TNUIX vs. MCFIX

Last updated Jun 5, 2026

TNUIX (1290 Diversified Bond Fund) and MCFIX (Mercer Core Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, TNUIX returned -1.35%/yr vs -0.15%/yr for MCFIX. A 0.66 correlation means they provide meaningful diversification when combined. TNUIX charges 0.50%/yr vs 0.16%/yr for MCFIX.

Performance

TNUIX vs. MCFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 1290 Diversified Bond Fund (TNUIX) and Mercer Core Fixed Income Fund (MCFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNUIX achieves a 1.71% return, which is significantly higher than MCFIX's -1.32% return.

TNUIX

• 1D: -0.24%
• 1M: 0.87%
• YTD: 1.71%
• 6M: 1.32%
• 1Y: 5.62%
• 3Y*: 3.50%
• 5Y*: -1.35%
• 10Y*: 2.80%

MCFIX

• 1D: -0.23%
• 1M: -0.23%
• YTD: -1.32%
• 6M: -1.03%
• 1Y: 2.42%
• 3Y*: 3.69%
• 5Y*: -0.15%
• 10Y*: —

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

TNUIX vs. MCFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TNUIX 1290 Diversified Bond Fund	1.71%	10.61%	-3.72%	3.21%	-12.54%	-2.46%	17.14%	7.30%
MCFIX Mercer Core Fixed Income Fund	-1.32%	6.64%	2.02%	6.47%	-13.69%	-1.05%	4.75%	3.31%

Correlation

The correlation between TNUIX and MCFIX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019	0.66

Over the past year, the correlation between TNUIX and MCFIX has dropped to 0.44 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

TNUIX vs. MCFIX — Risk / Return Rank

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

TNUIX

TNUIX Risk / Return Rank: 24
TNUIX Sharpe Ratio Rank: 16
TNUIX Sortino Ratio Rank: 17
TNUIX Omega Ratio Rank: 18
TNUIX Calmar Ratio Rank: 43
TNUIX Martin Ratio Rank: 27

MCFIX

MCFIX Risk / Return Rank: 10
MCFIX Sharpe Ratio Rank: 11
MCFIX Sortino Ratio Rank: 11
MCFIX Omega Ratio Rank: 10
MCFIX Calmar Ratio Rank: 10
MCFIX Martin Ratio Rank: 9

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.

TNUIX vs. MCFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 1290 Diversified Bond Fund (TNUIX) and Mercer Core Fixed Income Fund (MCFIX). 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.

	TNUIX	MCFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	0.82	+0.29
Sortino ratio: Return per unit of downside risk	1.68	1.21	+0.47
Omega ratio: Gain probability vs. loss probability	1.21	1.14	+0.07
Calmar ratio: Return relative to maximum drawdown	2.42	0.90	+1.52
Martin ratio: Return relative to average drawdown	6.23	2.57	+3.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNUIX vs. MCFIX - Sharpe Ratio Comparison

The current TNUIX Sharpe Ratio is 1.11, which is higher than the MCFIX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of TNUIX and MCFIX, 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

	TNUIX	MCFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	0.82	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	-0.03	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.13	+0.19

Drawdowns

TNUIX vs. MCFIX - Drawdown Comparison

The maximum TNUIX drawdown since its inception was -26.30%, which is greater than MCFIX's maximum drawdown of -21.68%. Use the drawdown chart below to compare losses from any high point for TNUIX and MCFIX.

Drawdown Indicators

	TNUIX	MCFIX	Difference
Max Drawdown Largest peak-to-trough decline	-26.30%	-21.68%	-4.62%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	-3.75%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-14.40%	-6.32%	-8.08%
Max Drawdown (5Y) Largest decline over 5 years	-26.30%	-18.72%	-7.58%
Max Drawdown (10Y) Largest decline over 10 years	-26.30%	—	—
Current Drawdown Current decline from peak	-6.97%	-6.29%	-0.68%
Average Drawdown Average peak-to-trough decline	-6.29%	-8.54%	+2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	1.28%	-0.23%

Volatility

TNUIX vs. MCFIX - Volatility Comparison

1290 Diversified Bond Fund (TNUIX) has a higher volatility of 2.13% compared to Mercer Core Fixed Income Fund (MCFIX) at 1.29%. This indicates that TNUIX's price experiences larger fluctuations and is considered to be riskier than MCFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNUIX	MCFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	1.29%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	4.04%	2.76%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	5.92%	4.12%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.49%	6.04%	+3.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.73%	6.11%	+1.62%

TNUIX vs. MCFIX - Expense Ratio Comparison

TNUIX has a 0.50% expense ratio, which is higher than MCFIX's 0.16% expense ratio.

Dividends

TNUIX vs. MCFIX - Dividend Comparison

TNUIX's dividend yield for the trailing twelve months is around 3.31%, less than MCFIX's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MCFIX Mercer Core Fixed Income Fund	4.32%	3.89%	4.54%	3.68%	3.31%	2.45%	0.00%	0.00%	0.00%	0.00%	0.00%
TNUIX 1290 Diversified Bond Fund	3.31%	7.28%	6.39%	3.71%	3.51%	4.61%	2.68%	8.07%	3.67%	2.94%	0.12%

Frequently Asked Questions

Can I hold both TNUIX and MCFIX in my portfolio?

TNUIX and MCFIX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNUIX or MCFIX?

TNUIX has higher volatility (2.13%) compared to MCFIX (1.29%). In terms of maximum drawdown, TNUIX dropped -26.30% vs MCFIX's -21.68%.

Which has better risk-adjusted returns?

TNUIX currently has the higher Sharpe Ratio (1.11 vs 0.82), 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.