FHTFX vs. MMHVX
FHTFX (Federated Hermes Municipal High Yield Advtg Fd) and MMHVX (MainStay MacKay High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, FHTFX returned 2.47%/yr vs 3.25%/yr for MMHVX. A 0.76 correlation means they provide meaningful diversification when combined. FHTFX charges 0.89%/yr vs 0.87%/yr for MMHVX.
Performance
FHTFX vs. MMHVX - Performance Comparison
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Returns By Period
In the year-to-date period, FHTFX achieves a 1.93% return, which is significantly lower than MMHVX's 2.88% return. Over the past 10 years, FHTFX has underperformed MMHVX with an annualized return of 2.47%, while MMHVX has yielded a comparatively higher 3.25% annualized return.
FHTFX
- 1D
- 0.00%
- 1M
- 0.98%
- YTD
- 1.93%
- 6M
- 2.41%
- 1Y
- 7.27%
- 3Y*
- 4.50%
- 5Y*
- 0.71%
- 10Y*
- 2.47%
MMHVX
- 1D
- 0.00%
- 1M
- 1.19%
- YTD
- 2.88%
- 6M
- 3.16%
- 1Y
- 8.92%
- 3Y*
- 5.41%
- 5Y*
- 1.12%
- 10Y*
- 3.25%
FHTFX vs. MMHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FHTFX Federated Hermes Municipal High Yield Advtg Fd | 1.93% | 2.09% | 5.67% | 6.91% | -13.36% | 5.47% | 2.91% | 9.76% | 0.76% | 7.48% |
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 2.88% | 4.27% | 4.24% | 8.60% | -14.42% | 6.12% | 5.18% | 9.18% | 4.06% | 8.60% |
Correlation
The correlation between FHTFX and MMHVX is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2010 | 0.76 |
The correlation between FHTFX and MMHVX shifts across timeframes, from 0.73 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FHTFX vs. MMHVX — Risk / Return Rank
FHTFX
MMHVX
FHTFX vs. MMHVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Municipal High Yield Advtg Fd (FHTFX) 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.
| FHTFX | MMHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.63 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.82 | 3.02 | +0.80 |
| Martin ratioReturn relative to average drawdown | 14.28 | 10.60 | +3.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FHTFX | MMHVX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.84 | 2.62 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.20 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.61 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 1.05 | +0.03 |
Drawdowns
FHTFX vs. MMHVX - Drawdown Comparison
The maximum FHTFX drawdown since its inception was -27.61%, which is greater than MMHVX's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for FHTFX and MMHVX.
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Drawdown Indicators
| FHTFX | MMHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.61% | -20.86% | -6.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.46% | -3.11% | +0.65% |
Max Drawdown (3Y)Largest decline over 3 years | -7.60% | -8.16% | +0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -17.77% | -20.86% | +3.09% |
Max Drawdown (10Y)Largest decline over 10 years | -17.77% | -20.86% | +3.09% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -3.20% | +0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 0.88% | +1.35% |
Volatility
FHTFX vs. MMHVX - Volatility Comparison
The current volatility for Federated Hermes Municipal High Yield Advtg Fd (FHTFX) is 0.99%, while MainStay MacKay High Yield Municipal Bond Fund (MMHVX) has a volatility of 1.35%. This indicates that FHTFX 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
| FHTFX | MMHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 1.35% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 2.06% | 2.58% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.31% | 3.58% | -0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.15% | 5.66% | -0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 5.33% | -0.48% |
FHTFX vs. MMHVX - Expense Ratio Comparison
FHTFX has a 0.89% expense ratio, which is higher than MMHVX's 0.87% expense ratio.
Dividends
FHTFX vs. MMHVX - Dividend Comparison
FHTFX's dividend yield for the trailing twelve months is around 3.05%, less than MMHVX's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHTFX Federated Hermes Municipal High Yield Advtg Fd | 3.05% | 3.02% | 4.53% | 3.81% | 3.65% | 3.14% | 3.52% | 3.88% | 3.85% | 3.88% | 4.11% | 4.02% |
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 3.97% | 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
FHTFX and MMHVX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMHVX has higher volatility (1.35%) compared to FHTFX (0.99%). In terms of maximum drawdown, FHTFX dropped -27.61% vs MMHVX's -20.86%.
FHTFX currently has the higher Sharpe Ratio (2.84 vs 2.62), 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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