- ISIN
- US56062F6575
- CUSIP
- 56062F657
- Issuer
- New York Life
- Inception Date
- Feb 27, 1997
- Category
- Nontraditional Bonds
- Min. Investment
- $15,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
MASAX Performance Chart
MainStay MacKay Strategic Bond Fund (MASAX) is up 1.5% since the beginning of the year. MASAX is currently trading at $9 per share. Investors who bought $1,000 worth of MASAX shares 5 years ago would now be looking at an investment worth $2,234.
Loading charts...
Returns By Period
MainStay MacKay Strategic Bond Fund (MASAX) has returned 1.52% so far this year and 5.89% over the past 12 months. Over the last ten years, MASAX has returned 10.67% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
MainStay MacKay Strategic Bond Fund
- 1D
- 0.11%
- 1M
- 0.66%
- YTD
- 1.52%
- 6M
- 1.63%
- 1Y
- 5.89%
- 3Y*
- 7.25%
- 5Y*
- 17.44%
- 10Y*
- 10.67%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.15%
- 1Y
- 24.03%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MASAX Monthly Returns History
Based on dividend-adjusted daily data since Feb 28, 1997, MASAX's average daily return is +0.03%, while the average monthly return is +0.63%. At this rate, an investment would double in approximately 9.2 years.
Historically, 65% of months were positive and 35% were negative. The best month was Dec 2021 with a return of +90.2%, while the worst month was Oct 2008 at -10.4%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 6 months.
On a daily basis, MASAX closed higher 41% of trading days. The best single day was Dec 15, 2021 with a return of +89.1%, while the worst single day was Dec 19, 1997 at -2.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.49% | 1.19% | -1.47% | 1.01% | 0.20% | 0.11% | 1.52% | ||||||
| 2025 | 1.02% | 1.56% | -0.01% | 0.29% | 0.17% | 1.62% | -0.04% | 1.37% | 0.51% | 0.57% | 0.51% | 0.27% | 8.11% |
| 2024 | 0.89% | -0.65% | 1.24% | -1.67% | 1.89% | 1.14% | 2.19% | 1.46% | 1.33% | -1.87% | 0.74% | -0.53% | 6.23% |
| 2023 | 3.57% | -1.22% | 0.27% | 0.85% | -0.23% | 0.60% | 0.85% | -0.23% | -1.09% | -1.00% | 3.46% | 3.54% | 9.61% |
| 2022 | -1.14% | -1.96% | -0.73% | -1.76% | -0.50% | -2.39% | 2.70% | -1.17% | -3.69% | -0.16% | 2.54% | 0.36% | -7.80% |
| 2021 | 0.24% | -0.06% | -0.03% | 0.74% | 0.38% | 0.50% | 0.28% | 0.08% | -0.06% | -0.07% | -0.67% | 90.15% | 92.69% |
Benchmark Metrics
MainStay MacKay Strategic Bond Fund has an annualized alpha of 7.18%, beta of 0.06, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since February 28, 1997.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (32.60%) than losses (18.81%) - typical of diversified or defensive assets.
- Beta of 0.06 may look defensive, but with R2 of 0.01 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.01 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 7.18%
- Beta
- 0.06
- R²
- 0.01
- Upside Capture
- 32.60%
- Downside Capture
- 18.81%
Expense Ratio
MASAX has a high expense ratio of 1.04%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MASAX ranks 75 for risk / return — better than 75% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for MainStay MacKay Strategic Bond Fund (MASAX) and compare them to S&P 500 Index.
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.
| MASAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.37 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 2.78 | +0.15 |
| Martin ratioReturn relative to average drawdown | 11.97 | 12.44 | -0.47 |
Dividends
Dividend History
MainStay MacKay Strategic Bond Fund provided a 5.18% dividend yield over the last twelve months, with an annual payout of $0.45 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.45 | $0.44 | $0.45 | $0.37 | $0.26 | $4.45 | $0.21 | $0.24 | $0.28 | $0.24 | $0.37 | $0.31 |
Dividend yield | 5.18% | 5.00% | 5.24% | 4.35% | 3.15% | 49.01% | 2.31% | 2.74% | 3.34% | 2.75% | 4.28% | 3.62% |
Monthly Dividends
The table displays the monthly dividend distributions for MainStay MacKay Strategic Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.00 | $0.19 | ||||||
| 2025 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.03 | $0.03 | $0.44 |
| 2024 | $0.04 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.45 |
| 2023 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.37 |
| 2022 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.04 | $0.26 |
| 2021 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.01 | $0.01 | $0.01 | $4.27 | $4.45 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the MainStay MacKay Strategic Bond Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the MainStay MacKay Strategic Bond Fund was 18.74%, occurring on Nov 21, 2008. Recovery took 173 trading sessions.
The current MainStay MacKay Strategic Bond Fund drawdown is 0.16%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -18.74%Nov 2008 | 6mo 4d | 8mo 15d | 1y 2moMay 2008 - Aug 2009 |
COVID crash2020 | -13.76%Mar 2020 | 28d | 4mo | 4mo 28dFeb 2020 - Jul 2020 |
Bear market2022 | -11.37%Oct 2022 | 9mo 23d | 1y 1mo | 1y 11moDec 2021 - Dec 2023 |
2016 correction2016 | -10.67%Feb 2016 | 1y 5mo | 6mo 14d | 1y 12moAug 2014 - Aug 2016 |
2011 pullback2011 | -7.30%Oct 2011 | 4mo 27d | 3mo 23d | 8mo 20dMay 2011 - Jan 2012 |
Drawdown Indicators
| MASAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.74% | -56.78% | +38.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.03% | -9.10% | +7.07% |
Max Drawdown (3Y)Largest decline over 3 years | -2.89% | -18.90% | +16.01% |
Max Drawdown (5Y)Largest decline over 5 years | -11.37% | -25.43% | +14.06% |
Max Drawdown (10Y)Largest decline over 10 years | -13.76% | -33.92% | +20.16% |
Current DrawdownCurrent decline from peak | -0.16% | -1.80% | +1.64% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -10.71% | +9.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 2.03% | -1.54% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with MASAX
Add MainStay MacKay Strategic Bond Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with MASAX