ODMAX vs. MCSFX

Last updated Jun 4, 2026

ODMAX (Invesco Developing Markets Fund) and MCSFX (MFS Commodity Strategy Fund) are both mutual funds - ODMAX is a Emerging Markets Diversified fund managed by Invesco, while MCSFX is a Commodities fund managed by MFS. Over the past 5 years, ODMAX returned 2.28%/yr vs 10.77%/yr for MCSFX. At a 0.29 correlation, their price movements are largely independent. ODMAX charges 1.24%/yr vs 1.89%/yr for MCSFX.

Performance

ODMAX vs. MCSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Developing Markets Fund (ODMAX) and MFS Commodity Strategy Fund (MCSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ODMAX having a 23.78% return and MCSFX slightly higher at 24.44%.

ODMAX

• 1D: 1.76%
• 1M: 11.47%
• YTD: 23.78%
• 6M: 26.12%
• 1Y: 48.63%
• 3Y*: 16.24%
• 5Y*: 2.28%
• 10Y*: 8.01%

MCSFX

• 1D: 0.45%
• 1M: -2.18%
• YTD: 24.44%
• 6M: 24.59%
• 1Y: 38.29%
• 3Y*: 16.16%
• 5Y*: 10.77%
• 10Y*: —

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

ODMAX vs. MCSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ODMAX Invesco Developing Markets Fund	23.78%	28.34%	-1.39%	11.17%	-25.16%	-7.54%	17.22%	9.89%
MCSFX MFS Commodity Strategy Fund	24.44%	17.09%	4.32%	-7.25%	12.27%	26.40%	-1.34%	-1.69%

Correlation

The correlation between ODMAX and MCSFX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.29

The correlation between ODMAX and MCSFX shifts across timeframes, from 0.11 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ODMAX vs. MCSFX — Risk / Return Rank

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

ODMAX

ODMAX Risk / Return Rank: 84
ODMAX Sharpe Ratio Rank: 89
ODMAX Sortino Ratio Rank: 81
ODMAX Omega Ratio Rank: 81
ODMAX Calmar Ratio Rank: 85
ODMAX Martin Ratio Rank: 85

MCSFX

MCSFX Risk / Return Rank: 72
MCSFX Sharpe Ratio Rank: 71
MCSFX Sortino Ratio Rank: 54
MCSFX Omega Ratio Rank: 63
MCSFX Calmar Ratio Rank: 91
MCSFX Martin Ratio Rank: 80

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.

ODMAX vs. MCSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Developing Markets Fund (ODMAX) and MFS Commodity Strategy Fund (MCSFX). 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.

	ODMAX	MCSFX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.47	+0.45
Sortino ratio: Return per unit of downside risk	3.81	3.10	+0.71
Omega ratio: Gain probability vs. loss probability	1.54	1.44	+0.09
Calmar ratio: Return relative to maximum drawdown	4.04	4.74	-0.71
Martin ratio: Return relative to average drawdown	16.04	14.99	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ODMAX vs. MCSFX - Sharpe Ratio Comparison

The current ODMAX Sharpe Ratio is 2.92, which is comparable to the MCSFX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of ODMAX and MCSFX, 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

	ODMAX	MCSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.47	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.32	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.33	+0.21

Drawdowns

ODMAX vs. MCSFX - Drawdown Comparison

The maximum ODMAX drawdown since its inception was -61.63%, which is greater than MCSFX's maximum drawdown of -37.16%. Use the drawdown chart below to compare losses from any high point for ODMAX and MCSFX.

Drawdown Indicators

	ODMAX	MCSFX	Difference
Max Drawdown Largest peak-to-trough decline	-61.63%	-37.16%	-24.47%
Max Drawdown (1Y) Largest decline over 1 year	-12.08%	-8.19%	-3.89%
Max Drawdown (3Y) Largest decline over 3 years	-18.26%	-9.60%	-8.66%
Max Drawdown (5Y) Largest decline over 5 years	-45.07%	-37.16%	-7.91%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	—	—
Current Drawdown Current decline from peak	0.00%	-3.03%	+3.03%
Average Drawdown Average peak-to-trough decline	-14.59%	-18.29%	+3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.59%	+0.44%

Volatility

ODMAX vs. MCSFX - Volatility Comparison

Invesco Developing Markets Fund (ODMAX) has a higher volatility of 6.64% compared to MFS Commodity Strategy Fund (MCSFX) at 4.74%. This indicates that ODMAX's price experiences larger fluctuations and is considered to be riskier than MCSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ODMAX	MCSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	4.74%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	13.78%	13.69%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	15.87%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	34.15%	-16.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.88%	29.57%	-11.69%

ODMAX vs. MCSFX - Expense Ratio Comparison

ODMAX has a 1.24% expense ratio, which is lower than MCSFX's 1.89% expense ratio.

Dividends

ODMAX vs. MCSFX - Dividend Comparison

ODMAX's dividend yield for the trailing twelve months is around 33.57%, more than MCSFX's 12.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCSFX MFS Commodity Strategy Fund	12.09%	15.05%	2.25%	1.04%	26.24%	54.80%	0.15%	0.86%	0.00%	0.00%	0.00%	0.00%
ODMAX Invesco Developing Markets Fund	33.57%	41.55%	0.01%	0.53%	0.57%	5.01%	0.00%	2.12%	0.28%	0.30%	0.23%	0.43%

Frequently Asked Questions

Can I hold both ODMAX and MCSFX in my portfolio?

ODMAX and MCSFX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ODMAX or MCSFX?

ODMAX has higher volatility (6.64%) compared to MCSFX (4.74%). In terms of maximum drawdown, ODMAX dropped -61.63% vs MCSFX's -37.16%.

Which has better risk-adjusted returns?

ODMAX currently has the higher Sharpe Ratio (2.92 vs 2.47), 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.