MVCAX vs. IVOIX

Last updated Jun 4, 2026

MVCAX (MFS Mid Cap Value Fund) and IVOIX (Delaware Ivy Mid Cap Income Opportunities Fund) are both Mid Cap Value Equities funds. Over the past 10 years, MVCAX returned 9.75%/yr vs 9.95%/yr for IVOIX. Their correlation of 0.94 suggests significant overlap in exposure. MVCAX charges 1.02%/yr vs 0.83%/yr for IVOIX.

Performance

MVCAX vs. IVOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Mid Cap Value Fund (MVCAX) and Delaware Ivy Mid Cap Income Opportunities Fund (IVOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVCAX achieves a 8.85% return, which is significantly higher than IVOIX's 6.62% return. Both investments have delivered pretty close results over the past 10 years, with MVCAX having a 9.75% annualized return and IVOIX not far ahead at 9.95%.

MVCAX

• 1D: 1.05%
• 1M: 3.18%
• YTD: 8.85%
• 6M: 8.98%
• 1Y: 17.27%
• 3Y*: 13.53%
• 5Y*: 7.62%
• 10Y*: 9.75%

IVOIX

• 1D: 0.22%
• 1M: 2.90%
• YTD: 6.62%
• 6M: 6.24%
• 1Y: 12.95%
• 3Y*: 12.38%
• 5Y*: 6.52%
• 10Y*: 9.95%

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

MVCAX vs. IVOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVCAX MFS Mid Cap Value Fund	8.85%	6.09%	13.57%	12.51%	-8.96%	30.43%	4.03%	30.57%	-11.69%	13.37%
IVOIX Delaware Ivy Mid Cap Income Opportunities Fund	6.62%	8.91%	9.08%	17.95%	-14.67%	25.76%	8.17%	26.84%	-4.27%	12.28%

Correlation

The correlation between MVCAX and IVOIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.94

The correlation between MVCAX and IVOIX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

MVCAX vs. IVOIX — Risk / Return Rank

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

MVCAX

MVCAX Risk / Return Rank: 25
MVCAX Sharpe Ratio Rank: 23
MVCAX Sortino Ratio Rank: 24
MVCAX Omega Ratio Rank: 22
MVCAX Calmar Ratio Rank: 28
MVCAX Martin Ratio Rank: 28

IVOIX

IVOIX Risk / Return Rank: 16
IVOIX Sharpe Ratio Rank: 15
IVOIX Sortino Ratio Rank: 16
IVOIX Omega Ratio Rank: 14
IVOIX Calmar Ratio Rank: 17
IVOIX Martin Ratio Rank: 15

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. IVOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Mid Cap Value Fund (MVCAX) and Delaware Ivy Mid Cap Income Opportunities Fund (IVOIX). 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.

	MVCAX	IVOIX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.10	+0.28
Sortino ratio: Return per unit of downside risk	2.06	1.64	+0.42
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.05
Calmar ratio: Return relative to maximum drawdown	1.96	1.50	+0.46
Martin ratio: Return relative to average drawdown	6.69	4.28	+2.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MVCAX vs. IVOIX - Sharpe Ratio Comparison

The current MVCAX Sharpe Ratio is 1.38, which is comparable to the IVOIX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of MVCAX and IVOIX, 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

	MVCAX	IVOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.10	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.38	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.53	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.51	-0.07

Drawdowns

MVCAX vs. IVOIX - Drawdown Comparison

The maximum MVCAX drawdown since its inception was -60.41%, which is greater than IVOIX's maximum drawdown of -41.17%. Use the drawdown chart below to compare losses from any high point for MVCAX and IVOIX.

Drawdown Indicators

	MVCAX	IVOIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.41%	-41.17%	-19.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-9.50%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-21.05%	-19.75%	-1.30%
Max Drawdown (5Y) Largest decline over 5 years	-21.05%	-21.87%	+0.82%
Max Drawdown (10Y) Largest decline over 10 years	-42.79%	-41.17%	-1.62%
Current Drawdown Current decline from peak	-0.18%	-2.13%	+1.95%
Average Drawdown Average peak-to-trough decline	-8.13%	-4.98%	-3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.32%	-0.57%

Volatility

MVCAX vs. IVOIX - Volatility Comparison

MFS Mid Cap Value Fund (MVCAX) has a higher volatility of 3.55% compared to Delaware Ivy Mid Cap Income Opportunities Fund (IVOIX) at 3.25%. This indicates that MVCAX's price experiences larger fluctuations and is considered to be riskier than IVOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVCAX	IVOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	3.25%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	9.71%	9.72%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	13.40%	12.99%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	17.42%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	19.02%	+0.24%

MVCAX vs. IVOIX - Expense Ratio Comparison

MVCAX has a 1.02% expense ratio, which is higher than IVOIX's 0.83% expense ratio.

Dividends

MVCAX vs. IVOIX - Dividend Comparison

MVCAX's dividend yield for the trailing twelve months is around 7.54%, less than IVOIX's 14.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOIX Delaware Ivy Mid Cap Income Opportunities Fund	14.75%	15.79%	11.69%	5.43%	4.44%	3.50%	1.75%	2.05%	4.31%	1.42%	1.10%	2.10%
MVCAX MFS Mid Cap Value Fund	7.54%	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 IVOIX in my portfolio?

With a correlation of 0.91, MVCAX and IVOIX 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, MVCAX or IVOIX?

MVCAX has higher volatility (3.55%) compared to IVOIX (3.25%). In terms of maximum drawdown, MVCAX dropped -60.41% vs IVOIX's -41.17%.

Which has better risk-adjusted returns?

MVCAX currently has the higher Sharpe Ratio (1.38 vs 1.10), 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.