MCYVX vs. MMHVX

Last updated Jun 25, 2026

MCYVX (MainStay Candriam Emerging Markets Equity Fund) and MMHVX (MainStay MacKay High Yield Municipal Bond Fund) are both mutual funds - MCYVX is a Emerging Markets Diversified fund managed by MainStay, while MMHVX is a High Yield Muni fund managed by MainStay. Over the past 5 years, MCYVX returned 6.26%/yr vs 1.08%/yr for MMHVX. At a 0.07 correlation, their price movements are largely independent. MCYVX charges 1.57%/yr vs 0.87%/yr for MMHVX.

Performance

MCYVX vs. MMHVX - Performance Comparison

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

Returns By Period

In the year-to-date period, MCYVX achieves a 31.16% return, which is significantly higher than MMHVX's 3.05% return.

MCYVX

• 1D: -4.00%
• 1M: 3.23%
• YTD: 31.16%
• 6M: 32.26%
• 1Y: 59.21%
• 3Y*: 26.69%
• 5Y*: 6.26%
• 10Y*: —

MMHVX

• 1D: 0.00%
• 1M: 2.23%
• YTD: 3.05%
• 6M: 3.60%
• 1Y: 8.91%
• 3Y*: 5.13%
• 5Y*: 1.08%
• 10Y*: 3.13%

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

MCYVX vs. MMHVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MCYVX MainStay Candriam Emerging Markets Equity Fund	31.16%	34.98%	11.91%	6.92%	-28.37%	-4.28%	35.91%	21.56%	-26.04%
MMHVX MainStay MacKay High Yield Municipal Bond Fund	3.05%	4.27%	4.24%	8.60%	-14.42%	6.12%	5.18%	9.18%	4.20%

Correlation

The correlation between MCYVX and MMHVX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Mar 21, 2018	0.07

Return for Risk

MCYVX vs. MMHVX — Risk / Return Rank

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

MCYVX

MCYVX Risk / Return Rank: 91
MCYVX Sharpe Ratio Rank: 96
MCYVX Sortino Ratio Rank: 84
MCYVX Omega Ratio Rank: 86
MCYVX Calmar Ratio Rank: 95
MCYVX Martin Ratio Rank: 94

MMHVX

MMHVX Risk / Return Rank: 78
MMHVX Sharpe Ratio Rank: 85
MMHVX Sortino Ratio Rank: 91
MMHVX Omega Ratio Rank: 90
MMHVX Calmar Ratio Rank: 67
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.

MCYVX vs. MMHVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Candriam Emerging Markets Equity Fund (MCYVX) 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.

	MCYVX	MMHVX	Difference
Sharpe ratio: Return per unit of total volatility	3.03	2.50	+0.53
Sortino ratio: Return per unit of downside risk	3.53	4.07	-0.54
Omega ratio: Gain probability vs. loss probability	1.52	1.60	-0.08
Calmar ratio: Return relative to maximum drawdown	5.24	2.86	+2.38
Martin ratio: Return relative to average drawdown	18.09	10.04	+8.05

MCYVX vs. MMHVX - Sharpe Ratio Comparison

The current MCYVX Sharpe Ratio is 3.03, which is comparable to the MMHVX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of MCYVX 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

MCYVX vs. MMHVX - Drawdown Comparison

The maximum MCYVX drawdown since its inception was -44.62%, which is greater than MMHVX's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for MCYVX and MMHVX.

Drawdown Indicators

	MCYVX	MMHVX	Difference
Max Drawdown Largest peak-to-trough decline	-44.62%	-20.86%	-23.76%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-3.11%	-9.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	-8.16%	-9.63%
Max Drawdown (5Y) Largest decline over 5 years	-41.04%	-20.86%	-20.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.86%	—
Current Drawdown Current decline from peak	-4.00%	-0.08%	-3.92%
Average Drawdown Average peak-to-trough decline	-20.73%	-3.19%	-17.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	0.88%	+2.62%

Volatility

MCYVX vs. MMHVX - Volatility Comparison

MainStay Candriam Emerging Markets Equity Fund (MCYVX) has a higher volatility of 10.00% compared to MainStay MacKay High Yield Municipal Bond Fund (MMHVX) at 0.98%. This indicates that MCYVX'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

	MCYVX	MMHVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.00%	0.98%	+9.02%
Volatility (6M) Calculated over the trailing 6-month period	18.41%	2.57%	+15.84%
Volatility (1Y) Calculated over the trailing 1-year period	20.99%	3.56%	+17.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	5.66%	+11.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	5.33%	+13.63%

MCYVX vs. MMHVX - Expense Ratio Comparison

MCYVX has a 1.57% expense ratio, which is higher than MMHVX's 0.87% expense ratio.

Dividends

MCYVX vs. MMHVX - Dividend Comparison

MCYVX's dividend yield for the trailing twelve months is around 4.02%, more than MMHVX's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCYVX MainStay Candriam Emerging Markets Equity Fund	4.02%	5.27%	0.14%	0.62%	0.63%	0.45%	0.19%	1.74%	0.37%	0.00%	0.00%	0.00%
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 MCYVX and MMHVX in my portfolio?

MCYVX and MMHVX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCYVX or MMHVX?

MCYVX has higher volatility (10.00%) compared to MMHVX (0.98%). In terms of maximum drawdown, MCYVX dropped -44.62% vs MMHVX's -20.86%.

Which has better risk-adjusted returns?

MCYVX currently has the higher Sharpe Ratio (3.03 vs 2.50), 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.