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RFIMX vs. MNDIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RFIMX vs. MNDIX

Last updated Jun 24, 2026

RFIMX (Ranger Micro Cap Fund) and MNDIX (MFS New Discovery Fund) are both Small Cap Growth Equities funds. Over the past 5 years, RFIMX returned 3.64%/yr vs 0.55%/yr for MNDIX. Their correlation of 0.86 suggests significant overlap in exposure. RFIMX charges 1.51%/yr vs 0.99%/yr for MNDIX.

Performance

RFIMX vs. MNDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ranger Micro Cap Fund (RFIMX) and MFS New Discovery Fund (MNDIX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, RFIMX achieves a 20.52% return, which is significantly higher than MNDIX's 13.77% return.

RFIMX

1D
-0.34%
1M
6.27%
YTD
20.52%
6M
16.96%
1Y
30.09%
3Y*
9.23%
5Y*
3.64%
10Y*
—

MNDIX

1D
0.33%
1M
4.64%
YTD
13.77%
6M
10.86%
1Y
26.18%
3Y*
13.57%
5Y*
0.55%
10Y*
12.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RFIMX vs. MNDIX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
RFIMX
Ranger Micro Cap Fund		20.52%1.99%11.52%9.14%-24.26%30.58%44.44%24.94%-0.56%
MNDIX
MFS New Discovery Fund		13.77%12.62%6.32%14.30%-29.64%2.03%45.14%41.12%0.21%

Correlation

The correlation between RFIMX and MNDIX is 0.86, 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

0.86

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

0.87

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

0.88

Correlation (All Time)
Calculated using the full available price history since Dec 18, 2018

0.86

The correlation between RFIMX and MNDIX has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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Ranger Micro Cap Fund

MFS New Discovery Fund

Often compared with RFIMX:
RFIMX vs. FXAIXRFIMX vs. ONEQRFIMX vs. MISGXRFIMX vs. HRSMXRFIMX vs. ARTSXRFIMX vs. PQJCXRFIMX vs. LAGWX
Often compared with MNDIX:
MNDIX vs. DFSTXMNDIX vs. VSTCXMNDIX vs. MITTXMNDIX vs. EMCAXMNDIX vs. MIGFXMNDIX vs. MEIKXMNDIX vs. NEAGX

Return for Risk

RFIMX vs. MNDIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RFIMX
RFIMX Risk / Return Rank: 4747
Overall Rank
RFIMX Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
RFIMX Sortino Ratio Rank: 3737
Sortino Ratio Rank
RFIMX Omega Ratio Rank: 3131
Omega Ratio Rank
RFIMX Calmar Ratio Rank: 8080
Calmar Ratio Rank
RFIMX Martin Ratio Rank: 5151
Martin Ratio Rank
MNDIX
MNDIX Risk / Return Rank: 2929
Overall Rank
MNDIX Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
MNDIX Sortino Ratio Rank: 2525
Sortino Ratio Rank
MNDIX Omega Ratio Rank: 2424
Omega Ratio Rank
MNDIX Calmar Ratio Rank: 3333
Calmar Ratio Rank
MNDIX Martin Ratio Rank: 3737
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.

RFIMX vs. MNDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ranger Micro Cap Fund (RFIMX) and MFS New Discovery Fund (MNDIX). 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.

RFIMXMNDIXDifference
Sharpe ratioReturn per unit of total volatility
1.62
1.36

+0.26

Sortino ratioReturn per unit of downside risk
2.37
1.96

+0.41

Omega ratioGain probability vs. loss probability

1.27

1.24

+0.04

Calmar ratioReturn relative to maximum drawdown

3.46

2.04

+1.42

Martin ratioReturn relative to average drawdown

9.79

7.67

+2.13

RFIMX vs. MNDIX - Sharpe Ratio Comparison

The current RFIMX Sharpe Ratio is 1.62, which is comparable to the MNDIX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of RFIMX and MNDIX, 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

RFIMX vs. MNDIX - Drawdown Comparison

The maximum RFIMX drawdown since its inception was -99.41%, which is greater than MNDIX's maximum drawdown of -62.02%. Use the drawdown chart below to compare losses from any high point for RFIMX and MNDIX.

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Drawdown Indicators

RFIMXMNDIXDifference

Max Drawdown

Largest peak-to-trough decline

-99.41%

-62.02%

-37.39%

Max Drawdown (1Y)

Largest decline over 1 year

-9.11%

-13.42%

+4.31%

Max Drawdown (3Y)

Largest decline over 3 years

-99.41%

-25.32%

-74.09%

Max Drawdown (5Y)

Largest decline over 5 years

-99.41%

-42.04%

-57.37%

Max Drawdown (10Y)

Largest decline over 10 years

—

-42.04%

—

Current Drawdown

Current decline from peak

-99.09%

-2.97%

-96.12%

Average Drawdown

Average peak-to-trough decline

-29.75%

-16.80%

-12.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

3.56%

-0.34%

Volatility

RFIMX vs. MNDIX - Volatility Comparison

The current volatility for Ranger Micro Cap Fund (RFIMX) is 6.09%, while MFS New Discovery Fund (MNDIX) has a volatility of 6.84%. This indicates that RFIMX experiences smaller price fluctuations and is considered to be less risky than MNDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RFIMXMNDIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.09%

6.84%

-0.75%

Volatility (6M)

Calculated over the trailing 6-month period

14.23%

15.81%

-1.58%

Volatility (1Y)

Calculated over the trailing 1-year period

19.50%

20.17%

-0.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5,378.52%

22.97%

+5,355.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4,389.81%

22.13%

+4,367.68%

RFIMX vs. MNDIX - Expense Ratio Comparison

RFIMX has a 1.51% expense ratio, which is higher than MNDIX's 0.99% expense ratio.

Dividends

RFIMX vs. MNDIX - Dividend Comparison

RFIMX's dividend yield for the trailing twelve months is around 1.10%, while MNDIX has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
MNDIX
MFS New Discovery Fund		0.00%0.00%0.00%0.00%0.09%20.76%9.22%7.01%23.11%9.34%2.24%
RFIMX
Ranger Micro Cap Fund		1.10%1.33%0.00%0.77%47.82%71.79%0.00%0.00%0.36%0.00%0.00%

Frequently Asked Questions

RFIMX and MNDIX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MNDIX has higher volatility (6.84%) compared to RFIMX (6.09%). In terms of maximum drawdown, RFIMX dropped -99.41% vs MNDIX's -62.02%.

RFIMX currently has the higher Sharpe Ratio (1.62 vs 1.36), 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.

Portfolio Optimizer

Find the right allocation for RFIMX and MNDIX

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