ESHIX vs. MDHVX
ESHIX (Eaton Vance Short Duration High Income Fund) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, ESHIX returned 4.35%/yr vs 4.39%/yr for MDHVX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. ESHIX charges 0.66%/yr vs 1.10%/yr for MDHVX.
Performance
ESHIX vs. MDHVX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ESHIX having a 1.84% return and MDHVX slightly higher at 1.89%. Both investments have delivered pretty close results over the past 10 years, with ESHIX having a 4.35% annualized return and MDHVX not far ahead at 4.39%.
ESHIX
- 1D
- 0.11%
- 1M
- -0.34%
- 6M
- 1.37%
- YTD
- 1.84%
- 1Y
- 4.88%
- 3Y*
- 6.14%
- 5Y*
- 4.10%
- 10Y*
- 4.35%
- ALL TIME*
- 4.08%
MDHVX
- 1D
- 0.11%
- 1M
- -0.21%
- 6M
- 1.56%
- YTD
- 1.89%
- 1Y
- 3.89%
- 3Y*
- 6.03%
- 5Y*
- 4.24%
- 10Y*
- 4.39%
- ALL TIME*
- 4.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ESHIX vs. MDHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ESHIX Eaton Vance Short Duration High Income Fund | 1.84% | 6.94% | 7.25% | 6.74% | -3.08% | 4.92% | 3.04% | 8.83% | -0.40% | 4.73% |
MDHVX MainStay MacKay Short Duration High Yield Fund | 1.89% | 5.38% | 6.51% | 9.86% | -2.81% | 4.38% | 2.92% | 9.00% | -0.13% | 4.30% |
Correlation
The correlation between ESHIX and MDHVX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2013 | 0.67 |
The correlation between ESHIX and MDHVX has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.
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Return for Risk
ESHIX vs. MDHVX — Risk / Return Rank
ESHIX
MDHVX
ESHIX vs. MDHVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration High Income Fund (ESHIX) 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.
| ESHIX | MDHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.51 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 3.53 | -0.13 |
| Martin ratioReturn relative to average drawdown | 18.33 | 16.88 | +1.45 |
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Drawdowns
ESHIX vs. MDHVX - Drawdown Comparison
The maximum ESHIX drawdown since its inception was -15.73%, smaller than the maximum MDHVX drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for ESHIX and MDHVX.
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Drawdown Indicators
| ESHIX | MDHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.73% | -18.04% | +2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -1.56% | -1.06% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -2.13% | -2.65% | +0.52% |
Max Drawdown (5Y)Largest decline over 5 years | -6.49% | -6.26% | -0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -15.73% | -18.04% | +2.31% |
Current DrawdownCurrent decline from peak | -0.45% | -0.32% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -0.86% | -0.77% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 0.22% | +0.07% |
Volatility
ESHIX vs. MDHVX - Volatility Comparison
The current volatility for Eaton Vance Short Duration High Income Fund (ESHIX) is 0.41%, while MainStay MacKay Short Duration High Yield Fund (MDHVX) has a volatility of 0.46%. This indicates that ESHIX experiences smaller price fluctuations and is considered to be less risky 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
| ESHIX | MDHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 0.46% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 1.33% | +0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.44% | 1.80% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.08% | 2.59% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.58% | 3.41% | +0.17% |
ESHIX vs. MDHVX - Expense Ratio Comparison
ESHIX has a 0.66% expense ratio, which is lower than MDHVX's 1.10% expense ratio.
Dividends
ESHIX vs. MDHVX - Dividend Comparison
ESHIX's dividend yield for the trailing twelve months is around 5.46%, more than MDHVX's 4.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ESHIX Eaton Vance Short Duration High Income Fund | 5.46% | 6.11% | 6.64% | 4.65% | 5.07% | 4.06% | 4.83% | 4.71% | 4.99% | 4.84% | 4.30% | 4.33% |
MDHVX MainStay MacKay Short Duration High Yield Fund | 4.80% | 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
ESHIX and MDHVX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDHVX has higher volatility (0.46%) compared to ESHIX (0.41%). In terms of maximum drawdown, ESHIX dropped -15.73% vs MDHVX's -18.04%.
ESHIX currently has the higher Sharpe Ratio (2.17 vs 2.07), 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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