JEMDX vs. MMHVX

Last updated Jun 20, 2026

JEMDX (JPMorgan Emerging Markets Debt Fund) and MMHVX (MainStay MacKay High Yield Municipal Bond Fund) are both mutual funds - JEMDX is a Emerging Markets Bonds fund managed by JPMorgan, while MMHVX is a High Yield Muni fund managed by MainStay. Over the past 10 years, JEMDX returned 3.30%/yr vs 3.17%/yr for MMHVX. At a 0.26 correlation, their price movements are largely independent. JEMDX charges 0.83%/yr vs 0.87%/yr for MMHVX.

Performance

JEMDX vs. MMHVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Emerging Markets Debt Fund (JEMDX) and MainStay MacKay High Yield Municipal Bond Fund (MMHVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with JEMDX having a 3.22% return and MMHVX slightly lower at 3.14%. Both investments have delivered pretty close results over the past 10 years, with JEMDX having a 3.30% annualized return and MMHVX not far behind at 3.17%.

JEMDX

• 1D: 0.00%
• 1M: 2.63%
• YTD: 3.22%
• 6M: 3.54%
• 1Y: 14.49%
• 3Y*: 10.61%
• 5Y*: 1.97%
• 10Y*: 3.30%

MMHVX

• 1D: 0.08%
• 1M: 2.41%
• YTD: 3.14%
• 6M: 3.60%
• 1Y: 9.01%
• 3Y*: 5.31%
• 5Y*: 1.08%
• 10Y*: 3.17%

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

JEMDX vs. MMHVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JEMDX JPMorgan Emerging Markets Debt Fund	3.22%	13.87%	7.37%	10.17%	-18.60%	-3.22%	5.37%	13.86%	-5.82%	10.25%
MMHVX MainStay MacKay High Yield Municipal Bond Fund	3.14%	4.27%	4.24%	8.60%	-14.42%	6.12%	5.18%	9.18%	4.06%	8.60%

Correlation

The correlation between JEMDX and MMHVX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Mar 30, 2010	0.26

Over the past year, JEMDX and MMHVX have become more correlated (0.47) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

JEMDX vs. MMHVX — Risk / Return Rank

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

JEMDX

JEMDX Risk / Return Rank: 82
JEMDX Sharpe Ratio Rank: 95
JEMDX Sortino Ratio Rank: 94
JEMDX Omega Ratio Rank: 92
JEMDX Calmar Ratio Rank: 61
JEMDX Martin Ratio Rank: 66

MMHVX

MMHVX Risk / Return Rank: 77
MMHVX Sharpe Ratio Rank: 85
MMHVX Sortino Ratio Rank: 91
MMHVX Omega Ratio Rank: 90
MMHVX Calmar Ratio Rank: 66
MMHVX Martin Ratio Rank: 55

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.

JEMDX vs. MMHVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Emerging Markets Debt Fund (JEMDX) 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.

	JEMDX	MMHVX	Difference
Sharpe ratio: Return per unit of total volatility	3.01	2.55	+0.46
Sortino ratio: Return per unit of downside risk	4.62	4.16	+0.46
Omega ratio: Gain probability vs. loss probability	1.65	1.61	+0.03
Calmar ratio: Return relative to maximum drawdown	2.79	2.92	-0.13
Martin ratio: Return relative to average drawdown	11.73	10.25	+1.47

JEMDX vs. MMHVX - Sharpe Ratio Comparison

The current JEMDX Sharpe Ratio is 3.01, which is comparable to the MMHVX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of JEMDX and MMHVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JEMDX vs. MMHVX - Drawdown Comparison

The maximum JEMDX drawdown since its inception was -38.84%, which is greater than MMHVX's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for JEMDX and MMHVX.

Drawdown Indicators

	JEMDX	MMHVX	Difference
Max Drawdown Largest peak-to-trough decline	-38.84%	-20.86%	-17.98%
Max Drawdown (1Y) Largest decline over 1 year	-5.14%	-3.11%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	-7.10%	-8.16%	+1.06%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	-20.86%	-9.97%
Max Drawdown (10Y) Largest decline over 10 years	-30.83%	-20.86%	-9.97%
Current Drawdown Current decline from peak	-0.15%	0.00%	-0.15%
Average Drawdown Average peak-to-trough decline	-6.08%	-3.19%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	0.88%	+0.34%

Volatility

JEMDX vs. MMHVX - Volatility Comparison

JPMorgan Emerging Markets Debt Fund (JEMDX) has a higher volatility of 1.28% compared to MainStay MacKay High Yield Municipal Bond Fund (MMHVX) at 0.96%. This indicates that JEMDX's price experiences larger fluctuations and is considered to be riskier than MMHVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEMDX	MMHVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	0.96%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	4.05%	2.57%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	4.78%	3.56%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.92%	5.66%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	5.33%	+1.81%

JEMDX vs. MMHVX - Expense Ratio Comparison

JEMDX has a 0.83% expense ratio, which is lower than MMHVX's 0.87% expense ratio.

Dividends

JEMDX vs. MMHVX - Dividend Comparison

JEMDX's dividend yield for the trailing twelve months is around 5.83%, more than MMHVX's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEMDX JPMorgan Emerging Markets Debt Fund	5.83%	5.61%	6.13%	5.47%	6.15%	4.38%	3.71%	4.52%	4.64%	4.43%	5.06%	4.76%
MMHVX MainStay MacKay High Yield Municipal Bond Fund	3.96%	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

Can I hold both JEMDX and MMHVX in my portfolio?

JEMDX and MMHVX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JEMDX or MMHVX?

JEMDX has higher volatility (1.28%) compared to MMHVX (0.96%). In terms of maximum drawdown, JEMDX dropped -38.84% vs MMHVX's -20.86%.

Which has better risk-adjusted returns?

JEMDX currently has the higher Sharpe Ratio (3.01 vs 2.55), 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.