NDVIX vs. PMJAX

Last updated Jun 4, 2026

NDVIX (MFS New Discovery Value Fund) and PMJAX (PIMCO RAE US Small Fund Class A) are both Small Cap Value Equities funds. Over the past 10 years, NDVIX returned 10.31%/yr vs 13.33%/yr for PMJAX. Their correlation of 0.93 suggests significant overlap in exposure. NDVIX charges 0.93%/yr vs 0.90%/yr for PMJAX.

Performance

NDVIX vs. PMJAX - Performance Comparison

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

Returns By Period

In the year-to-date period, NDVIX achieves a 9.04% return, which is significantly lower than PMJAX's 19.03% return. Over the past 10 years, NDVIX has underperformed PMJAX with an annualized return of 10.31%, while PMJAX has yielded a comparatively higher 13.33% annualized return.

NDVIX

• 1D: 0.55%
• 1M: 0.38%
• YTD: 9.04%
• 6M: 8.28%
• 1Y: 18.33%
• 3Y*: 10.77%
• 5Y*: 4.82%
• 10Y*: 10.31%

PMJAX

• 1D: 1.46%
• 1M: 7.49%
• YTD: 19.03%
• 6M: 16.82%
• 1Y: 35.94%
• 3Y*: 21.80%
• 5Y*: 10.65%
• 10Y*: 13.33%

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

NDVIX vs. PMJAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NDVIX MFS New Discovery Value Fund	9.04%	2.38%	9.34%	11.20%	-10.79%	33.58%	3.65%	33.65%	-11.13%	14.54%
PMJAX PIMCO RAE US Small Fund Class A	19.03%	4.89%	20.53%	19.76%	-5.07%	38.48%	6.52%	19.76%	-12.02%	8.76%

Correlation

The correlation between NDVIX and PMJAX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.93

The correlation between NDVIX and PMJAX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

NDVIX vs. PMJAX — Risk / Return Rank

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

NDVIX

NDVIX Risk / Return Rank: 20
NDVIX Sharpe Ratio Rank: 18
NDVIX Sortino Ratio Rank: 19
NDVIX Omega Ratio Rank: 17
NDVIX Calmar Ratio Rank: 24
NDVIX Martin Ratio Rank: 24

PMJAX

PMJAX Risk / Return Rank: 65
PMJAX Sharpe Ratio Rank: 56
PMJAX Sortino Ratio Rank: 54
PMJAX Omega Ratio Rank: 47
PMJAX Calmar Ratio Rank: 92
PMJAX Martin Ratio Rank: 78

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.

NDVIX vs. PMJAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS New Discovery Value Fund (NDVIX) and PIMCO RAE US Small Fund Class A (PMJAX). 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.

	NDVIX	PMJAX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	2.22	-1.01
Sortino ratio: Return per unit of downside risk	1.84	3.13	-1.29
Omega ratio: Gain probability vs. loss probability	1.22	1.37	-0.16
Calmar ratio: Return relative to maximum drawdown	1.84	4.97	-3.13
Martin ratio: Return relative to average drawdown	5.93	14.77	-8.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NDVIX vs. PMJAX - Sharpe Ratio Comparison

The current NDVIX Sharpe Ratio is 1.21, which is lower than the PMJAX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of NDVIX and PMJAX, 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

	NDVIX	PMJAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	2.22	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.27	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.40	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.41	+0.09

Drawdowns

NDVIX vs. PMJAX - Drawdown Comparison

The maximum NDVIX drawdown since its inception was -44.03%, smaller than the maximum PMJAX drawdown of -50.53%. Use the drawdown chart below to compare losses from any high point for NDVIX and PMJAX.

Drawdown Indicators

	NDVIX	PMJAX	Difference
Max Drawdown Largest peak-to-trough decline	-44.03%	-50.53%	+6.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.87%	-7.66%	-3.21%
Max Drawdown (3Y) Largest decline over 3 years	-25.59%	-26.72%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-25.59%	-50.53%	+24.94%
Max Drawdown (10Y) Largest decline over 10 years	-44.03%	-50.53%	+6.50%
Current Drawdown Current decline from peak	-1.82%	0.00%	-1.82%
Average Drawdown Average peak-to-trough decline	-6.14%	-17.03%	+10.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	2.57%	+0.80%

Volatility

NDVIX vs. PMJAX - Volatility Comparison

The current volatility for MFS New Discovery Value Fund (NDVIX) is 4.37%, while PIMCO RAE US Small Fund Class A (PMJAX) has a volatility of 5.13%. This indicates that NDVIX experiences smaller price fluctuations and is considered to be less risky than PMJAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NDVIX	PMJAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	5.13%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	11.49%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.52%	17.16%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.05%	40.26%	-20.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.83%	33.57%	-11.74%

NDVIX vs. PMJAX - Expense Ratio Comparison

NDVIX has a 0.93% expense ratio, which is higher than PMJAX's 0.90% expense ratio.

Dividends

NDVIX vs. PMJAX - Dividend Comparison

NDVIX's dividend yield for the trailing twelve months is around 9.86%, more than PMJAX's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NDVIX MFS New Discovery Value Fund	9.86%	10.76%	6.57%	6.24%	8.27%	9.36%	1.93%	4.80%	8.09%	5.14%	4.40%	2.70%
PMJAX PIMCO RAE US Small Fund Class A	2.78%	3.31%	2.48%	1.40%	10.08%	67.74%	9.44%	1.37%	7.72%	4.51%	1.16%	0.00%

Frequently Asked Questions

Can I hold both NDVIX and PMJAX in my portfolio?

NDVIX and PMJAX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDVIX or PMJAX?

PMJAX has higher volatility (5.13%) compared to NDVIX (4.37%). In terms of maximum drawdown, NDVIX dropped -44.03% vs PMJAX's -50.53%.

Which has better risk-adjusted returns?

PMJAX currently has the higher Sharpe Ratio (2.22 vs 1.21), 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.