
MPSAX has a 1.02% expense ratio, which is lower than MDVAX's 1.07% expense ratio.
Dividends
MPSAX vs. MDVAX - Dividend Comparison
MPSAX's dividend yield for the trailing twelve months is around 3.43%, less than MDVAX's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDVAX MassMutual Diversified Bond Fund | 3.99% | 3.91% | 2.45% | 4.87% | 3.76% | 4.06% | 7.20% | 2.90% | 2.86% | 2.64% | 2.11% | 0.53% |
MPSAX MassMutual Inflation-Protected and Income Fund | 3.43% | 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
MPSAX and MDVAX 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.
MPSAX has higher volatility (1.18%) compared to MDVAX (0.78%). In terms of maximum drawdown, MPSAX dropped -19.35% vs MDVAX's -23.02%.
MDVAX currently has the higher Sharpe Ratio (2.41 vs 0.85), 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.
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