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NDVAX vs. VESMX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NDVAX vs. VESMX

Last updated Jun 23, 2026

NDVAX (MFS New Discovery Value Fund Class A) and VESMX (VELA Small Cap Fund) are both Small Cap Value Equities funds. Over the past 5 years, NDVAX returned 6.06%/yr vs 7.44%/yr for VESMX. Their correlation of 0.93 suggests significant overlap in exposure. NDVAX charges 1.21%/yr vs 1.20%/yr for VESMX.

Performance

NDVAX vs. VESMX - Performance Comparison

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

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Returns By Period

In the year-to-date period, NDVAX achieves a 11.92% return, which is significantly higher than VESMX's 4.89% 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%

VESMX

1D
0.80%
1M
3.02%
YTD
4.89%
6M
3.07%
1Y
16.95%
3Y*
10.70%
5Y*
7.44%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

NDVAX vs. VESMX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
NDVAX
MFS New Discovery Value Fund Class A		11.92%2.16%9.07%10.92%-11.02%33.30%29.51%
VESMX
VELA Small Cap Fund		4.89%8.12%10.77%11.22%-5.53%31.60%21.26%

Correlation

The correlation between NDVAX and VESMX is 0.87, 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

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.90

Correlation (5Y)
Calculated over the trailing 5-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Nov 2, 2020

0.93

The correlation between NDVAX and VESMX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

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MFS New Discovery Value Fund Class A

VELA Small Cap Fund

Often compared with NDVAX:
NDVAX vs. MITTXNDVAX vs. PMJAXNDVAX vs. VSMVXNDVAX vs. ARSMXNDVAX vs. TASCXNDVAX vs. MDIJXNDVAX vs. MEIAX
Often compared with VESMX:
VESMX vs. VSMAXVESMX vs. ARSMXVESMX vs. VELIXVESMX vs. VEITXVESMX vs. BRSIXVESMX vs. NSDVXVESMX vs. RYSEX

Return for Risk

NDVAX vs. VESMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NDVAX
NDVAX Risk / Return Rank: 2626
Overall Rank
NDVAX Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
NDVAX Sortino Ratio Rank: 2626
Sortino Ratio Rank
NDVAX Omega Ratio Rank: 2222
Omega Ratio Rank
NDVAX Calmar Ratio Rank: 3131
Calmar Ratio Rank
NDVAX Martin Ratio Rank: 2929
Martin Ratio Rank
VESMX
VESMX Risk / Return Rank: 2222
Overall Rank
VESMX Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
VESMX Sortino Ratio Rank: 2121
Sortino Ratio Rank
VESMX Omega Ratio Rank: 1818
Omega Ratio Rank
VESMX Calmar Ratio Rank: 2727
Calmar Ratio Rank
VESMX Martin Ratio Rank: 2424
Martin Ratio Rank
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. VESMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS New Discovery Value Fund Class A (NDVAX) and VELA Small Cap Fund (VESMX). 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.

NDVAXVESMXDifference
Sharpe ratioReturn per unit of total volatility
1.30
1.20

+0.10

Sortino ratioReturn per unit of downside risk
1.96
1.81

+0.15

Omega ratioGain probability vs. loss probability

1.23

1.21

+0.02

Calmar ratioReturn relative to maximum drawdown

1.98

1.81

+0.17

Martin ratioReturn relative to average drawdown

6.36

5.38

+0.98

NDVAX vs. VESMX - Sharpe Ratio Comparison

The current NDVAX Sharpe Ratio is 1.30, which is comparable to the VESMX Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of NDVAX and VESMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

NDVAX vs. VESMX - Drawdown Comparison

The maximum NDVAX drawdown since its inception was -44.06%, which is greater than VESMX's maximum drawdown of -20.35%. Use the drawdown chart below to compare losses from any high point for NDVAX and VESMX.

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Drawdown Indicators

NDVAXVESMXDifference

Max Drawdown

Largest peak-to-trough decline

-44.06%

-20.35%

-23.71%

Max Drawdown (1Y)

Largest decline over 1 year

-10.90%

-9.48%

-1.42%

Max Drawdown (3Y)

Largest decline over 3 years

-25.67%

-20.35%

-5.32%

Max Drawdown (5Y)

Largest decline over 5 years

-25.67%

-20.35%

-5.32%

Max Drawdown (10Y)

Largest decline over 10 years

-44.06%

—

—

Current Drawdown

Current decline from peak

-0.27%

-2.19%

+1.92%

Average Drawdown

Average peak-to-trough decline

-6.19%

-4.55%

-1.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.39%

3.18%

+0.21%

Volatility

NDVAX vs. VESMX - Volatility Comparison

MFS New Discovery Value Fund Class A (NDVAX) has a higher volatility of 4.62% compared to VELA Small Cap Fund (VESMX) at 3.60%. This indicates that NDVAX's price experiences larger fluctuations and is considered to be riskier than VESMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NDVAXVESMXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.62%

3.60%

+1.02%

Volatility (6M)

Calculated over the trailing 6-month period

11.70%

9.99%

+1.71%

Volatility (1Y)

Calculated over the trailing 1-year period

16.60%

14.35%

+2.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.06%

17.38%

+2.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.88%

18.19%

+3.69%

NDVAX vs. VESMX - Expense Ratio Comparison

NDVAX has a 1.21% expense ratio, which is higher than VESMX's 1.20% expense ratio.

Dividends

NDVAX vs. VESMX - Dividend Comparison

NDVAX's dividend yield for the trailing twelve months is around 9.49%, more than VESMX's 0.96% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VESMX
VELA Small Cap Fund		0.96%1.01%0.22%0.66%0.69%0.98%0.06%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

NDVAX and VESMX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NDVAX has higher volatility (4.62%) compared to VESMX (3.60%). In terms of maximum drawdown, NDVAX dropped -44.06% vs VESMX's -20.35%.

NDVAX currently has the higher Sharpe Ratio (1.30 vs 1.20), 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.

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