FDUAX vs. MMHVX
FDUAX (First Eagle Short Duration High Yield Municipal Fund Class A) and MMHVX (MainStay MacKay High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past year, FDUAX returned 3.87% vs 7.82% for MMHVX. Their 0.71 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.87% expense ratio.
Performance
FDUAX vs. MMHVX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FDUAX having a 1.66% return and MMHVX slightly higher at 1.73%.
FDUAX
- 1D
- -0.10%
- 1M
- -1.01%
- 6M
- 0.81%
- YTD
- 1.66%
- 1Y
- 3.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.74%
MMHVX
- 1D
- -0.34%
- 1M
- -2.18%
- 6M
- 1.04%
- YTD
- 1.73%
- 1Y
- 7.82%
- 3Y*
- 4.66%
- 5Y*
- 0.51%
- 10Y*
- 2.94%
- ALL TIME*
- 4.91%
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 |
FDUAX vs. MMHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FDUAX First Eagle Short Duration High Yield Municipal Fund Class A | 1.66% | 1.20% | 6.66% |
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 1.73% | 4.27% | 4.41% |
Correlation
The correlation between FDUAX and MMHVX is 0.61, 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. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024 | 0.71 |
The correlation between FDUAX and MMHVX has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.
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Return for Risk
FDUAX vs. MMHVX — Risk / Return Rank
FDUAX
MMHVX
FDUAX vs. MMHVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Eagle Short Duration High Yield Municipal Fund Class A (FDUAX) and MainStay MacKay High Yield Municipal Bond Fund (MMHVX). 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.
| FDUAX | MMHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.60 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 2.91 | -0.39 |
| Martin ratioReturn relative to average drawdown | 7.94 | 10.82 | -2.88 |
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Drawdowns
FDUAX vs. MMHVX - Drawdown Comparison
The maximum FDUAX drawdown since its inception was -3.96%, smaller than the maximum MMHVX drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for FDUAX and MMHVX.
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Drawdown Indicators
| FDUAX | MMHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.96% | -20.86% | +16.90% |
Max Drawdown (1Y)Largest decline over 1 year | -1.71% | -3.11% | +1.40% |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.27% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.86% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.86% | — |
Current DrawdownCurrent decline from peak | -1.11% | -2.18% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -0.69% | -3.18% | +2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.83% | -0.29% |
Volatility
FDUAX vs. MMHVX - Volatility Comparison
The current volatility for First Eagle Short Duration High Yield Municipal Fund Class A (FDUAX) is 0.58%, while MainStay MacKay High Yield Municipal Bond Fund (MMHVX) has a volatility of 1.05%. This indicates that FDUAX experiences smaller price fluctuations and is considered to be less risky than MMHVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDUAX | MMHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 1.05% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 2.75% | -0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 3.60% | -0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.20% | 5.68% | -2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.20% | 5.33% | -2.13% |
FDUAX vs. MMHVX - Expense Ratio Comparison
Both FDUAX and MMHVX have an expense ratio of 0.87%.
Dividends
FDUAX vs. MMHVX - Dividend Comparison
FDUAX's dividend yield for the trailing twelve months is around 4.86%, more than MMHVX's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDUAX First Eagle Short Duration High Yield Municipal Fund Class A | 4.86% | 4.83% | 3.84% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 3.69% | 5.31% | 3.98% | 3.28% | 3.47% | 2.71% | 3.32% | 3.83% | 3.91% | 3.92% | 4.20% | 4.40% |
Frequently Asked Questions
FDUAX and MMHVX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMHVX has higher volatility (1.05%) compared to FDUAX (0.58%). In terms of maximum drawdown, FDUAX dropped -3.96% vs MMHVX's -20.86%.
MMHVX currently has the higher Sharpe Ratio (2.52 vs 1.64), 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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