MCKIX vs. MSTIX

Last updated Jun 6, 2026

MCKIX (MainStay Conservative Allocation Fund) and MSTIX (MainStay MacKay Short Term Municipal Fund) are both mutual funds - MCKIX is a Diversified Portfolio fund managed by New York Life, while MSTIX is a Municipal Bonds fund managed by New York Life. Over the past 10 years, MCKIX returned 5.67%/yr vs 1.66%/yr for MSTIX. At a 0.05 correlation, their price movements are largely independent. MCKIX charges 0.10%/yr vs 0.40%/yr for MSTIX.

Performance

MCKIX vs. MSTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay Conservative Allocation Fund (MCKIX) and MainStay MacKay Short Term Municipal Fund (MSTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCKIX achieves a 6.15% return, which is significantly higher than MSTIX's 1.10% return. Over the past 10 years, MCKIX has outperformed MSTIX with an annualized return of 5.67%, while MSTIX has yielded a comparatively lower 1.66% annualized return.

MCKIX

• 1D: 0.23%
• 1M: 1.16%
• YTD: 6.15%
• 6M: 6.39%
• 1Y: 13.82%
• 3Y*: 10.17%
• 5Y*: 4.47%
• 10Y*: 5.67%

MSTIX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.10%
• 6M: 1.38%
• 1Y: 4.11%
• 3Y*: 3.58%
• 5Y*: 1.66%
• 10Y*: 1.66%

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

MCKIX vs. MSTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCKIX MainStay Conservative Allocation Fund	6.15%	9.60%	7.16%	11.15%	-12.54%	7.88%	11.03%	14.85%	-6.82%	9.09%
MSTIX MainStay MacKay Short Term Municipal Fund	1.10%	4.69%	2.41%	3.70%	-3.33%	0.43%	2.55%	2.53%	1.81%	1.29%

Correlation

The correlation between MCKIX and MSTIX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Apr 5, 2005	0.05

The correlation between MCKIX and MSTIX shifts across timeframes, from 0.05 (all time) to 0.28 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MCKIX vs. MSTIX — Risk / Return Rank

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

MCKIX

MCKIX Risk / Return Rank: 64
MCKIX Sharpe Ratio Rank: 64
MCKIX Sortino Ratio Rank: 67
MCKIX Omega Ratio Rank: 66
MCKIX Calmar Ratio Rank: 55
MCKIX Martin Ratio Rank: 66

MSTIX

MSTIX Risk / Return Rank: 81
MSTIX Sharpe Ratio Rank: 87
MSTIX Sortino Ratio Rank: 96
MSTIX Omega Ratio Rank: 97
MSTIX Calmar Ratio Rank: 68
MSTIX Martin Ratio Rank: 54

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.

MCKIX vs. MSTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Conservative Allocation Fund (MCKIX) and MainStay MacKay Short Term Municipal Fund (MSTIX). 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.

	MCKIX	MSTIX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.80	-0.52
Sortino ratio: Return per unit of downside risk	3.31	5.30	-1.99
Omega ratio: Gain probability vs. loss probability	1.44	2.02	-0.58
Calmar ratio: Return relative to maximum drawdown	2.75	3.09	-0.34
Martin ratio: Return relative to average drawdown	12.34	10.49	+1.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCKIX vs. MSTIX - Sharpe Ratio Comparison

The current MCKIX Sharpe Ratio is 2.28, which is comparable to the MSTIX Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of MCKIX and MSTIX, 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

	MCKIX	MSTIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.80	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.91	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	1.06	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	1.57	-0.86

Drawdowns

MCKIX vs. MSTIX - Drawdown Comparison

The maximum MCKIX drawdown since its inception was -25.69%, which is greater than MSTIX's maximum drawdown of -8.99%. Use the drawdown chart below to compare losses from any high point for MCKIX and MSTIX.

Drawdown Indicators

	MCKIX	MSTIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.69%	-8.99%	-16.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.03%	-1.38%	-3.65%
Max Drawdown (3Y) Largest decline over 3 years	-8.95%	-1.83%	-7.12%
Max Drawdown (5Y) Largest decline over 5 years	-18.17%	-5.62%	-12.55%
Max Drawdown (10Y) Largest decline over 10 years	-19.18%	-5.62%	-13.56%
Current Drawdown Current decline from peak	-0.15%	-0.26%	+0.11%
Average Drawdown Average peak-to-trough decline	-3.13%	-0.54%	-2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.40%	+0.72%

Volatility

MCKIX vs. MSTIX - Volatility Comparison

MainStay Conservative Allocation Fund (MCKIX) has a higher volatility of 2.05% compared to MainStay MacKay Short Term Municipal Fund (MSTIX) at 0.56%. This indicates that MCKIX's price experiences larger fluctuations and is considered to be riskier than MSTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCKIX	MSTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	0.56%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	1.16%	+3.75%
Volatility (1Y) Calculated over the trailing 1-year period	6.08%	1.52%	+4.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.79%	1.83%	+5.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.81%	1.57%	+6.24%

MCKIX vs. MSTIX - Expense Ratio Comparison

MCKIX has a 0.10% expense ratio, which is lower than MSTIX's 0.40% expense ratio.

Dividends

MCKIX vs. MSTIX - Dividend Comparison

MCKIX's dividend yield for the trailing twelve months is around 4.49%, more than MSTIX's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCKIX MainStay Conservative Allocation Fund	4.49%	4.49%	4.71%	2.73%	3.85%	7.78%	5.21%	2.73%	6.12%	3.35%	1.66%	4.25%
MSTIX MainStay MacKay Short Term Municipal Fund	3.28%	3.38%	3.14%	2.85%	1.38%	0.85%	1.37%	1.76%	1.48%	1.28%	0.87%	0.82%

Frequently Asked Questions

Can I hold both MCKIX and MSTIX in my portfolio?

MCKIX and MSTIX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCKIX or MSTIX?

MCKIX has higher volatility (2.05%) compared to MSTIX (0.56%). In terms of maximum drawdown, MCKIX dropped -25.69% vs MSTIX's -8.99%.

Which has better risk-adjusted returns?

MSTIX currently has the higher Sharpe Ratio (2.80 vs 2.28), 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.