MVIAX vs. MMSIX

Last updated Aug 1, 2026

MVIAX (Praxis Value Index Fund) and MMSIX (Praxis Small Cap Index Fund) are both mutual funds - MVIAX is a Large Cap Value Equities fund managed by Praxis Mutual Funds, while MMSIX is a Small Cap Blend Equities fund managed by Praxis Mutual Funds. Over the past 10 years, MVIAX returned 12.37%/yr vs 9.49%/yr for MMSIX. Their correlation of 0.84 means they have usually moved in the same direction. MVIAX charges 0.78%/yr vs 0.43%/yr for MMSIX.

Performance

MVIAX vs. MMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Praxis Value Index Fund (MVIAX) and Praxis Small Cap Index Fund (MMSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVIAX achieves a 17.07% return, which is significantly higher than MMSIX's 15.77% return. Over the past 10 years, MVIAX has outperformed MMSIX with an annualized return of 12.37%, while MMSIX has yielded a comparatively lower 9.49% annualized return.

MVIAX

• 1D: 0.39%
• 1M: 0.70%
• 6M: 12.60%
• YTD: 17.07%
• 1Y: 26.50%
• 3Y*: 15.04%
• 5Y*: 11.43%
• 10Y*: 12.37%
• ALL TIME*: 6.76%

MMSIX

• 1D: 0.89%
• 1M: -1.74%
• 6M: 10.50%
• YTD: 15.77%
• 1Y: 24.74%
• 3Y*: 11.65%
• 5Y*: 6.77%
• 10Y*: 9.49%
• ALL TIME*: 7.17%

*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)
MMSIX Praxis Small Cap Index Fund	$0.00	$0.00	$0.00
MVIAX Praxis Value Index Fund	$0.00	$0.00	$0.00

MVIAX vs. MMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVIAX Praxis Value Index Fund	17.07%	12.97%	10.24%	20.04%	-7.89%	24.54%	3.56%	34.46%	-8.53%	16.32%
MMSIX Praxis Small Cap Index Fund	15.77%	6.67%	8.48%	16.66%	-19.61%	34.07%	11.05%	24.44%	-7.90%	11.30%

Correlation

The correlation between MVIAX and MMSIX is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since May 2, 2007	0.84

The correlation between MVIAX and MMSIX has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

MVIAX vs. MMSIX — Risk / Return Rank

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

MVIAX

MVIAX Risk / Return Rank: 91
MVIAX Sharpe Ratio Rank: 92
MVIAX Sortino Ratio Rank: 90
MVIAX Omega Ratio Rank: 86
MVIAX Calmar Ratio Rank: 93
MVIAX Martin Ratio Rank: 94

MMSIX

MMSIX Risk / Return Rank: 53
MMSIX Sharpe Ratio Rank: 45
MMSIX Sortino Ratio Rank: 47
MMSIX Omega Ratio Rank: 42
MMSIX Calmar Ratio Rank: 68
MMSIX Martin Ratio Rank: 62

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.

MVIAX vs. MMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Praxis Value Index Fund (MVIAX) and Praxis Small Cap Index Fund (MMSIX). 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.

	MVIAX	MMSIX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.31	+1.09
Sortino ratio: Return per unit of downside risk	3.44	1.95	+1.49
Omega ratio: Gain probability vs. loss probability	1.43	1.23	+0.20
Calmar ratio: Return relative to maximum drawdown	3.89	2.30	+1.59
Martin ratio: Return relative to average drawdown	15.28	8.24	+7.05

MVIAX vs. MMSIX - Sharpe Ratio Comparison

The current MVIAX Sharpe Ratio is 2.40, which is higher than the MMSIX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of MVIAX and MMSIX, 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

MVIAX vs. MMSIX - Drawdown Comparison

The maximum MVIAX drawdown since its inception was -65.34%, which is greater than MMSIX's maximum drawdown of -57.70%. Use the drawdown chart below to compare losses from any high point for MVIAX and MMSIX.

Drawdown Indicators

	MVIAX	MMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-65.34%	-57.70%	-7.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-9.40%	+3.11%
Max Drawdown (3Y) Largest decline over 3 years	-15.25%	-25.89%	+10.64%
Max Drawdown (5Y) Largest decline over 5 years	-18.89%	-26.99%	+8.10%
Max Drawdown (10Y) Largest decline over 10 years	-36.03%	-42.42%	+6.39%
Current Drawdown Current decline from peak	-0.95%	-2.72%	+1.77%
Average Drawdown Average peak-to-trough decline	-12.03%	-11.20%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	2.64%	-1.03%

Volatility

MVIAX vs. MMSIX - Volatility Comparison

The current volatility for Praxis Value Index Fund (MVIAX) is 2.57%, while Praxis Small Cap Index Fund (MMSIX) has a volatility of 3.47%. This indicates that MVIAX experiences smaller price fluctuations and is considered to be less risky than MMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVIAX	MMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	3.47%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	12.03%	-4.25%
Volatility (1Y) Calculated over the trailing 1-year period	10.26%	16.55%	-6.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.17%	21.25%	-7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	22.92%	-6.18%

MVIAX vs. MMSIX - Expense Ratio Comparison

MVIAX has a 0.78% expense ratio, which is higher than MMSIX's 0.43% expense ratio.

Dividends

MVIAX vs. MMSIX - Dividend Comparison

MVIAX's dividend yield for the trailing twelve months is around 0.91%, less than MMSIX's 7.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMSIX Praxis Small Cap Index Fund	7.68%	8.89%	1.14%	1.30%	1.08%	15.39%	1.19%	4.58%	6.37%	23.15%	5.35%	15.37%
MVIAX Praxis Value Index Fund	0.91%	1.06%	9.59%	4.63%	5.11%	3.63%	8.55%	4.84%	7.28%	6.40%	2.63%	5.10%

Frequently Asked Questions

Can I hold both MVIAX and MMSIX in my portfolio?

MVIAX and MMSIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVIAX or MMSIX?

MMSIX has higher volatility (3.47%) compared to MVIAX (2.57%). In terms of maximum drawdown, MVIAX dropped -65.34% vs MMSIX's -57.70%.

Which has better risk-adjusted returns?

MVIAX currently has the higher Sharpe Ratio (2.40 vs 1.31), 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.