- ISIN
- US56063U2160
- Issuer
- MainStay
- Inception Date
- May 13, 2012
- Category
- Municipal Bonds
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
MNOVX Performance Chart
MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) is up 2.8% since the beginning of the year. MNOVX is currently trading at $10 per share. Investors who bought $1,000 worth of MNOVX shares 5 years ago would now be looking at an investment worth $1,033.
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Returns By Period
MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) has returned 2.75% so far this year and 8.82% over the past 12 months. Over the last ten years, MNOVX has returned 2.17% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
MainStay MacKay New York Tax Free Opportunities Fund
- 1D
- 0.10%
- 1M
- 2.12%
- YTD
- 2.75%
- 6M
- 3.18%
- 1Y
- 8.82%
- 3Y*
- 4.39%
- 5Y*
- 0.65%
- 10Y*
- 2.17%
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%
MNOVX Monthly Returns History
Based on dividend-adjusted daily data since May 14, 2012, MNOVX's average daily return is +0.01%, while the average monthly return is +0.26%. At this rate, an investment would double in approximately 22.2 years.
Historically, 64% of months were positive and 36% were negative. The best month was Nov 2023 with a return of +7.6%, while the worst month was Mar 2020 at -5.2%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 4 months.
On a daily basis, MNOVX closed higher 36% of trading days. The best single day was Mar 25, 2020 with a return of +4.3%, while the worst single day was Mar 12, 2020 at -3.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.64% | 1.65% | -2.16% | 1.48% | 0.74% | 0.42% | 2.75% | ||||||
| 2025 | 0.53% | 1.27% | -1.78% | -0.56% | -0.87% | 0.64% | -0.87% | 0.98% | 3.59% | 1.26% | 0.30% | -0.10% | 4.39% |
| 2024 | 0.00% | 0.19% | 0.09% | -1.04% | 0.00% | 1.26% | 0.83% | 0.60% | 1.01% | -1.34% | 1.86% | -1.22% | 2.21% |
| 2023 | 3.49% | -2.41% | 1.68% | -0.21% | -0.43% | 0.93% | 0.29% | -1.68% | -3.12% | -2.21% | 7.56% | 2.95% | 6.55% |
| 2022 | -3.07% | -0.84% | -4.07% | -4.09% | 1.39% | -3.62% | 3.23% | -2.72% | -3.98% | -1.37% | 6.82% | -0.23% | -12.42% |
| 2021 | 0.84% | -1.72% | 0.76% | 1.37% | 0.83% | 0.73% | 0.92% | -0.52% | -0.91% | -0.19% | 1.29% | 0.29% | 3.68% |
Benchmark Metrics
MainStay MacKay New York Tax Free Opportunities Fund has an annualized alpha of 2.72%, beta of 0.03, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since May 14, 2012.
- This fund participated in 18.37% of S&P 500 Index downside but only 16.75% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.03 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
- 2.72%
- Beta
- 0.03
- R²
- 0.01
- Upside Capture
- 16.75%
- Downside Capture
- 18.37%
Expense Ratio
MNOVX has an expense ratio of 0.76%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MNOVX ranks 79 for risk / return — better than 79% 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 New York Tax Free Opportunities Fund (MNOVX) 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.
| MNOVX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.37 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 2.78 | +0.19 |
| Martin ratioReturn relative to average drawdown | 10.68 | 12.44 | -1.76 |
Dividends
Dividend History
MainStay MacKay New York Tax Free Opportunities Fund provided a 3.70% dividend yield over the last twelve months, with an annual payout of $0.36 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.36 | $0.46 | $0.35 | $0.28 | $0.28 | $0.25 | $0.29 | $0.34 | $0.34 | $0.36 | $0.35 | $0.37 |
Dividend yield | 3.70% | 4.85% | 3.65% | 2.92% | 2.92% | 2.24% | 2.68% | 3.17% | 3.35% | 3.42% | 3.47% | 3.53% |
Monthly Dividends
The table displays the monthly dividend distributions for MainStay MacKay New York Tax Free Opportunities 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 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.15 | ||||||
| 2025 | $0.06 | $0.05 | $0.06 | $0.06 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.46 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.35 |
| 2023 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.28 |
| 2022 | $0.00 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.28 |
| 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 | $0.25 |
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 New York Tax Free Opportunities 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 New York Tax Free Opportunities Fund was 18.57%, occurring on Oct 26, 2022. Recovery took 816 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -18.57%Oct 2022 | 1y 2mo | 3y 3mo | 4y 5moAug 2021 - Jan 2026 |
COVID crash2020 | -13.15%Mar 2020 | 18d | 8mo 5d | 8mo 23dMar 2020 - Nov 2020 |
2013 correction2013 | -11.41%Sep 2013 | 9mo 4d | 8mo 26d | 1y 5moDec 2012 - May 2014 |
2016 pullback2016 | -6.72%Dec 2016 | 4mo 27d | 1y 5d | 1y 5moJul 2016 - Dec 2017 |
2026 pullback2026 | -2.99%Mar 2026 | 22d | 2mo 6d | 2mo 28dMar 2026 - May 2026 |
Drawdown Indicators
| MNOVX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.57% | -56.78% | +38.21% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -9.10% | +6.11% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -18.90% | +11.83% |
Max Drawdown (5Y)Largest decline over 5 years | -18.57% | -25.43% | +6.86% |
Max Drawdown (10Y)Largest decline over 10 years | -18.57% | -33.92% | +15.35% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -10.71% | +7.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 2.03% | -1.20% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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