FPIOX vs. MDHVX

Last updated Jun 4, 2026

FPIOX (Strategic Advisers Income Opportunities Fund) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, FPIOX returned 5.35%/yr vs 4.63%/yr for MDHVX. A 0.72 correlation means they provide meaningful diversification when combined. FPIOX charges 0.49%/yr vs 1.10%/yr for MDHVX.

Performance

FPIOX vs. MDHVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Income Opportunities Fund (FPIOX) and MainStay MacKay Short Duration High Yield Fund (MDHVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPIOX achieves a 1.66% return, which is significantly lower than MDHVX's 1.75% return. Over the past 10 years, FPIOX has outperformed MDHVX with an annualized return of 5.35%, while MDHVX has yielded a comparatively lower 4.63% annualized return.

FPIOX

• 1D: 0.11%
• 1M: 0.75%
• YTD: 1.66%
• 6M: 2.44%
• 1Y: 7.36%
• 3Y*: 8.45%
• 5Y*: 3.84%
• 10Y*: 5.35%

MDHVX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 1.75%
• 6M: 1.53%
• 1Y: 5.11%
• 3Y*: 6.53%
• 5Y*: 4.31%
• 10Y*: 4.63%

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

FPIOX vs. MDHVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPIOX Strategic Advisers Income Opportunities Fund	1.66%	8.47%	7.89%	11.85%	-11.84%	5.35%	5.64%	14.77%	-3.53%	8.21%
MDHVX MainStay MacKay Short Duration High Yield Fund	1.75%	5.38%	6.51%	9.86%	-2.81%	4.38%	2.92%	9.00%	-0.13%	4.30%

Correlation

The correlation between FPIOX and MDHVX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.71
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 19, 2012	0.72

The correlation between FPIOX and MDHVX shifts across timeframes, from 0.63 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FPIOX vs. MDHVX — Risk / Return Rank

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

FPIOX

FPIOX Risk / Return Rank: 87
FPIOX Sharpe Ratio Rank: 84
FPIOX Sortino Ratio Rank: 94
FPIOX Omega Ratio Rank: 90
FPIOX Calmar Ratio Rank: 78
FPIOX Martin Ratio Rank: 87

MDHVX

MDHVX Risk / Return Rank: 93
MDHVX Sharpe Ratio Rank: 89
MDHVX Sortino Ratio Rank: 90
MDHVX Omega Ratio Rank: 95
MDHVX Calmar Ratio Rank: 92
MDHVX Martin Ratio Rank: 96

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.

FPIOX vs. MDHVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Income Opportunities Fund (FPIOX) 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.

	FPIOX	MDHVX	Difference
Sharpe ratio: Return per unit of total volatility	2.71	2.95	-0.23
Sortino ratio: Return per unit of downside risk	4.86	4.42	+0.44
Omega ratio: Gain probability vs. loss probability	1.64	1.78	-0.14
Calmar ratio: Return relative to maximum drawdown	3.52	5.01	-1.48
Martin ratio: Return relative to average drawdown	16.87	24.92	-8.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPIOX vs. MDHVX - Sharpe Ratio Comparison

The current FPIOX Sharpe Ratio is 2.71, which is comparable to the MDHVX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of FPIOX and MDHVX, 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

	FPIOX	MDHVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	2.95	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	1.68	-0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	1.36	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.37	-0.42

Drawdowns

FPIOX vs. MDHVX - Drawdown Comparison

The maximum FPIOX drawdown since its inception was -36.95%, which is greater than MDHVX's maximum drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for FPIOX and MDHVX.

Drawdown Indicators

	FPIOX	MDHVX	Difference
Max Drawdown Largest peak-to-trough decline	-36.95%	-18.04%	-18.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-1.06%	-1.60%
Max Drawdown (3Y) Largest decline over 3 years	-3.92%	-2.65%	-1.27%
Max Drawdown (5Y) Largest decline over 5 years	-15.14%	-6.26%	-8.88%
Max Drawdown (10Y) Largest decline over 10 years	-21.77%	-18.04%	-3.73%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.65%	-0.78%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.21%	+0.38%

Volatility

FPIOX vs. MDHVX - Volatility Comparison

Strategic Advisers Income Opportunities Fund (FPIOX) has a higher volatility of 1.22% compared to MainStay MacKay Short Duration High Yield Fund (MDHVX) at 0.48%. This indicates that FPIOX'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.

Volatility by Period

	FPIOX	MDHVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	0.48%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	1.42%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	1.79%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	2.58%	+2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.54%	3.43%	+2.11%

FPIOX vs. MDHVX - Expense Ratio Comparison

FPIOX has a 0.49% expense ratio, which is lower than MDHVX's 1.10% expense ratio.

Dividends

FPIOX vs. MDHVX - Dividend Comparison

FPIOX's dividend yield for the trailing twelve months is around 4.94%, less than MDHVX's 5.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPIOX Strategic Advisers Income Opportunities Fund	4.94%	5.34%	5.81%	5.52%	4.34%	4.70%	5.20%	5.53%	5.48%	5.02%	5.88%	6.58%
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

Can I hold both FPIOX and MDHVX in my portfolio?

FPIOX and MDHVX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPIOX or MDHVX?

FPIOX has higher volatility (1.22%) compared to MDHVX (0.48%). In terms of maximum drawdown, FPIOX dropped -36.95% vs MDHVX's -18.04%.

Which has better risk-adjusted returns?

MDHVX currently has the higher Sharpe Ratio (2.95 vs 2.71), 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.