MRGAX vs. CMNWX

Last updated Jun 4, 2026

MRGAX (MFS Core Equity Fund) and CMNWX (Principal Capital Appreciation Fund) are both Large Cap Blend Equities funds. Over the past 10 years, MRGAX returned 14.22%/yr vs 15.55%/yr for CMNWX. Their correlation of 0.92 suggests significant overlap in exposure. MRGAX charges 0.93%/yr vs 0.80%/yr for CMNWX.

Performance

MRGAX vs. CMNWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Core Equity Fund (MRGAX) and Principal Capital Appreciation Fund (CMNWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRGAX achieves a 8.17% return, which is significantly lower than CMNWX's 10.80% return. Over the past 10 years, MRGAX has underperformed CMNWX with an annualized return of 14.22%, while CMNWX has yielded a comparatively higher 15.55% annualized return.

MRGAX

• 1D: -0.17%
• 1M: 3.29%
• YTD: 8.17%
• 6M: 8.03%
• 1Y: 20.03%
• 3Y*: 17.77%
• 5Y*: 10.65%
• 10Y*: 14.22%

CMNWX

• 1D: 0.16%
• 1M: 5.05%
• YTD: 10.80%
• 6M: 10.19%
• 1Y: 25.40%
• 3Y*: 23.41%
• 5Y*: 14.89%
• 10Y*: 15.55%

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

MRGAX vs. CMNWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MRGAX MFS Core Equity Fund	8.17%	12.33%	20.01%	22.88%	-17.24%	25.26%	18.56%	34.66%	-4.12%	23.79%
CMNWX Principal Capital Appreciation Fund	10.80%	13.27%	32.14%	25.01%	-16.37%	27.45%	18.36%	32.21%	-4.12%	20.64%

Correlation

The correlation between MRGAX and CMNWX 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	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 21, 1996	0.92

The correlation between MRGAX and CMNWX has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

Return for Risk

MRGAX vs. CMNWX — Risk / Return Rank

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

MRGAX

MRGAX Risk / Return Rank: 36
MRGAX Sharpe Ratio Rank: 36
MRGAX Sortino Ratio Rank: 34
MRGAX Omega Ratio Rank: 35
MRGAX Calmar Ratio Rank: 33
MRGAX Martin Ratio Rank: 43

CMNWX

CMNWX Risk / Return Rank: 55
CMNWX Sharpe Ratio Rank: 51
CMNWX Sortino Ratio Rank: 47
CMNWX Omega Ratio Rank: 46
CMNWX Calmar Ratio Rank: 58
CMNWX Martin Ratio Rank: 72

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.

MRGAX vs. CMNWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Core Equity Fund (MRGAX) and Principal Capital Appreciation Fund (CMNWX). 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.

	MRGAX	CMNWX	Difference
Sharpe ratio Return per unit of total volatility	1.74	2.11	-0.37
Sortino ratio Return per unit of downside risk	2.43	2.90	-0.46
Omega ratio Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio Return relative to maximum drawdown	2.18	2.93	-0.75
Martin ratio Return relative to average drawdown	9.19	13.71	-4.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MRGAX vs. CMNWX - Sharpe Ratio Comparison

The current MRGAX Sharpe Ratio is 1.74, which is comparable to the CMNWX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of MRGAX and CMNWX, 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

	MRGAX	CMNWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.11	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.89	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.91	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.72	-0.17

Drawdowns

MRGAX vs. CMNWX - Drawdown Comparison

The maximum MRGAX drawdown since its inception was -54.04%, which is greater than CMNWX's maximum drawdown of -50.43%. Use the drawdown chart below to compare losses from any high point for MRGAX and CMNWX.

Drawdown Indicators

	MRGAX	CMNWX	Difference
Max Drawdown Largest peak-to-trough decline	-54.04%	-50.43%	-3.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.53%	-8.91%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-19.22%	-19.54%	+0.32%
Max Drawdown (5Y) Largest decline over 5 years	-23.08%	-23.35%	+0.27%
Max Drawdown (10Y) Largest decline over 10 years	-33.41%	-33.26%	-0.15%
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-8.27%	-6.95%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.90%	+0.35%

Volatility

MRGAX vs. CMNWX - Volatility Comparison

The current volatility for MFS Core Equity Fund (MRGAX) is 2.58%, while Principal Capital Appreciation Fund (CMNWX) has a volatility of 2.85%. This indicates that MRGAX experiences smaller price fluctuations and is considered to be less risky than CMNWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRGAX	CMNWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	2.85%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	9.42%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	12.37%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.78%	16.80%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.80%	17.19%	+0.61%

MRGAX vs. CMNWX - Expense Ratio Comparison

MRGAX has a 0.93% expense ratio, which is higher than CMNWX's 0.80% expense ratio.

Dividends

MRGAX vs. CMNWX - Dividend Comparison

MRGAX's dividend yield for the trailing twelve months is around 12.57%, more than CMNWX's 7.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNWX Principal Capital Appreciation Fund	7.90%	8.75%	10.03%	0.71%	0.69%	9.52%	5.33%	8.37%	46.60%	7.72%	10.32%	5.42%
MRGAX MFS Core Equity Fund	12.57%	13.60%	8.21%	2.54%	3.83%	7.28%	1.54%	3.20%	11.09%	6.27%	3.65%	11.02%

Frequently Asked Questions

Can I hold both MRGAX and CMNWX in my portfolio?

With a correlation of 0.94, MRGAX and CMNWX 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, MRGAX or CMNWX?

CMNWX has higher volatility (2.85%) compared to MRGAX (2.58%). In terms of maximum drawdown, MRGAX dropped -54.04% vs CMNWX's -50.43%.

Which has better risk-adjusted returns?

CMNWX currently has the higher Sharpe Ratio (2.11 vs 1.74), 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.