NDVAX vs. MITTX

Last updated Jun 23, 2026

NDVAX (MFS New Discovery Value Fund Class A) and MITTX (MFS Massachusetts Investors Trust) are both mutual funds - NDVAX is a Small Cap Value Equities fund tracking the Russell 2000 Value Index, while MITTX is a Large Cap Blend Equities fund managed by MFS. Over the past 10 years, NDVAX returned 10.62%/yr vs 13.71%/yr for MITTX. A 0.79 correlation means they provide meaningful diversification when combined. NDVAX charges 1.21%/yr vs 0.70%/yr for MITTX.

Performance

NDVAX vs. MITTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS New Discovery Value Fund Class A (NDVAX) and MFS Massachusetts Investors Trust (MITTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NDVAX achieves a 11.92% return, which is significantly higher than MITTX's 7.77% return. Over the past 10 years, NDVAX has underperformed MITTX with an annualized return of 10.62%, while MITTX has yielded a comparatively higher 13.71% annualized return.

NDVAX

• 1D: 1.36%
• 1M: 2.71%
• YTD: 11.92%
• 6M: 9.55%
• 1Y: 21.48%
• 3Y*: 10.64%
• 5Y*: 6.06%
• 10Y*: 10.62%

MITTX

• 1D: 0.95%
• 1M: 0.76%
• YTD: 7.77%
• 6M: 7.46%
• 1Y: 20.45%
• 3Y*: 16.64%
• 5Y*: 10.47%
• 10Y*: 13.71%

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

NDVAX vs. MITTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NDVAX MFS New Discovery Value Fund Class A	11.92%	2.16%	9.07%	10.92%	-11.02%	33.30%	5.44%	33.31%	-11.40%	14.62%
MITTX MFS Massachusetts Investors Trust	7.77%	13.67%	19.69%	19.26%	-16.27%	26.73%	18.72%	31.92%	-5.56%	23.55%

Correlation

The correlation between NDVAX and MITTX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 26, 2011	0.79

The correlation between NDVAX and MITTX has been stable across timeframes, ranging from 0.69 to 0.79 - a consistent structural relationship.

Return for Risk

NDVAX vs. MITTX — Risk / Return Rank

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

NDVAX

NDVAX Risk / Return Rank: 26
NDVAX Sharpe Ratio Rank: 24
NDVAX Sortino Ratio Rank: 26
NDVAX Omega Ratio Rank: 22
NDVAX Calmar Ratio Rank: 31
NDVAX Martin Ratio Rank: 29

MITTX

MITTX Risk / Return Rank: 39
MITTX Sharpe Ratio Rank: 40
MITTX Sortino Ratio Rank: 38
MITTX Omega Ratio Rank: 40
MITTX Calmar Ratio Rank: 34
MITTX Martin Ratio Rank: 45

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.

NDVAX vs. MITTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS New Discovery Value Fund Class A (NDVAX) and MFS Massachusetts Investors Trust (MITTX). 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.

	NDVAX	MITTX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.73	-0.43
Sortino ratio: Return per unit of downside risk	1.96	2.38	-0.42
Omega ratio: Gain probability vs. loss probability	1.23	1.31	-0.08
Calmar ratio: Return relative to maximum drawdown	1.98	2.07	-0.09
Martin ratio: Return relative to average drawdown	6.36	8.88	-2.52

NDVAX vs. MITTX - Sharpe Ratio Comparison

The current NDVAX Sharpe Ratio is 1.30, which is comparable to the MITTX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of NDVAX and MITTX, 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

NDVAX vs. MITTX - Drawdown Comparison

The maximum NDVAX drawdown since its inception was -44.06%, smaller than the maximum MITTX drawdown of -49.54%. Use the drawdown chart below to compare losses from any high point for NDVAX and MITTX.

Drawdown Indicators

	NDVAX	MITTX	Difference
Max Drawdown Largest peak-to-trough decline	-44.06%	-49.54%	+5.48%
Max Drawdown (1Y) Largest decline over 1 year	-10.90%	-9.76%	-1.14%
Max Drawdown (3Y) Largest decline over 3 years	-25.67%	-16.10%	-9.57%
Max Drawdown (5Y) Largest decline over 5 years	-25.67%	-23.27%	-2.40%
Max Drawdown (10Y) Largest decline over 10 years	-44.06%	-33.45%	-10.61%
Current Drawdown Current decline from peak	-0.27%	-0.39%	+0.12%
Average Drawdown Average peak-to-trough decline	-6.19%	-10.53%	+4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	2.27%	+1.12%

Volatility

NDVAX vs. MITTX - Volatility Comparison

MFS New Discovery Value Fund Class A (NDVAX) has a higher volatility of 4.62% compared to MFS Massachusetts Investors Trust (MITTX) at 4.29%. This indicates that NDVAX's price experiences larger fluctuations and is considered to be riskier than MITTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NDVAX	MITTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	4.29%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	9.34%	+2.36%
Volatility (1Y) Calculated over the trailing 1-year period	16.60%	11.72%	+4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.06%	15.77%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	17.24%	+4.64%

NDVAX vs. MITTX - Expense Ratio Comparison

NDVAX has a 1.21% expense ratio, which is higher than MITTX's 0.70% expense ratio.

Dividends

NDVAX vs. MITTX - Dividend Comparison

NDVAX's dividend yield for the trailing twelve months is around 9.49%, less than MITTX's 13.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MITTX MFS Massachusetts Investors Trust	13.29%	14.33%	14.47%	10.96%	9.35%	8.66%	8.14%	7.58%	13.49%	7.27%	5.55%	6.02%
NDVAX MFS New Discovery Value Fund Class A	9.49%	10.62%	6.38%	6.06%	8.07%	9.19%	3.82%	4.60%	7.86%	5.16%	4.29%	3.15%

Frequently Asked Questions

Can I hold both NDVAX and MITTX in my portfolio?

NDVAX and MITTX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDVAX or MITTX?

NDVAX has higher volatility (4.62%) compared to MITTX (4.29%). In terms of maximum drawdown, NDVAX dropped -44.06% vs MITTX's -49.54%.

Which has better risk-adjusted returns?

MITTX currently has the higher Sharpe Ratio (1.73 vs 1.30), 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.