MWIGX vs. MCFIX

Last updated Jun 4, 2026

MWIGX (Metropolitan West Investment Grade Credit Fund) and MCFIX (Mercer Core Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, MWIGX returned 0.83%/yr vs -0.03%/yr for MCFIX. A 0.79 correlation means they provide meaningful diversification when combined. MWIGX charges 1.87%/yr vs 0.16%/yr for MCFIX.

Performance

MWIGX vs. MCFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Metropolitan West Investment Grade Credit Fund (MWIGX) and Mercer Core Fixed Income Fund (MCFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MWIGX achieves a 0.46% return, which is significantly higher than MCFIX's -1.10% return.

MWIGX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 0.46%
• 6M: 0.58%
• 1Y: 5.43%
• 3Y*: 5.45%
• 5Y*: 0.83%
• 10Y*: —

MCFIX

• 1D: 0.00%
• 1M: 0.11%
• YTD: -1.10%
• 6M: -1.02%
• 1Y: 3.23%
• 3Y*: 3.77%
• 5Y*: -0.03%
• 10Y*: —

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

MWIGX vs. MCFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MWIGX Metropolitan West Investment Grade Credit Fund	0.46%	7.99%	3.82%	6.55%	-13.01%	-1.13%	8.41%	7.63%
MCFIX Mercer Core Fixed Income Fund	-1.10%	6.64%	2.02%	6.47%	-13.69%	-1.05%	4.75%	3.31%

Correlation

The correlation between MWIGX and MCFIX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019	0.79

The correlation between MWIGX and MCFIX has been stable across timeframes, ranging from 0.75 to 0.85 - a consistent structural relationship.

Return for Risk

MWIGX vs. MCFIX — Risk / Return Rank

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

MWIGX

MWIGX Risk / Return Rank: 37
MWIGX Sharpe Ratio Rank: 34
MWIGX Sortino Ratio Rank: 40
MWIGX Omega Ratio Rank: 37
MWIGX Calmar Ratio Rank: 38
MWIGX Martin Ratio Rank: 35

MCFIX

MCFIX Risk / Return Rank: 10
MCFIX Sharpe Ratio Rank: 11
MCFIX Sortino Ratio Rank: 11
MCFIX Omega Ratio Rank: 11
MCFIX Calmar Ratio Rank: 10
MCFIX Martin Ratio Rank: 9

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.

MWIGX vs. MCFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Metropolitan West Investment Grade Credit Fund (MWIGX) and Mercer Core Fixed Income Fund (MCFIX). 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.

	MWIGX	MCFIX	Difference
Sharpe ratio Return per unit of total volatility	1.69	0.89	+0.80
Sortino ratio Return per unit of downside risk	2.66	1.31	+1.35
Omega ratio Gain probability vs. loss probability	1.33	1.16	+0.17
Calmar ratio Return relative to maximum drawdown	2.32	0.98	+1.35
Martin ratio Return relative to average drawdown	7.72	2.80	+4.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MWIGX vs. MCFIX - Sharpe Ratio Comparison

The current MWIGX Sharpe Ratio is 1.69, which is higher than the MCFIX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of MWIGX and MCFIX, 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

	MWIGX	MCFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	0.89	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	-0.00	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.14	+0.57

Drawdowns

MWIGX vs. MCFIX - Drawdown Comparison

The maximum MWIGX drawdown since its inception was -18.32%, smaller than the maximum MCFIX drawdown of -21.68%. Use the drawdown chart below to compare losses from any high point for MWIGX and MCFIX.

Drawdown Indicators

	MWIGX	MCFIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.32%	-21.68%	+3.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-3.75%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-3.88%	-6.32%	+2.44%
Max Drawdown (5Y) Largest decline over 5 years	-18.32%	-18.72%	+0.40%
Current Drawdown Current decline from peak	-0.81%	-6.08%	+5.27%
Average Drawdown Average peak-to-trough decline	-4.47%	-8.54%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	1.27%	-0.56%

Volatility

MWIGX vs. MCFIX - Volatility Comparison

The current volatility for Metropolitan West Investment Grade Credit Fund (MWIGX) is 1.13%, while Mercer Core Fixed Income Fund (MCFIX) has a volatility of 1.32%. This indicates that MWIGX experiences smaller price fluctuations and is considered to be less risky than MCFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MWIGX	MCFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	1.32%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	2.77%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	4.12%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.94%	6.04%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.76%	6.12%	-1.36%

MWIGX vs. MCFIX - Expense Ratio Comparison

MWIGX has a 1.87% expense ratio, which is higher than MCFIX's 0.16% expense ratio.

Dividends

MWIGX vs. MCFIX - Dividend Comparison

MWIGX's dividend yield for the trailing twelve months is around 4.05%, less than MCFIX's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MCFIX Mercer Core Fixed Income Fund	4.31%	3.89%	4.54%	3.68%	3.31%	2.45%	0.00%	0.00%	0.00%
MWIGX Metropolitan West Investment Grade Credit Fund	4.05%	3.70%	4.52%	4.97%	6.33%	4.25%	9.21%	12.03%	3.98%

Frequently Asked Questions

Can I hold both MWIGX and MCFIX in my portfolio?

MWIGX and MCFIX 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, MWIGX or MCFIX?

MCFIX has higher volatility (1.32%) compared to MWIGX (1.13%). In terms of maximum drawdown, MWIGX dropped -18.32% vs MCFIX's -21.68%.

Which has better risk-adjusted returns?

MWIGX currently has the higher Sharpe Ratio (1.69 vs 0.89), 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.