MBAIX vs. MSXAX

Last updated Jun 23, 2026

MBAIX (MainStay Balanced Fund) and MSXAX (NYLI S&P 500 Index Class A) are both mutual funds - MBAIX is a Diversified Portfolio fund managed by New York Life, while MSXAX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MBAIX returned 7.43%/yr vs 15.01%/yr for MSXAX. Their correlation of 0.90 suggests significant overlap in exposure. MBAIX charges 0.81%/yr vs 0.52%/yr for MSXAX.

Performance

MBAIX vs. MSXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay Balanced Fund (MBAIX) and NYLI S&P 500 Index Class A (MSXAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBAIX achieves a 4.75% return, which is significantly lower than MSXAX's 9.95% return. Over the past 10 years, MBAIX has underperformed MSXAX with an annualized return of 7.43%, while MSXAX has yielded a comparatively higher 15.01% annualized return.

MBAIX

• 1D: -0.15%
• 1M: -0.03%
• YTD: 4.75%
• 6M: 4.38%
• 1Y: 13.23%
• 3Y*: 9.96%
• 5Y*: 6.32%
• 10Y*: 7.43%

MSXAX

• 1D: 1.09%
• 1M: 0.44%
• YTD: 9.95%
• 6M: 9.42%
• 1Y: 26.56%
• 3Y*: 20.36%
• 5Y*: 13.53%
• 10Y*: 15.01%

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

MBAIX vs. MSXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBAIX MainStay Balanced Fund	4.75%	11.38%	7.59%	7.56%	-5.80%	17.13%	7.73%	19.28%	-7.53%	9.87%
MSXAX NYLI S&P 500 Index Class A	9.95%	17.26%	23.98%	25.96%	-18.52%	28.13%	17.86%	30.69%	-4.71%	21.07%

Correlation

The correlation between MBAIX and MSXAX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 31, 2003	0.90

Over the past year, the correlation between MBAIX and MSXAX has dropped to 0.66 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

Return for Risk

MBAIX vs. MSXAX — Risk / Return Rank

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

MBAIX

MBAIX Risk / Return Rank: 55
MBAIX Sharpe Ratio Rank: 50
MBAIX Sortino Ratio Rank: 52
MBAIX Omega Ratio Rank: 48
MBAIX Calmar Ratio Rank: 61
MBAIX Martin Ratio Rank: 62

MSXAX

MSXAX Risk / Return Rank: 63
MSXAX Sharpe Ratio Rank: 61
MSXAX Sortino Ratio Rank: 56
MSXAX Omega Ratio Rank: 58
MSXAX Calmar Ratio Rank: 65
MSXAX Martin Ratio Rank: 75

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.

MBAIX vs. MSXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Balanced Fund (MBAIX) and NYLI S&P 500 Index Class A (MSXAX). 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.

	MBAIX	MSXAX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.12	-0.21
Sortino ratio: Return per unit of downside risk	2.78	2.87	-0.09
Omega ratio: Gain probability vs. loss probability	1.35	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	2.87	2.96	-0.09
Martin ratio: Return relative to average drawdown	11.54	13.30	-1.76

MBAIX vs. MSXAX - Sharpe Ratio Comparison

The current MBAIX Sharpe Ratio is 1.91, which is comparable to the MSXAX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of MBAIX and MSXAX, 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

MBAIX vs. MSXAX - Drawdown Comparison

The maximum MBAIX drawdown since its inception was -39.74%, smaller than the maximum MSXAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for MBAIX and MSXAX.

Drawdown Indicators

	MBAIX	MSXAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.74%	-55.48%	+15.74%
Max Drawdown (1Y) Largest decline over 1 year	-4.69%	-8.97%	+4.28%
Max Drawdown (3Y) Largest decline over 3 years	-8.37%	-18.78%	+10.41%
Max Drawdown (5Y) Largest decline over 5 years	-13.19%	-24.78%	+11.59%
Max Drawdown (10Y) Largest decline over 10 years	-25.87%	-33.79%	+7.92%
Current Drawdown Current decline from peak	-1.14%	-1.36%	+0.22%
Average Drawdown Average peak-to-trough decline	-3.56%	-7.15%	+3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.99%	-0.83%

Volatility

MBAIX vs. MSXAX - Volatility Comparison

The current volatility for MainStay Balanced Fund (MBAIX) is 2.12%, while NYLI S&P 500 Index Class A (MSXAX) has a volatility of 4.75%. This indicates that MBAIX experiences smaller price fluctuations and is considered to be less risky than MSXAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBAIX	MSXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	4.75%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	5.25%	9.91%	-4.66%
Volatility (1Y) Calculated over the trailing 1-year period	7.05%	12.48%	-5.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.41%	17.00%	-7.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.61%	18.11%	-7.50%

MBAIX vs. MSXAX - Expense Ratio Comparison

MBAIX has a 0.81% expense ratio, which is higher than MSXAX's 0.52% expense ratio.

Dividends

MBAIX vs. MSXAX - Dividend Comparison

MBAIX's dividend yield for the trailing twelve months is around 6.65%, more than MSXAX's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MBAIX MainStay Balanced Fund	6.65%	6.95%	6.14%	2.27%	1.86%	23.51%	2.24%	6.04%	9.37%	7.05%	2.94%	6.93%
MSXAX NYLI S&P 500 Index Class A	0.96%	1.06%	5.20%	4.04%	10.30%	4.44%	8.78%	17.42%	14.49%	15.18%	9.63%	5.53%

Frequently Asked Questions

Can I hold both MBAIX and MSXAX in my portfolio?

MBAIX and MSXAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBAIX or MSXAX?

MSXAX has higher volatility (4.75%) compared to MBAIX (2.12%). In terms of maximum drawdown, MBAIX dropped -39.74% vs MSXAX's -55.48%.

Which has better risk-adjusted returns?

MSXAX currently has the higher Sharpe Ratio (2.12 vs 1.91), 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.