MSCGX vs. MOFIX

Last updated Jun 4, 2026

MSCGX (Mercer US Small/Mid Cap Equity Fund) and MOFIX (Mercer Opportunistic Fixed Income Fund) are both mutual funds - MSCGX is a Small Cap Blend Equities fund managed by Mercer Funds, while MOFIX is a Multisector Bonds fund managed by Mercer Funds. Over the past 5 years, MSCGX returned 6.91%/yr vs 1.50%/yr for MOFIX. At a 0.37 correlation, their price movements are largely independent. MSCGX charges 0.48%/yr vs 0.44%/yr for MOFIX.

Performance

MSCGX vs. MOFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mercer US Small/Mid Cap Equity Fund (MSCGX) and Mercer Opportunistic Fixed Income Fund (MOFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSCGX achieves a 12.25% return, which is significantly higher than MOFIX's -1.06% return.

MSCGX

• 1D: 0.81%
• 1M: 2.21%
• YTD: 12.25%
• 6M: 12.07%
• 1Y: 24.11%
• 3Y*: 15.11%
• 5Y*: 6.91%
• 10Y*: —

MOFIX

• 1D: 0.00%
• 1M: 0.24%
• YTD: -1.06%
• 6M: -0.56%
• 1Y: 3.60%
• 3Y*: 5.62%
• 5Y*: 1.50%
• 10Y*: —

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

MSCGX vs. MOFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MSCGX Mercer US Small/Mid Cap Equity Fund	12.25%	6.52%	13.39%	15.35%	-16.91%	24.32%	12.40%	5.44%
MOFIX Mercer Opportunistic Fixed Income Fund	-1.06%	8.60%	2.23%	12.22%	-11.57%	-1.15%	5.31%	3.18%

Correlation

The correlation between MSCGX and MOFIX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Apr 17, 2019	0.37

The correlation between MSCGX and MOFIX shifts across timeframes, from 0.37 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MSCGX vs. MOFIX — Risk / Return Rank

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

MSCGX

MSCGX Risk / Return Rank: 49
MSCGX Sharpe Ratio Rank: 41
MSCGX Sortino Ratio Rank: 44
MSCGX Omega Ratio Rank: 36
MSCGX Calmar Ratio Rank: 68
MSCGX Martin Ratio Rank: 57

MOFIX

MOFIX Risk / Return Rank: 21
MOFIX Sharpe Ratio Rank: 24
MOFIX Sortino Ratio Rank: 25
MOFIX Omega Ratio Rank: 29
MOFIX Calmar Ratio Rank: 13
MOFIX Martin Ratio Rank: 13

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.

MSCGX vs. MOFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mercer US Small/Mid Cap Equity Fund (MSCGX) and Mercer Opportunistic Fixed Income Fund (MOFIX). 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.

	MSCGX	MOFIX	Difference
Sharpe ratio Return per unit of total volatility	1.85	1.41	+0.45
Sortino ratio Return per unit of downside risk	2.77	2.11	+0.66
Omega ratio Gain probability vs. loss probability	1.32	1.28	+0.04
Calmar ratio Return relative to maximum drawdown	3.19	1.20	+1.99
Martin ratio Return relative to average drawdown	11.45	3.74	+7.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSCGX vs. MOFIX - Sharpe Ratio Comparison

The current MSCGX Sharpe Ratio is 1.85, which is higher than the MOFIX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of MSCGX and MOFIX, 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

	MSCGX	MOFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	1.41	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.21	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.33	+0.07

Drawdowns

MSCGX vs. MOFIX - Drawdown Comparison

The maximum MSCGX drawdown since its inception was -41.30%, which is greater than MOFIX's maximum drawdown of -19.96%. Use the drawdown chart below to compare losses from any high point for MSCGX and MOFIX.

Drawdown Indicators

	MSCGX	MOFIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.30%	-19.96%	-21.34%
Max Drawdown (1Y) Largest decline over 1 year	-9.22%	-3.52%	-5.70%
Max Drawdown (3Y) Largest decline over 3 years	-24.28%	-8.02%	-16.26%
Max Drawdown (5Y) Largest decline over 5 years	-35.66%	-19.00%	-16.66%
Current Drawdown Current decline from peak	-0.40%	-1.53%	+1.13%
Average Drawdown Average peak-to-trough decline	-12.75%	-5.18%	-7.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	1.06%	+1.41%

Volatility

MSCGX vs. MOFIX - Volatility Comparison

Mercer US Small/Mid Cap Equity Fund (MSCGX) has a higher volatility of 4.45% compared to Mercer Opportunistic Fixed Income Fund (MOFIX) at 0.97%. This indicates that MSCGX's price experiences larger fluctuations and is considered to be riskier than MOFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSCGX	MOFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	0.97%	+3.48%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	2.37%	+9.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.88%	2.99%	+12.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.81%	7.26%	+16.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.50%	7.18%	+18.32%

MSCGX vs. MOFIX - Expense Ratio Comparison

MSCGX has a 0.48% expense ratio, which is higher than MOFIX's 0.44% expense ratio.

Dividends

MSCGX vs. MOFIX - Dividend Comparison

MSCGX's dividend yield for the trailing twelve months is around 6.87%, more than MOFIX's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021
MOFIX Mercer Opportunistic Fixed Income Fund	3.36%	3.32%	6.91%	6.44%	3.81%	4.20%
MSCGX Mercer US Small/Mid Cap Equity Fund	6.87%	7.71%	10.73%	3.77%	8.42%	20.40%

Frequently Asked Questions

Can I hold both MSCGX and MOFIX in my portfolio?

MSCGX and MOFIX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSCGX or MOFIX?

MSCGX has higher volatility (4.45%) compared to MOFIX (0.97%). In terms of maximum drawdown, MSCGX dropped -41.30% vs MOFIX's -19.96%.

Which has better risk-adjusted returns?

MSCGX currently has the higher Sharpe Ratio (1.85 vs 1.41), 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.