MRSAX vs. CIGIX

Last updated Aug 1, 2026

MRSAX (MFS Research International A) and CIGIX (Calamos International Growth Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, MRSAX returned 8.77%/yr vs 8.71%/yr for CIGIX. Their correlation of 0.88 means they have usually moved in the same direction. MRSAX charges 1.04%/yr vs 0.85%/yr for CIGIX.

Performance

MRSAX vs. CIGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Research International A (MRSAX) and Calamos International Growth Fund (CIGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRSAX achieves a 13.23% return, which is significantly lower than CIGIX's 16.59% return. Both investments have delivered pretty close results over the past 10 years, with MRSAX having a 8.77% annualized return and CIGIX not far behind at 8.71%.

MRSAX

• 1D: 3.04%
• 1M: 2.22%
• 6M: 7.13%
• YTD: 13.23%
• 1Y: 23.24%
• 3Y*: 12.89%
• 5Y*: 6.38%
• 10Y*: 8.77%
• ALL TIME*: 6.77%

CIGIX

• 1D: 3.36%
• 1M: -8.13%
• 6M: 4.57%
• YTD: 16.59%
• 1Y: 26.07%
• 3Y*: 18.47%
• 5Y*: 1.91%
• 10Y*: 8.71%
• ALL TIME*: 7.31%

*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)
CIGIX Calamos International Growth Fund	$0.00	$0.00	$0.00
MRSAX MFS Research International A	$0.00	$0.00	$0.00

MRSAX vs. CIGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MRSAX MFS Research International A	13.23%	22.31%	2.83%	13.11%	-17.52%	11.62%	12.90%	27.67%	-14.20%	28.05%
CIGIX Calamos International Growth Fund	16.59%	23.11%	12.51%	15.33%	-30.54%	-8.98%	44.95%	29.69%	-20.93%	39.54%

Correlation

The correlation between MRSAX and CIGIX is 0.75, 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.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Mar 17, 2005	0.88

The correlation between MRSAX and CIGIX shifts across timeframes, from 0.75 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MRSAX vs. CIGIX — Risk / Return Rank

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

MRSAX

MRSAX Risk / Return Rank: 52
MRSAX Sharpe Ratio Rank: 57
MRSAX Sortino Ratio Rank: 58
MRSAX Omega Ratio Rank: 57
MRSAX Calmar Ratio Rank: 44
MRSAX Martin Ratio Rank: 42

CIGIX

CIGIX Risk / Return Rank: 29
CIGIX Sharpe Ratio Rank: 27
CIGIX Sortino Ratio Rank: 27
CIGIX Omega Ratio Rank: 29
CIGIX Calmar Ratio Rank: 30
CIGIX Martin Ratio Rank: 29

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.

MRSAX vs. CIGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Research International A (MRSAX) and Calamos International Growth Fund (CIGIX). 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.

	MRSAX	CIGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	0.90	+0.61
Sortino ratio: Return per unit of downside risk	2.17	1.37	+0.80
Omega ratio: Gain probability vs. loss probability	1.28	1.18	+0.10
Calmar ratio: Return relative to maximum drawdown	1.82	1.33	+0.48
Martin ratio: Return relative to average drawdown	6.38	4.24	+2.13

MRSAX vs. CIGIX - Sharpe Ratio Comparison

The current MRSAX Sharpe Ratio is 1.51, which is higher than the CIGIX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of MRSAX and CIGIX, 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

MRSAX vs. CIGIX - Drawdown Comparison

The maximum MRSAX drawdown since its inception was -59.76%, smaller than the maximum CIGIX drawdown of -64.46%. Use the drawdown chart below to compare losses from any high point for MRSAX and CIGIX.

Drawdown Indicators

	MRSAX	CIGIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.76%	-64.46%	+4.70%
Max Drawdown (1Y) Largest decline over 1 year	-11.68%	-18.45%	+6.77%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-19.38%	+5.33%
Max Drawdown (5Y) Largest decline over 5 years	-30.93%	-50.15%	+19.22%
Max Drawdown (10Y) Largest decline over 10 years	-30.93%	-50.15%	+19.22%
Current Drawdown Current decline from peak	0.00%	-15.71%	+15.71%
Average Drawdown Average peak-to-trough decline	-13.03%	-15.24%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	5.79%	-2.47%

Volatility

MRSAX vs. CIGIX - Volatility Comparison

The current volatility for MFS Research International A (MRSAX) is 4.34%, while Calamos International Growth Fund (CIGIX) has a volatility of 9.03%. This indicates that MRSAX experiences smaller price fluctuations and is considered to be less risky than CIGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRSAX	CIGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	9.03%	-4.69%
Volatility (6M) Calculated over the trailing 6-month period	11.94%	24.74%	-12.80%
Volatility (1Y) Calculated over the trailing 1-year period	14.11%	27.37%	-13.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.12%	22.10%	-6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.20%	20.40%	-5.20%

MRSAX vs. CIGIX - Expense Ratio Comparison

MRSAX has a 1.04% expense ratio, which is higher than CIGIX's 0.85% expense ratio.

Dividends

MRSAX vs. CIGIX - Dividend Comparison

MRSAX's dividend yield for the trailing twelve months is around 4.62%, less than CIGIX's 11.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIGIX Calamos International Growth Fund	11.57%	13.49%	4.54%	0.28%	0.00%	0.33%	5.42%	0.00%	13.25%	3.76%	0.00%	0.13%
MRSAX MFS Research International A	4.62%	5.23%	1.81%	1.49%	1.37%	1.04%	0.73%	1.63%	5.41%	1.04%	1.71%	1.67%

Frequently Asked Questions

Can I hold both MRSAX and CIGIX in my portfolio?

MRSAX and CIGIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRSAX or CIGIX?

CIGIX has higher volatility (9.03%) compared to MRSAX (4.34%). In terms of maximum drawdown, MRSAX dropped -59.76% vs CIGIX's -64.46%.

Which has better risk-adjusted returns?

MRSAX currently has the higher Sharpe Ratio (1.51 vs 0.90), 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.