CPHYX vs. MDHVX
CPHYX (Principal High Yield Fund) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, CPHYX returned 5.10%/yr vs 4.63%/yr for MDHVX. A 0.72 correlation means they provide meaningful diversification when combined. CPHYX charges 0.91%/yr vs 1.10%/yr for MDHVX.
Performance
CPHYX vs. MDHVX - Performance Comparison
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Returns By Period
In the year-to-date period, CPHYX achieves a 1.24% return, which is significantly lower than MDHVX's 1.85% return. Over the past 10 years, CPHYX has outperformed MDHVX with an annualized return of 5.10%, while MDHVX has yielded a comparatively lower 4.63% annualized return.
CPHYX
- 1D
- 0.15%
- 1M
- 0.42%
- YTD
- 1.24%
- 6M
- 1.82%
- 1Y
- 4.85%
- 3Y*
- 7.37%
- 5Y*
- 3.52%
- 10Y*
- 5.10%
MDHVX
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.85%
- 6M
- 2.07%
- 1Y
- 4.45%
- 3Y*
- 6.53%
- 5Y*
- 4.23%
- 10Y*
- 4.63%
CPHYX vs. MDHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPHYX Principal High Yield Fund | 1.24% | 6.68% | 7.09% | 11.27% | -9.32% | 5.41% | 6.11% | 13.24% | -4.76% | 7.78% |
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 CPHYX 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 | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2012 | 0.72 |
The correlation between CPHYX and MDHVX has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.
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Return for Risk
CPHYX vs. MDHVX — Risk / Return Rank
CPHYX
MDHVX
CPHYX vs. MDHVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal High Yield Fund (CPHYX) 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.
| CPHYX | MDHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.66 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 4.37 | -2.45 |
| Martin ratioReturn relative to average drawdown | 9.63 | 21.60 | -11.97 |
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Drawdowns
CPHYX vs. MDHVX - Drawdown Comparison
The maximum CPHYX drawdown since its inception was -27.79%, which is greater than MDHVX's maximum drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for CPHYX and MDHVX.
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Drawdown Indicators
| CPHYX | MDHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.79% | -18.04% | -9.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -1.06% | -1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -4.48% | -2.65% | -1.83% |
Max Drawdown (5Y)Largest decline over 5 years | -14.33% | -6.26% | -8.07% |
Max Drawdown (10Y)Largest decline over 10 years | -20.68% | -18.04% | -2.64% |
Current DrawdownCurrent decline from peak | -0.30% | 0.00% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -0.77% | -1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.21% | +0.31% |
Volatility
CPHYX vs. MDHVX - Volatility Comparison
Principal High Yield Fund (CPHYX) has a higher volatility of 0.81% compared to MainStay MacKay Short Duration High Yield Fund (MDHVX) at 0.39%. This indicates that CPHYX'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.
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Volatility by Period
| CPHYX | MDHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.39% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 1.26% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.21% | 1.80% | +1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.77% | 2.58% | +2.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 3.42% | +1.92% |
CPHYX vs. MDHVX - Expense Ratio Comparison
CPHYX has a 0.91% expense ratio, which is lower than MDHVX's 1.10% expense ratio.
Dividends
CPHYX vs. MDHVX - Dividend Comparison
CPHYX's dividend yield for the trailing twelve months is around 6.58%, more than MDHVX's 5.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPHYX Principal High Yield Fund | 6.58% | 6.46% | 6.23% | 4.70% | 4.56% | 4.72% | 4.82% | 5.50% | 6.18% | 4.90% | 5.62% | 6.24% |
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
CPHYX 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.
CPHYX has higher volatility (0.81%) compared to MDHVX (0.39%). In terms of maximum drawdown, CPHYX dropped -27.79% vs MDHVX's -18.04%.
MDHVX currently has the higher Sharpe Ratio (2.56 vs 1.57), 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.
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