# How to determine the best value of mean_squared_error metric in regression problem

I have a dataset (X, y) where X is multi-dimensional features and y is the class label of each sample and it is a continues value between [-1,1]. I am using MLPRegressor as machine learning model to be used for prediction. To evaluate my model, I use several regression metrics found here, specifically sklearn.explained_variance_score, sklearn.r2_score, and sklearn.mean_squared_error. After training the model, I got the following results:

Variance_score: 0.98
R^2_score: 0.98
mean_squared_error: 0.02

I understand that for variance and r2 scores, the best value would be 1.0. However, I don't know what would be the best value of mean_squared_error. What does 0.02 tell? Is the smaller the better or the higher the better? Does the value always set in a certain range?

Thank you

Here n is the number of data points, $\hat{Y}_i$ is the predicted value, $Y_i$ is the actual value.