TAIAX vs. MCFTX

Last updated Jun 26, 2026

TAIAX (American Funds Tax-Aware Conservative Growth and Income Portfolio) and MCFTX (MFS California Municipal Bond Fund) are both mutual funds - TAIAX is a Diversified Portfolio fund managed by American Funds, while MCFTX is a Municipal Bonds fund managed by MFS. Over the past 10 years, TAIAX returned 7.88%/yr vs 1.99%/yr for MCFTX. At a 0.11 correlation, their price movements are largely independent. TAIAX charges 0.34%/yr vs 0.70%/yr for MCFTX.

Performance

TAIAX vs. MCFTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Tax-Aware Conservative Growth and Income Portfolio (TAIAX) and MFS California Municipal Bond Fund (MCFTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAIAX achieves a 5.75% return, which is significantly higher than MCFTX's 2.24% return. Over the past 10 years, TAIAX has outperformed MCFTX with an annualized return of 7.88%, while MCFTX has yielded a comparatively lower 1.99% annualized return.

TAIAX

• 1D: 0.06%
• 1M: 0.45%
• YTD: 5.75%
• 6M: 5.40%
• 1Y: 14.46%
• 3Y*: 12.14%
• 5Y*: 6.84%
• 10Y*: 7.88%

MCFTX

• 1D: 0.00%
• 1M: 1.59%
• YTD: 2.24%
• 6M: 2.74%
• 1Y: 8.13%
• 3Y*: 3.98%
• 5Y*: 0.43%
• 10Y*: 1.99%

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

TAIAX vs. MCFTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAIAX American Funds Tax-Aware Conservative Growth and Income Portfolio	5.75%	13.27%	10.09%	11.74%	-10.18%	13.47%	7.46%	16.26%	-2.17%	14.25%
MCFTX MFS California Municipal Bond Fund	2.24%	4.06%	2.46%	6.33%	-12.26%	2.95%	4.02%	8.58%	0.96%	6.17%

Correlation

The correlation between TAIAX and MCFTX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since May 21, 2012	0.11

Over the past year, TAIAX and MCFTX have become more correlated (0.34) than their long-term average of 0.11, meaning their price movements have been converging.

Return for Risk

TAIAX vs. MCFTX — Risk / Return Rank

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

TAIAX

TAIAX Risk / Return Rank: 68
TAIAX Sharpe Ratio Rank: 75
TAIAX Sortino Ratio Rank: 75
TAIAX Omega Ratio Rank: 77
TAIAX Calmar Ratio Rank: 48
TAIAX Martin Ratio Rank: 64

MCFTX

MCFTX Risk / Return Rank: 71
MCFTX Sharpe Ratio Rank: 80
MCFTX Sortino Ratio Rank: 84
MCFTX Omega Ratio Rank: 89
MCFTX Calmar Ratio Rank: 52
MCFTX Martin Ratio Rank: 47

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.

TAIAX vs. MCFTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Tax-Aware Conservative Growth and Income Portfolio (TAIAX) and MFS California Municipal Bond Fund (MCFTX). 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.

	TAIAX	MCFTX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.23	-0.09
Sortino ratio: Return per unit of downside risk	3.01	3.44	-0.42
Omega ratio: Gain probability vs. loss probability	1.42	1.56	-0.15
Calmar ratio: Return relative to maximum drawdown	2.33	2.36	-0.02
Martin ratio: Return relative to average drawdown	10.68	8.29	+2.39

TAIAX vs. MCFTX - Sharpe Ratio Comparison

The current TAIAX Sharpe Ratio is 2.13, which is comparable to the MCFTX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TAIAX and MCFTX, 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

TAIAX vs. MCFTX - Drawdown Comparison

The maximum TAIAX drawdown since its inception was -21.42%, which is greater than MCFTX's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for TAIAX and MCFTX.

Drawdown Indicators

	TAIAX	MCFTX	Difference
Max Drawdown Largest peak-to-trough decline	-21.42%	-18.59%	-2.83%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	-3.38%	-2.78%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-7.05%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	-16.76%	-18.46%	+1.70%
Max Drawdown (10Y) Largest decline over 10 years	-21.42%	-18.46%	-2.96%
Current Drawdown Current decline from peak	-0.72%	0.00%	-0.72%
Average Drawdown Average peak-to-trough decline	-2.20%	-2.69%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	0.96%	+0.38%

Volatility

TAIAX vs. MCFTX - Volatility Comparison

American Funds Tax-Aware Conservative Growth and Income Portfolio (TAIAX) has a higher volatility of 2.45% compared to MFS California Municipal Bond Fund (MCFTX) at 0.94%. This indicates that TAIAX's price experiences larger fluctuations and is considered to be riskier than MCFTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAIAX	MCFTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	0.94%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	5.65%	2.67%	+2.98%
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	3.58%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.68%	4.90%	+2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.18%	4.73%	+3.45%

TAIAX vs. MCFTX - Expense Ratio Comparison

TAIAX has a 0.34% expense ratio, which is lower than MCFTX's 0.70% expense ratio.

Dividends

TAIAX vs. MCFTX - Dividend Comparison

TAIAX's dividend yield for the trailing twelve months is around 4.34%, more than MCFTX's 3.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCFTX MFS California Municipal Bond Fund	3.54%	4.63%	3.15%	2.81%	2.17%	2.27%	2.60%	3.23%	3.47%	3.62%	3.59%	3.92%
TAIAX American Funds Tax-Aware Conservative Growth and Income Portfolio	4.34%	5.18%	5.16%	4.29%	4.37%	3.40%	2.65%	4.01%	4.54%	4.04%	2.77%	3.38%

Frequently Asked Questions

Can I hold both TAIAX and MCFTX in my portfolio?

TAIAX and MCFTX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAIAX or MCFTX?

TAIAX has higher volatility (2.45%) compared to MCFTX (0.94%). In terms of maximum drawdown, TAIAX dropped -21.42% vs MCFTX's -18.59%.

Which has better risk-adjusted returns?

MCFTX currently has the higher Sharpe Ratio (2.23 vs 2.13), 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.