- ISIN
- US56062F7722
- CUSIP
- 56062F772
- Issuer
- New York Life
- Inception Date
- May 1, 1986
- Category
- High Yield Bonds
- Min. Investment
- $15,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
MHCAX Performance Chart
MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX) is up 1.4% since the beginning of the year. MHCAX is currently trading at $5 per share. Investors who bought $1,000 worth of MHCAX shares 5 years ago would now be looking at an investment worth $1,861.
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Returns By Period
MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX) has returned 1.40% so far this year and 5.29% over the past 12 months. Over the last ten years, MHCAX has returned 9.77% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
MainStay MacKay High Yield Corporate Bond Fund Class A
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.40%
- 6M
- 1.59%
- 1Y
- 5.29%
- 3Y*
- 7.01%
- 5Y*
- 13.23%
- 10Y*
- 9.77%
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%
MHCAX Monthly Returns History
Based on dividend-adjusted daily data since Dec 30, 1994, MHCAX's average daily return is +0.03%, while the average monthly return is +0.72%. At this rate, an investment would double in approximately 8.1 years.
Historically, 71% of months were positive and 29% were negative. The best month was Dec 2022 with a return of +54.9%, while the worst month was Oct 2008 at -13.8%. The longest winning streak lasted 26 consecutive months, and the longest losing streak was 4 months.
On a daily basis, MHCAX closed higher 39% of trading days. The best single day was Dec 21, 2022 with a return of +55.9%, 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 | 0.48% | 0.25% | -0.85% | 1.22% | 0.29% | 0.00% | 1.40% | ||||||
| 2025 | 1.27% | 0.46% | -0.84% | -0.26% | 1.30% | 1.66% | 0.15% | 1.08% | 0.50% | -0.06% | 0.49% | 0.54% | 6.44% |
| 2024 | 0.10% | 0.21% | 1.47% | -0.45% | 0.88% | 0.68% | 1.46% | 1.25% | 0.84% | -0.29% | 0.85% | -0.28% | 6.90% |
| 2023 | 2.91% | -1.15% | 1.84% | 0.85% | -0.71% | 1.06% | 1.27% | 0.28% | -1.13% | -0.47% | 3.35% | 2.77% | 11.27% |
| 2022 | -2.25% | -0.34% | -0.72% | -2.77% | 0.41% | -5.75% | 4.94% | -1.94% | -3.39% | 2.32% | 1.66% | 54.93% | 42.57% |
| 2021 | 0.42% | 0.42% | 0.24% | 1.13% | 0.41% | 1.12% | 0.24% | 0.41% | 0.24% | -0.29% | -1.01% | 1.69% | 5.10% |
Benchmark Metrics
MainStay MacKay High Yield Corporate Bond Fund Class A has an annualized alpha of 7.82%, beta of 0.09, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since December 30, 1994.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (36.31%) than losses (17.31%) - typical of diversified or defensive assets.
- Beta of 0.09 may look defensive, but with R2 of 0.02 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 0.02 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
- 7.82%
- Beta
- 0.09
- R²
- 0.02
- Upside Capture
- 36.31%
- Downside Capture
- 17.31%
Expense Ratio
MHCAX has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MHCAX ranks 83 for risk / return — in the top 83% 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 High Yield Corporate Bond Fund Class A (MHCAX) 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.
| MHCAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.37 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 2.78 | +0.52 |
| Martin ratioReturn relative to average drawdown | 15.58 | 12.44 | +3.14 |
Dividends
Dividend History
MainStay MacKay High Yield Corporate Bond Fund Class A provided a 5.98% dividend yield over the last twelve months, with an annual payout of $0.31 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.31 | $0.32 | $0.31 | $0.29 | $2.01 | $0.28 | $0.31 | $0.32 | $0.32 | $0.36 | $0.33 | $0.36 |
Dividend yield | 5.98% | 6.06% | 5.90% | 5.56% | 40.91% | 5.00% | 5.52% | 5.58% | 5.94% | 6.20% | 5.69% | 6.72% |
Monthly Dividends
The table displays the monthly dividend distributions for MainStay MacKay High Yield Corporate Bond Fund Class A. 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 | $0.03 | $0.02 | $0.03 | $0.02 | $0.03 | $0.00 | $0.12 | ||||||
| 2025 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.32 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.03 | $0.02 | $0.03 | $0.31 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.03 | $0.29 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $1.77 | $2.01 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.28 |
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 High Yield Corporate Bond Fund Class A. 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 High Yield Corporate Bond Fund Class A was 29.62%, occurring on Dec 16, 2008. Recovery took 188 trading sessions.
The current MainStay MacKay High Yield Corporate Bond Fund Class A drawdown is 0.19%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -29.62%Dec 2008 | 1y 6mo | 9mo 4d | 2y 3moJun 2007 - Sep 2009 |
COVID crash2020 | -18.98%Mar 2020 | 28d | 5mo 7d | 6mo 5dFeb 2020 - Aug 2020 |
Dot-com crash2000–2002 | -17.67%Oct 2002 | 2y 25d | 5mo 24d | 2y 6moSep 2000 - Apr 2003 |
Bear market2022 | -11.74%Sep 2022 | 8mo 27d | 2mo 23d | 11mo 20dJan 2022 - Dec 2022 |
1998 correction1998 | -11.57%Oct 1998 | 2mo 18d | 5mo 29d | 8mo 17dJul 1998 - Apr 1999 |
Drawdown Indicators
| MHCAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.62% | -56.78% | +27.16% |
Max Drawdown (1Y)Largest decline over 1 year | -1.67% | -9.10% | +7.43% |
Max Drawdown (3Y)Largest decline over 3 years | -3.34% | -18.90% | +15.56% |
Max Drawdown (5Y)Largest decline over 5 years | -11.74% | -25.43% | +13.69% |
Max Drawdown (10Y)Largest decline over 10 years | -18.98% | -33.92% | +14.94% |
Current DrawdownCurrent decline from peak | -0.19% | -1.80% | +1.61% |
Average DrawdownAverage peak-to-trough decline | -2.14% | -10.71% | +8.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 2.03% | -1.68% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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