ICEUX vs. MMRIX

Last updated Jun 4, 2026

ICEUX (MainStay Epoch International Choice Fund) and MMRIX (MainStay Moderate Allocation Fund) are both mutual funds - ICEUX is a Foreign Large Cap Equities fund managed by New York Life, while MMRIX is a Diversified Portfolio fund managed by New York Life. Over the past 10 years, ICEUX returned 7.93%/yr vs 7.24%/yr for MMRIX. A 0.80 correlation means they provide meaningful diversification when combined. ICEUX charges 0.95%/yr vs 0.09%/yr for MMRIX.

Performance

ICEUX vs. MMRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay Epoch International Choice Fund (ICEUX) and MainStay Moderate Allocation Fund (MMRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICEUX achieves a 13.04% return, which is significantly higher than MMRIX's 8.30% return. Over the past 10 years, ICEUX has outperformed MMRIX with an annualized return of 7.93%, while MMRIX has yielded a comparatively lower 7.24% annualized return.

ICEUX

• 1D: 0.41%
• 1M: 3.90%
• YTD: 13.04%
• 6M: 16.15%
• 1Y: 26.44%
• 3Y*: 13.51%
• 5Y*: 6.90%
• 10Y*: 7.93%

MMRIX

• 1D: 0.19%
• 1M: 3.60%
• YTD: 8.30%
• 6M: 8.56%
• 1Y: 18.02%
• 3Y*: 12.40%
• 5Y*: 6.08%
• 10Y*: 7.24%

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

ICEUX vs. MMRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICEUX MainStay Epoch International Choice Fund	13.04%	30.06%	-4.29%	19.77%	-16.04%	6.60%	7.86%	23.64%	-13.59%	25.43%
MMRIX MainStay Moderate Allocation Fund	8.30%	11.38%	8.84%	13.65%	-13.76%	12.21%	13.01%	18.20%	-8.86%	12.11%

Correlation

The correlation between ICEUX and MMRIX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 5, 2005	0.80

The correlation between ICEUX and MMRIX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

Return for Risk

ICEUX vs. MMRIX — Risk / Return Rank

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

ICEUX

ICEUX Risk / Return Rank: 39
ICEUX Sharpe Ratio Rank: 44
ICEUX Sortino Ratio Rank: 42
ICEUX Omega Ratio Rank: 42
ICEUX Calmar Ratio Rank: 31
ICEUX Martin Ratio Rank: 37

MMRIX

MMRIX Risk / Return Rank: 61
MMRIX Sharpe Ratio Rank: 62
MMRIX Sortino Ratio Rank: 61
MMRIX Omega Ratio Rank: 62
MMRIX Calmar Ratio Rank: 57
MMRIX Martin Ratio Rank: 65

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.

ICEUX vs. MMRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Epoch International Choice Fund (ICEUX) and MainStay Moderate Allocation Fund (MMRIX). 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.

	ICEUX	MMRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.32	-0.37
Sortino ratio: Return per unit of downside risk	2.72	3.29	-0.57
Omega ratio: Gain probability vs. loss probability	1.35	1.44	-0.09
Calmar ratio: Return relative to maximum drawdown	2.11	2.88	-0.77
Martin ratio: Return relative to average drawdown	8.17	12.79	-4.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICEUX vs. MMRIX - Sharpe Ratio Comparison

The current ICEUX Sharpe Ratio is 1.95, which is comparable to the MMRIX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of ICEUX and MMRIX, 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

	ICEUX	MMRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.32	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.59	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.60	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.55	-0.20

Drawdowns

ICEUX vs. MMRIX - Drawdown Comparison

The maximum ICEUX drawdown since its inception was -56.25%, which is greater than MMRIX's maximum drawdown of -35.91%. Use the drawdown chart below to compare losses from any high point for ICEUX and MMRIX.

Drawdown Indicators

	ICEUX	MMRIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.25%	-35.91%	-20.34%
Max Drawdown (1Y) Largest decline over 1 year	-12.03%	-6.40%	-5.63%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-12.10%	-1.75%
Max Drawdown (5Y) Largest decline over 5 years	-31.56%	-20.40%	-11.16%
Max Drawdown (10Y) Largest decline over 10 years	-33.46%	-24.34%	-9.12%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.10%	-4.49%	-7.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.44%	+1.65%

Volatility

ICEUX vs. MMRIX - Volatility Comparison

MainStay Epoch International Choice Fund (ICEUX) has a higher volatility of 4.64% compared to MainStay Moderate Allocation Fund (MMRIX) at 2.45%. This indicates that ICEUX's price experiences larger fluctuations and is considered to be riskier than MMRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICEUX	MMRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	2.45%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	6.33%	+4.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	7.94%	+5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.41%	10.38%	+5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	12.20%	+4.13%

ICEUX vs. MMRIX - Expense Ratio Comparison

ICEUX has a 0.95% expense ratio, which is higher than MMRIX's 0.09% expense ratio.

Dividends

ICEUX vs. MMRIX - Dividend Comparison

ICEUX's dividend yield for the trailing twelve months is around 1.78%, less than MMRIX's 5.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICEUX MainStay Epoch International Choice Fund	1.78%	2.01%	1.71%	1.68%	1.29%	2.60%	0.69%	2.75%	1.95%	1.35%	3.62%	1.59%
MMRIX MainStay Moderate Allocation Fund	5.09%	5.51%	6.88%	0.60%	5.92%	9.74%	5.89%	4.16%	7.98%	3.23%	1.73%	5.26%

Frequently Asked Questions

Can I hold both ICEUX and MMRIX in my portfolio?

ICEUX and MMRIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICEUX or MMRIX?

ICEUX has higher volatility (4.64%) compared to MMRIX (2.45%). In terms of maximum drawdown, ICEUX dropped -56.25% vs MMRIX's -35.91%.

Which has better risk-adjusted returns?

MMRIX currently has the higher Sharpe Ratio (2.32 vs 1.95), 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.