AGDAX vs. MDHVX

Last updated Jun 24, 2026

AGDAX (AB High Income Fund) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, AGDAX returned 4.63%/yr vs 4.63%/yr for MDHVX. A 0.67 correlation means they provide meaningful diversification when combined. AGDAX charges 0.84%/yr vs 1.10%/yr for MDHVX.

Performance

AGDAX vs. MDHVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB High Income Fund (AGDAX) and MainStay MacKay Short Duration High Yield Fund (MDHVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AGDAX having a 1.78% return and MDHVX slightly higher at 1.85%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: AGDAX at 4.63% and MDHVX at 4.63%.

AGDAX

• 1D: 0.00%
• 1M: 0.71%
• YTD: 1.78%
• 6M: 2.35%
• 1Y: 7.05%
• 3Y*: 8.85%
• 5Y*: 3.64%
• 10Y*: 4.63%

MDHVX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.85%
• 6M: 2.07%
• 1Y: 4.67%
• 3Y*: 6.53%
• 5Y*: 4.25%
• 10Y*: 4.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AGDAX vs. MDHVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGDAX AB High Income Fund	1.78%	8.06%	7.36%	13.63%	-12.45%	3.87%	2.91%	13.71%	-5.29%	7.94%
MDHVX MainStay MacKay Short Duration High Yield Fund	1.85%	5.38%	6.51%	9.86%	-2.81%	4.38%	2.92%	9.00%	-0.13%	4.30%

Correlation

The correlation between AGDAX and MDHVX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 18, 2012	0.67

The correlation between AGDAX and MDHVX has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

Return for Risk

AGDAX vs. MDHVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGDAX

AGDAX Risk / Return Rank: 69
AGDAX Sharpe Ratio Rank: 61
AGDAX Sortino Ratio Rank: 85
AGDAX Omega Ratio Rank: 81
AGDAX Calmar Ratio Rank: 49
AGDAX Martin Ratio Rank: 69

MDHVX

MDHVX Risk / Return Rank: 92
MDHVX Sharpe Ratio Rank: 89
MDHVX Sortino Ratio Rank: 90
MDHVX Omega Ratio Rank: 94
MDHVX Calmar Ratio Rank: 92
MDHVX Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGDAX vs. MDHVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB High Income Fund (AGDAX) and MainStay MacKay Short Duration High Yield Fund (MDHVX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	AGDAX	MDHVX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.73	-0.61
Sortino ratio: Return per unit of downside risk	3.76	4.06	-0.31
Omega ratio: Gain probability vs. loss probability	1.49	1.70	-0.21
Calmar ratio: Return relative to maximum drawdown	2.56	4.69	-2.12
Martin ratio: Return relative to average drawdown	12.49	23.17	-10.68

AGDAX vs. MDHVX - Sharpe Ratio Comparison

The current AGDAX Sharpe Ratio is 2.12, which is comparable to the MDHVX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of AGDAX and MDHVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AGDAX vs. MDHVX - Drawdown Comparison

The maximum AGDAX drawdown since its inception was -45.59%, which is greater than MDHVX's maximum drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for AGDAX and MDHVX.

Drawdown Indicators

	AGDAX	MDHVX	Difference
Max Drawdown Largest peak-to-trough decline	-45.59%	-18.04%	-27.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-1.06%	-1.70%
Max Drawdown (3Y) Largest decline over 3 years	-4.24%	-2.65%	-1.59%
Max Drawdown (5Y) Largest decline over 5 years	-16.96%	-6.26%	-10.70%
Max Drawdown (10Y) Largest decline over 10 years	-25.82%	-18.04%	-7.78%
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-4.46%	-0.77%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.21%	+0.36%

Volatility

AGDAX vs. MDHVX - Volatility Comparison

AB High Income Fund (AGDAX) has a higher volatility of 0.95% compared to MainStay MacKay Short Duration High Yield Fund (MDHVX) at 0.40%. This indicates that AGDAX's price experiences larger fluctuations and is considered to be riskier than MDHVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGDAX	MDHVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.40%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	1.42%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	1.82%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.94%	2.59%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.64%	3.42%	+2.22%

AGDAX vs. MDHVX - Expense Ratio Comparison

AGDAX has a 0.84% expense ratio, which is lower than MDHVX's 1.10% expense ratio.

Dividends

AGDAX vs. MDHVX - Dividend Comparison

AGDAX's dividend yield for the trailing twelve months is around 6.70%, more than MDHVX's 5.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGDAX AB High Income Fund	6.70%	6.85%	5.89%	6.53%	6.79%	4.95%	5.86%	6.27%	7.47%	5.84%	6.25%	7.42%
MDHVX MainStay MacKay Short Duration High Yield Fund	5.33%	5.47%	6.01%	5.53%	4.31%	3.80%	4.44%	4.37%	4.33%	4.03%	4.95%	4.87%

Frequently Asked Questions

Can I hold both AGDAX and MDHVX in my portfolio?

AGDAX and MDHVX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGDAX or MDHVX?

AGDAX has higher volatility (0.95%) compared to MDHVX (0.40%). In terms of maximum drawdown, AGDAX dropped -45.59% vs MDHVX's -18.04%.

Which has better risk-adjusted returns?

MDHVX currently has the higher Sharpe Ratio (2.73 vs 2.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.