- ISIN
- US56063J1381
- CUSIP
- 56063J138
- Issuer
- New York Life
- Inception Date
- Jan 1, 1991
- Category
- Municipal Bonds
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
MSTIX Performance Chart
MainStay MacKay Short Term Municipal Fund (MSTIX) is up 1.1% since the beginning of the year. MSTIX is currently trading at $9 per share. Investors who bought $1,000 worth of MSTIX shares 5 years ago would now be looking at an investment worth $1,086.
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Returns By Period
MainStay MacKay Short Term Municipal Fund (MSTIX) has returned 1.10% so far this year and 4.00% over the past 12 months. Over the last ten years, MSTIX has returned 1.66% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
MainStay MacKay Short Term Municipal Fund
- 1D
- 0.00%
- 1M
- 0.70%
- YTD
- 1.10%
- 6M
- 1.38%
- 1Y
- 4.00%
- 3Y*
- 3.58%
- 5Y*
- 1.66%
- 10Y*
- 1.66%
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%
MSTIX Monthly Returns History
Based on dividend-adjusted daily data since Dec 31, 1990, MSTIX's average daily return is +0.02%, while the average monthly return is +0.35%. At this rate, an investment would double in approximately 16.5 years.
Historically, 76% of months were positive and 24% were negative. The best month was Sep 2001 with a return of +2.2%, while the worst month was Dec 1994 at -8.8%. The longest winning streak lasted 37 consecutive months, and the longest losing streak was 5 months.
On a daily basis, MSTIX closed higher 29% of trading days. The best single day was Mar 25, 2020 with a return of +1.1%, while the worst single day was Dec 30, 1994 at -8.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.69% | 0.67% | -1.01% | 0.37% | 0.37% | 0.00% | 1.10% | ||||||
| 2025 | 0.62% | 0.59% | -0.14% | -0.03% | 0.51% | 0.72% | 0.50% | 0.72% | 0.49% | 0.08% | 0.27% | 0.28% | 4.69% |
| 2024 | 0.07% | 0.05% | 0.07% | -0.26% | -0.03% | 0.55% | 0.94% | 0.83% | 0.50% | -0.56% | 0.59% | -0.36% | 2.41% |
| 2023 | 1.21% | -0.94% | 1.02% | -0.06% | -0.28% | 0.48% | 0.16% | -0.05% | -0.94% | -0.22% | 2.15% | 1.15% | 3.70% |
| 2022 | -1.13% | -0.36% | -1.29% | -0.98% | 0.74% | -0.33% | 1.08% | -1.14% | -1.48% | -0.28% | 1.62% | 0.23% | -3.33% |
| 2021 | 0.28% | -0.42% | 0.18% | 0.27% | 0.19% | -0.03% | 0.38% | -0.14% | -0.24% | -0.14% | 0.16% | -0.04% | 0.43% |
Benchmark Metrics
MainStay MacKay Short Term Municipal Fund has an annualized alpha of 4.34%, beta of -0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since December 31, 1990.
- This fund captured 10.18% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -9.39%) - a profile typical of hedging or uncorrelated assets.
- Beta of -0.01 may look defensive, but with R2 of 0.00 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 0.00 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
- 4.34%
- Beta
- -0.01
- R²
- 0.00
- Upside Capture
- 10.18%
- Downside Capture
- -9.39%
Expense Ratio
MSTIX has an expense ratio of 0.40%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MSTIX 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 Short Term Municipal Fund (MSTIX) 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.
| MSTIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +2.32 | ||
| Omega ratioGain probability vs. loss probability | 2.00 | 1.37 | +0.63 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 2.78 | +0.14 |
| Martin ratioReturn relative to average drawdown | 9.83 | 12.44 | -2.61 |
Dividends
Dividend History
MainStay MacKay Short Term Municipal Fund provided a 3.28% dividend yield over the last twelve months, with an annual payout of $0.31 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 | $0.31 | $0.32 | $0.29 | $0.27 | $0.13 | $0.08 | $0.13 | $0.17 | $0.14 | $0.12 | $0.08 | $0.08 |
Dividend yield | 3.28% | 3.38% | 3.14% | 2.85% | 1.38% | 0.85% | 1.37% | 1.76% | 1.48% | 1.28% | 0.87% | 0.82% |
Monthly Dividends
The table displays the monthly dividend distributions for MainStay MacKay Short Term Municipal 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 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $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 | $0.02 | $0.03 | $0.32 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.29 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.02 | $0.00 | $0.03 | $0.03 | $0.27 |
| 2022 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.02 | $0.02 | $0.13 |
| 2021 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.08 |
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 Term Municipal 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 Term Municipal Fund was 8.99%, occurring on Jan 3, 1995. Recovery took 125 trading sessions.
The current MainStay MacKay Short Term Municipal Fund drawdown is 0.26%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
1995 pullback1995 | -8.99%Jan 1995 | 5d | 5mo 28d | 6mo 3dDec 1994 - Jun 1995 |
1995 pullback1995 | -5.76%Dec 1995 | 0s | 7mo 7d | 7mo 7dDec 1995 - Aug 1996 |
Bear market2022 | -5.62%Oct 2022 | 1y 2mo | 1y 3mo | 2y 5moAug 2021 - Feb 2024 |
1992 pullback1992 | -5.39%Mar 1992 | 2mo 13d | 5mo 25d | 8mo 8dDec 1991 - Sep 1992 |
COVID crash2020 | -3.92%Mar 2020 | 10d | 2mo 21d | 3mo 1dMar 2020 - Jun 2020 |
Drawdown Indicators
| MSTIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.99% | -56.78% | +47.79% |
Max Drawdown (1Y)Largest decline over 1 year | -1.38% | -9.10% | +7.72% |
Max Drawdown (3Y)Largest decline over 3 years | -1.83% | -18.90% | +17.07% |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | -25.43% | +19.81% |
Max Drawdown (10Y)Largest decline over 10 years | -5.62% | -33.92% | +28.30% |
Current DrawdownCurrent decline from peak | -0.26% | -1.80% | +1.54% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -10.71% | +10.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 2.03% | -1.62% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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