MVCAX vs. FXAIX

Last updated Jun 24, 2026

MVCAX (MFS Mid Cap Value Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - MVCAX is a Mid Cap Value Equities fund managed by MFS, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MVCAX returned 10.40%/yr vs 15.80%/yr for FXAIX. Their correlation of 0.86 suggests significant overlap in exposure. MVCAX charges 1.02%/yr vs 0.02%/yr for FXAIX.

Performance

MVCAX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Mid Cap Value Fund (MVCAX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVCAX achieves a 10.91% return, which is significantly higher than FXAIX's 9.79% return. Over the past 10 years, MVCAX has underperformed FXAIX with an annualized return of 10.40%, while FXAIX has yielded a comparatively higher 15.80% annualized return.

MVCAX

• 1D: 0.63%
• 1M: 3.12%
• YTD: 10.91%
• 6M: 9.67%
• 1Y: 18.63%
• 3Y*: 13.93%
• 5Y*: 8.64%
• 10Y*: 10.40%

FXAIX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.79%
• 6M: 8.79%
• 1Y: 25.51%
• 3Y*: 21.39%
• 5Y*: 13.60%
• 10Y*: 15.80%

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

MVCAX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVCAX MFS Mid Cap Value Fund	10.91%	6.09%	13.57%	12.51%	-8.96%	30.43%	4.03%	30.57%	-11.69%	13.37%
FXAIX Fidelity 500 Index Fund	9.79%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between MVCAX and FXAIX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.86

Over the past year, the correlation between MVCAX and FXAIX has dropped to 0.66 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

MVCAX vs. FXAIX — Risk / Return Rank

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

MVCAX

MVCAX Risk / Return Rank: 32
MVCAX Sharpe Ratio Rank: 30
MVCAX Sortino Ratio Rank: 32
MVCAX Omega Ratio Rank: 28
MVCAX Calmar Ratio Rank: 35
MVCAX Martin Ratio Rank: 34

FXAIX

FXAIX Risk / Return Rank: 65
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 57
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 78

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.

MVCAX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Mid Cap Value Fund (MVCAX) and Fidelity 500 Index Fund (FXAIX). 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.

	MVCAX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.15	-0.69
Sortino ratio: Return per unit of downside risk	2.18	2.91	-0.73
Omega ratio: Gain probability vs. loss probability	1.26	1.39	-0.13
Calmar ratio: Return relative to maximum drawdown	2.11	3.02	-0.91
Martin ratio: Return relative to average drawdown	7.19	13.62	-6.43

MVCAX vs. FXAIX - Sharpe Ratio Comparison

The current MVCAX Sharpe Ratio is 1.46, which is lower than the FXAIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of MVCAX and FXAIX, 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

MVCAX vs. FXAIX - Drawdown Comparison

The maximum MVCAX drawdown since its inception was -60.41%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for MVCAX and FXAIX.

Drawdown Indicators

	MVCAX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.41%	-33.79%	-26.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-8.89%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	-21.05%	-18.76%	-2.29%
Max Drawdown (5Y) Largest decline over 5 years	-21.05%	-24.50%	+3.45%
Max Drawdown (10Y) Largest decline over 10 years	-42.79%	-33.79%	-9.00%
Current Drawdown Current decline from peak	-0.45%	-1.72%	+1.27%
Average Drawdown Average peak-to-trough decline	-8.12%	-3.79%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	1.97%	+0.78%

Volatility

MVCAX vs. FXAIX - Volatility Comparison

The current volatility for MFS Mid Cap Value Fund (MVCAX) is 3.72%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.68%. This indicates that MVCAX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVCAX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	4.68%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	9.84%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	13.59%	12.50%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	17.00%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.28%	18.12%	+1.16%

MVCAX vs. FXAIX - Expense Ratio Comparison

MVCAX has a 1.02% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

MVCAX vs. FXAIX - Dividend Comparison

MVCAX's dividend yield for the trailing twelve months is around 7.40%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
MVCAX MFS Mid Cap Value Fund	7.40%	8.21%	10.99%	2.73%	5.22%	5.70%	0.80%	2.03%	6.36%	3.36%	0.07%	4.59%

Frequently Asked Questions

Can I hold both MVCAX and FXAIX in my portfolio?

MVCAX and FXAIX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVCAX or FXAIX?

FXAIX has higher volatility (4.68%) compared to MVCAX (3.72%). In terms of maximum drawdown, MVCAX dropped -60.41% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.15 vs 1.46), 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.