- ISIN
- US56064B7617
- Issuer
- MainStay
- Inception Date
- Dec 17, 2012
- Category
- High Yield Bonds
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
MDHVX Performance Chart
MainStay MacKay Short Duration High Yield Fund (MDHVX) is up 1.9% since the beginning of the year. MDHVX is currently trading at $9 per share. Investors who bought $1,000 worth of MDHVX shares 5 years ago would now be looking at an investment worth $1,233.
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Returns By Period
MainStay MacKay Short Duration High Yield Fund (MDHVX) has returned 1.85% so far this year and 4.89% over the past 12 months. Over the last ten years, MDHVX has returned 4.60% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
MainStay MacKay Short Duration High Yield Fund
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.85%
- 6M
- 2.07%
- 1Y
- 4.89%
- 3Y*
- 6.41%
- 5Y*
- 4.27%
- 10Y*
- 4.60%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MDHVX Monthly Returns History
Based on dividend-adjusted daily data since Dec 18, 2012, MDHVX's average daily return is +0.02%, while the average monthly return is +0.36%. At this rate, an investment would double in approximately 16.1 years.
Historically, 70% of months were positive and 30% were negative. The best month was Apr 2020 with a return of +3.9%, while the worst month was Mar 2020 at -10.8%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 6 months.
On a daily basis, MDHVX closed higher 38% of trading days. The best single day was Mar 26, 2020 with a return of +2.5%, while the worst single day was Mar 18, 2020 at -3.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.33% | 0.21% | -0.45% | 1.17% | 0.48% | 0.11% | 1.85% | ||||||
| 2025 | 1.19% | 0.24% | -0.34% | -0.35% | 1.15% | 1.31% | 0.33% | 0.71% | 0.38% | 0.17% | 0.47% | 0.00% | 5.38% |
| 2024 | 0.38% | 0.40% | 0.92% | -0.03% | 0.81% | 0.61% | 1.02% | 0.81% | 0.80% | 0.07% | 0.69% | -0.14% | 6.51% |
| 2023 | 2.26% | -0.46% | 1.11% | 0.77% | -0.26% | 0.88% | 1.01% | 0.27% | -0.20% | -0.13% | 2.20% | 2.04% | 9.86% |
| 2022 | -0.83% | -0.22% | -0.28% | -1.09% | -0.16% | -3.71% | 3.14% | -0.49% | -2.02% | 1.75% | 1.05% | 0.18% | -2.81% |
| 2021 | 0.68% | 0.51% | 0.46% | 0.83% | 0.45% | 0.71% | -0.12% | 0.31% | 0.41% | -0.19% | -0.71% | 0.99% | 4.38% |
Benchmark Metrics
MainStay MacKay Short Duration High Yield Fund has an annualized alpha of 2.99%, beta of 0.10, and R2 of 0.28 versus S&P 500 Index. Calculated based on daily prices since December 18, 2012.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (21.51%) than losses (19.63%) - typical of diversified or defensive assets.
- Beta of 0.10 may look defensive, but with R2 of 0.28 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 0.28 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
- 2.99%
- Beta
- 0.10
- R²
- 0.28
- Upside Capture
- 21.51%
- Downside Capture
- 19.63%
Expense Ratio
MDHVX has a high expense ratio of 1.10%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MDHVX ranks 93 for risk / return — in the top 93% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for MainStay MacKay Short Duration High Yield Fund (MDHVX) 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.
| MDHVX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.37 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 4.79 | 2.78 | +2.01 |
| Martin ratioReturn relative to average drawdown | 23.69 | 12.44 | +11.26 |
Dividends
Dividend History
MainStay MacKay Short Duration High Yield Fund provided a 5.33% dividend yield over the last twelve months, with an annual payout of $0.50 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.50 | $0.52 | $0.57 | $0.52 | $0.39 | $0.37 | $0.43 | $0.43 | $0.41 | $0.40 | $0.49 | $0.46 |
Dividend yield | 5.33% | 5.47% | 6.01% | 5.53% | 4.31% | 3.80% | 4.44% | 4.37% | 4.33% | 4.03% | 4.95% | 4.87% |
Monthly Dividends
The table displays the monthly dividend distributions for MainStay MacKay Short Duration High Yield 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 | $0.05 | $0.04 | $0.05 | $0.04 | $0.05 | $0.00 | $0.22 | ||||||
| 2025 | $0.05 | $0.04 | $0.05 | $0.05 | $0.05 | $0.04 | $0.05 | $0.05 | $0.05 | $0.05 | $0.04 | $0.00 | $0.52 |
| 2024 | $0.06 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.57 |
| 2023 | $0.05 | $0.04 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.04 | $0.05 | $0.52 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.39 |
| 2021 | $0.04 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.37 |
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.
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Worst Drawdowns
The table below displays the maximum drawdowns of the MainStay MacKay Short Duration High Yield 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 Short Duration High Yield Fund was 18.04%, occurring on Mar 23, 2020. Recovery took 162 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -18.04%Mar 2020 | 28d | 7mo 22d | 8mo 20dFeb 2020 - Nov 2020 |
2016 pullback2016 | -6.48%Feb 2016 | 7mo 20d | 2mo 17d | 10mo 7dJun 2015 - Apr 2016 |
Bear market2022 | -6.26%Jun 2022 | 5mo 25d | 9mo 7d | 1y 2moJan 2022 - Apr 2023 |
Rate-hike selloffLate 2018 | -2.79%Dec 2018 | 2mo 23d | 1mo 6d | 3mo 29dOct 2018 - Jan 2019 |
2025 selloff2025 | -2.65%Apr 2025 | 12d | 1mo 6d | 1mo 18dMar 2025 - May 2025 |
Drawdown Indicators
| MDHVX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.04% | -56.78% | +38.74% |
Max Drawdown (1Y)Largest decline over 1 year | -1.06% | -9.10% | +8.04% |
Max Drawdown (3Y)Largest decline over 3 years | -2.65% | -18.90% | +16.25% |
Max Drawdown (5Y)Largest decline over 5 years | -6.26% | -25.43% | +19.17% |
Max Drawdown (10Y)Largest decline over 10 years | -18.04% | -33.92% | +15.88% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -0.77% | -10.71% | +9.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 2.03% | -1.82% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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