CHYDX vs. MDHVX

Last updated Jun 23, 2026

CHYDX (Calamos High Income Opportunities Fund) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, CHYDX returned 5.01%/yr vs 4.60%/yr for MDHVX. A 0.74 correlation means they provide meaningful diversification when combined. CHYDX charges 1.00%/yr vs 1.10%/yr for MDHVX.

Performance

CHYDX vs. MDHVX - Performance Comparison

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

Returns By Period

In the year-to-date period, CHYDX achieves a 2.03% return, which is significantly higher than MDHVX's 1.85% return. Over the past 10 years, CHYDX has outperformed MDHVX with an annualized return of 5.01%, while MDHVX has yielded a comparatively lower 4.60% annualized return.

CHYDX

• 1D: 0.13%
• 1M: 0.63%
• YTD: 2.03%
• 6M: 2.17%
• 1Y: 6.08%
• 3Y*: 8.05%
• 5Y*: 3.78%
• 10Y*: 5.01%

MDHVX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.85%
• 6M: 2.07%
• 1Y: 4.89%
• 3Y*: 6.41%
• 5Y*: 4.27%
• 10Y*: 4.60%

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

CHYDX vs. MDHVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHYDX Calamos High Income Opportunities Fund	2.03%	6.72%	7.78%	12.26%	-10.35%	6.44%	4.78%	14.29%	-4.30%	6.05%
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 CHYDX and MDHVX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Dec 18, 2012	0.74

The correlation between CHYDX and MDHVX shifts across timeframes, from 0.68 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CHYDX vs. MDHVX — Risk / Return Rank

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

CHYDX

CHYDX Risk / Return Rank: 90
CHYDX Sharpe Ratio Rank: 92
CHYDX Sortino Ratio Rank: 94
CHYDX Omega Ratio Rank: 91
CHYDX Calmar Ratio Rank: 84
CHYDX Martin Ratio Rank: 91

MDHVX

MDHVX Risk / Return Rank: 93
MDHVX Sharpe Ratio Rank: 91
MDHVX Sortino Ratio Rank: 91
MDHVX Omega Ratio Rank: 94
MDHVX Calmar Ratio Rank: 93
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.

CHYDX vs. MDHVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos High Income Opportunities Fund (CHYDX) 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.

	CHYDX	MDHVX	Difference
Sharpe ratio: Return per unit of total volatility	2.82	2.79	+0.04
Sortino ratio: Return per unit of downside risk	4.52	4.15	+0.37
Omega ratio: Gain probability vs. loss probability	1.64	1.72	-0.08
Calmar ratio: Return relative to maximum drawdown	3.70	4.79	-1.10
Martin ratio: Return relative to average drawdown	17.12	23.69	-6.57

CHYDX vs. MDHVX - Sharpe Ratio Comparison

The current CHYDX Sharpe Ratio is 2.82, which is comparable to the MDHVX Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of CHYDX 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

CHYDX vs. MDHVX - Drawdown Comparison

The maximum CHYDX drawdown since its inception was -35.03%, which is greater than MDHVX's maximum drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for CHYDX and MDHVX.

Drawdown Indicators

	CHYDX	MDHVX	Difference
Max Drawdown Largest peak-to-trough decline	-35.03%	-18.04%	-16.99%
Max Drawdown (1Y) Largest decline over 1 year	-1.73%	-1.06%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-3.50%	-2.65%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-13.66%	-6.26%	-7.40%
Max Drawdown (10Y) Largest decline over 10 years	-23.35%	-18.04%	-5.31%
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-2.76%	-0.77%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.21%	+0.16%

Volatility

CHYDX vs. MDHVX - Volatility Comparison

Calamos High Income Opportunities Fund (CHYDX) has a higher volatility of 0.63% compared to MainStay MacKay Short Duration High Yield Fund (MDHVX) at 0.44%. This indicates that CHYDX'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

	CHYDX	MDHVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.44%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	1.43%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	1.82%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.07%	2.58%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.96%	3.42%	+1.54%

CHYDX vs. MDHVX - Expense Ratio Comparison

CHYDX has a 1.00% expense ratio, which is lower than MDHVX's 1.10% expense ratio.

Dividends

CHYDX vs. MDHVX - Dividend Comparison

CHYDX's dividend yield for the trailing twelve months is around 6.06%, more than MDHVX's 5.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHYDX Calamos High Income Opportunities Fund	6.06%	6.39%	6.30%	6.28%	5.47%	4.48%	5.26%	5.85%	6.62%	4.87%	4.94%	5.43%
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 CHYDX and MDHVX in my portfolio?

CHYDX and MDHVX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHYDX or MDHVX?

CHYDX has higher volatility (0.63%) compared to MDHVX (0.44%). In terms of maximum drawdown, CHYDX dropped -35.03% vs MDHVX's -18.04%.

Which has better risk-adjusted returns?

CHYDX currently has the higher Sharpe Ratio (2.82 vs 2.79), 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.