MASAX vs. FPFIX

Last updated Jun 4, 2026

MASAX (MainStay MacKay Strategic Bond Fund) and FPFIX (FPA Flexible Fixed Income Fund) are both Nontraditional Bonds funds. Over the past 5 years, MASAX returned 17.47%/yr vs 3.50%/yr for FPFIX. A 0.67 correlation means they provide meaningful diversification when combined. MASAX charges 1.04%/yr vs 0.51%/yr for FPFIX.

Performance

MASAX vs. FPFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay Strategic Bond Fund (MASAX) and FPA Flexible Fixed Income Fund (FPFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MASAX achieves a 1.40% return, which is significantly higher than FPFIX's -0.11% return.

MASAX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.40%
• 6M: 1.68%
• 1Y: 6.38%
• 3Y*: 7.34%
• 5Y*: 17.47%
• 10Y*: 10.69%

FPFIX

• 1D: 0.00%
• 1M: 0.01%
• YTD: -0.11%
• 6M: 0.10%
• 1Y: 4.17%
• 3Y*: 5.78%
• 5Y*: 3.50%
• 10Y*: —

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

MASAX vs. FPFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MASAX MainStay MacKay Strategic Bond Fund	1.40%	8.11%	6.23%	9.61%	-7.80%	92.69%	6.19%	6.57%
FPFIX FPA Flexible Fixed Income Fund	-0.11%	6.87%	5.28%	8.11%	-2.82%	1.77%	4.71%	3.78%

Correlation

The correlation between MASAX and FPFIX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.67

The correlation between MASAX and FPFIX shifts across timeframes, from 0.67 (all time) to 0.85 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MASAX vs. FPFIX — Risk / Return Rank

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

MASAX

MASAX Risk / Return Rank: 77
MASAX Sharpe Ratio Rank: 79
MASAX Sortino Ratio Rank: 85
MASAX Omega Ratio Rank: 81
MASAX Calmar Ratio Rank: 70
MASAX Martin Ratio Rank: 69

FPFIX

FPFIX Risk / Return Rank: 31
FPFIX Sharpe Ratio Rank: 34
FPFIX Sortino Ratio Rank: 36
FPFIX Omega Ratio Rank: 38
FPFIX Calmar Ratio Rank: 27
FPFIX Martin Ratio Rank: 22

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.

MASAX vs. FPFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Strategic Bond Fund (MASAX) and FPA Flexible Fixed Income Fund (FPFIX). 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.

	MASAX	FPFIX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	1.67	+0.93
Sortino ratio: Return per unit of downside risk	4.06	2.48	+1.57
Omega ratio: Gain probability vs. loss probability	1.54	1.33	+0.21
Calmar ratio: Return relative to maximum drawdown	3.23	1.95	+1.28
Martin ratio: Return relative to average drawdown	13.38	5.70	+7.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MASAX vs. FPFIX - Sharpe Ratio Comparison

The current MASAX Sharpe Ratio is 2.59, which is higher than the FPFIX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of MASAX and FPFIX, 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

	MASAX	FPFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	1.67	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	1.52	-1.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	1.76	-1.36

Drawdowns

MASAX vs. FPFIX - Drawdown Comparison

The maximum MASAX drawdown since its inception was -18.74%, which is greater than FPFIX's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for MASAX and FPFIX.

Drawdown Indicators

	MASAX	FPFIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.74%	-4.11%	-14.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.03%	-2.10%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-2.89%	-2.10%	-0.79%
Max Drawdown (5Y) Largest decline over 5 years	-11.37%	-4.11%	-7.26%
Max Drawdown (10Y) Largest decline over 10 years	-13.76%	—	—
Current Drawdown Current decline from peak	-0.28%	-1.51%	+1.23%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.59%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.72%	-0.23%

Volatility

MASAX vs. FPFIX - Volatility Comparison

MainStay MacKay Strategic Bond Fund (MASAX) has a higher volatility of 0.85% compared to FPA Flexible Fixed Income Fund (FPFIX) at 0.79%. This indicates that MASAX's price experiences larger fluctuations and is considered to be riskier than FPFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MASAX	FPFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.79%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	1.75%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.53%	2.45%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.11%	2.32%	+37.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.43%	2.08%	+26.35%

MASAX vs. FPFIX - Expense Ratio Comparison

MASAX has a 1.04% expense ratio, which is higher than FPFIX's 0.51% expense ratio.

Dividends

MASAX vs. FPFIX - Dividend Comparison

MASAX's dividend yield for the trailing twelve months is around 5.18%, more than FPFIX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPFIX FPA Flexible Fixed Income Fund	3.74%	3.78%	4.76%	3.95%	2.92%	2.26%	3.00%	2.42%	0.00%	0.00%	0.00%	0.00%
MASAX MainStay MacKay Strategic Bond Fund	5.18%	5.00%	5.24%	4.35%	3.15%	49.01%	2.31%	2.74%	3.34%	2.75%	4.28%	3.62%

Frequently Asked Questions

Can I hold both MASAX and FPFIX in my portfolio?

MASAX and FPFIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MASAX or FPFIX?

MASAX has higher volatility (0.85%) compared to FPFIX (0.79%). In terms of maximum drawdown, MASAX dropped -18.74% vs FPFIX's -4.11%.

Which has better risk-adjusted returns?

MASAX currently has the higher Sharpe Ratio (2.59 vs 1.67), 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.