CRARX vs. MSOAX

Last updated Jun 3, 2026

CRARX (MainStay CBRE Real Estate Fund) and MSOAX (MainStay WMC Enduring Capital Fund) are both mutual funds - CRARX is a REIT fund managed by New York Life, while MSOAX is a Large Cap Blend Equities fund managed by New York Life. Over the past 10 years, CRARX returned 5.13%/yr vs 10.40%/yr for MSOAX. A 0.61 correlation means they provide meaningful diversification when combined. CRARX charges 0.83%/yr vs 0.91%/yr for MSOAX.

Performance

CRARX vs. MSOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay CBRE Real Estate Fund (CRARX) and MainStay WMC Enduring Capital Fund (MSOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRARX achieves a 12.22% return, which is significantly higher than MSOAX's -0.33% return. Over the past 10 years, CRARX has underperformed MSOAX with an annualized return of 5.13%, while MSOAX has yielded a comparatively higher 10.40% annualized return.

CRARX

• 1D: -1.73%
• 1M: -1.82%
• YTD: 12.22%
• 6M: 10.79%
• 1Y: 10.89%
• 3Y*: 8.05%
• 5Y*: 2.48%
• 10Y*: 5.13%

MSOAX

• 1D: 0.03%
• 1M: -0.25%
• YTD: -0.33%
• 6M: -0.60%
• 1Y: -5.18%
• 3Y*: 7.94%
• 5Y*: 5.23%
• 10Y*: 10.40%

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

CRARX vs. MSOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRARX MainStay CBRE Real Estate Fund	12.22%	-0.28%	0.71%	13.50%	-26.95%	52.55%	-6.50%	28.29%	-8.00%	5.23%
MSOAX MainStay WMC Enduring Capital Fund	-0.33%	-0.61%	10.54%	17.67%	-13.18%	35.36%	15.48%	24.80%	-7.00%	23.82%

Correlation

The correlation between CRARX and MSOAX is 0.57, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 1, 1998	0.61

The correlation between CRARX and MSOAX shifts across timeframes, from 0.57 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CRARX vs. MSOAX — Risk / Return Rank

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

CRARX

CRARX Risk / Return Rank: 13
CRARX Sharpe Ratio Rank: 11
CRARX Sortino Ratio Rank: 10
CRARX Omega Ratio Rank: 10
CRARX Calmar Ratio Rank: 17
CRARX Martin Ratio Rank: 17

MSOAX

MSOAX Risk / Return Rank: 1
MSOAX Sharpe Ratio Rank: 1
MSOAX Sortino Ratio Rank: 1
MSOAX Omega Ratio Rank: 1
MSOAX Calmar Ratio Rank: 1
MSOAX Martin Ratio Rank: 1

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.

CRARX vs. MSOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay CBRE Real Estate Fund (CRARX) and MainStay WMC Enduring Capital Fund (MSOAX). 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.

	CRARX	MSOAX	Difference
Sharpe ratio Return per unit of total volatility	0.86	-0.44	+1.30
Sortino ratio Return per unit of downside risk	1.23	-0.54	+1.77
Omega ratio Gain probability vs. loss probability	1.15	0.94	+0.21
Calmar ratio Return relative to maximum drawdown	1.52	-0.41	+1.94
Martin ratio Return relative to average drawdown	4.79	-0.85	+5.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CRARX vs. MSOAX - Sharpe Ratio Comparison

The current CRARX Sharpe Ratio is 0.86, which is higher than the MSOAX Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of CRARX and MSOAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CRARX	MSOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	-0.44	+1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.33	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.59	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.37	-0.04

Drawdowns

CRARX vs. MSOAX - Drawdown Comparison

The maximum CRARX drawdown since its inception was -72.66%, which is greater than MSOAX's maximum drawdown of -55.16%. Use the drawdown chart below to compare losses from any high point for CRARX and MSOAX.

Drawdown Indicators

	CRARX	MSOAX	Difference
Max Drawdown Largest peak-to-trough decline	-72.66%	-55.16%	-17.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.99%	-11.43%	+3.44%
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	-14.69%	-4.09%
Max Drawdown (5Y) Largest decline over 5 years	-35.43%	-21.27%	-14.16%
Max Drawdown (10Y) Largest decline over 10 years	-45.19%	-34.01%	-11.18%
Current Drawdown Current decline from peak	-6.55%	-10.54%	+3.99%
Average Drawdown Average peak-to-trough decline	-12.57%	-13.29%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	5.54%	-3.00%

Volatility

CRARX vs. MSOAX - Volatility Comparison

MainStay CBRE Real Estate Fund (CRARX) has a higher volatility of 3.62% compared to MainStay WMC Enduring Capital Fund (MSOAX) at 3.28%. This indicates that CRARX's price experiences larger fluctuations and is considered to be riskier than MSOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRARX	MSOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	3.28%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	9.33%	9.36%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	12.68%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	15.87%	+3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	17.79%	+3.49%

CRARX vs. MSOAX - Expense Ratio Comparison

CRARX has a 0.83% expense ratio, which is lower than MSOAX's 0.91% expense ratio.

Dividends

CRARX vs. MSOAX - Dividend Comparison

CRARX's dividend yield for the trailing twelve months is around 2.24%, less than MSOAX's 4.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRARX MainStay CBRE Real Estate Fund	2.24%	2.57%	1.80%	3.36%	34.64%	4.37%	1.77%	15.57%	30.33%	21.82%	8.85%	7.27%
MSOAX MainStay WMC Enduring Capital Fund	4.08%	4.07%	0.26%	0.64%	4.00%	8.70%	0.83%	5.99%	13.82%	0.88%	1.22%	1.11%

Frequently Asked Questions

Can I hold both CRARX and MSOAX in my portfolio?

CRARX and MSOAX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CRARX or MSOAX?

CRARX has higher volatility (3.62%) compared to MSOAX (3.28%). In terms of maximum drawdown, CRARX dropped -72.66% vs MSOAX's -55.16%.

Which has better risk-adjusted returns?

CRARX currently has the higher Sharpe Ratio (0.86 vs -0.44), 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.