MCYVX vs. MTFEX

Last updated Jun 4, 2026

MCYVX (MainStay Candriam Emerging Markets Equity Fund) and MTFEX (MainStay MacKay Strategic Municipal Allocation Fund) are both mutual funds - MCYVX is a Emerging Markets Diversified fund managed by MainStay, while MTFEX is a Municipal Bonds fund managed by MainStay. Over the past 5 years, MCYVX returned 6.71%/yr vs 1.26%/yr for MTFEX. At a 0.09 correlation, their price movements are largely independent. MCYVX charges 1.57%/yr vs 0.97%/yr for MTFEX.

Performance

MCYVX vs. MTFEX - 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 Strategic Municipal Allocation Fund (MTFEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCYVX achieves a 33.97% return, which is significantly higher than MTFEX's 1.60% return.

MCYVX

• 1D: 0.97%
• 1M: 6.59%
• YTD: 33.97%
• 6M: 37.77%
• 1Y: 70.85%
• 3Y*: 28.12%
• 5Y*: 6.71%
• 10Y*: —

MTFEX

• 1D: 0.21%
• 1M: 0.71%
• YTD: 1.60%
• 6M: 2.11%
• 1Y: 7.00%
• 3Y*: 3.92%
• 5Y*: 1.26%
• 10Y*: —

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

MCYVX vs. MTFEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MCYVX MainStay Candriam Emerging Markets Equity Fund	33.97%	34.98%	11.91%	6.92%	-28.37%	-4.28%	35.91%	7.86%
MTFEX MainStay MacKay Strategic Municipal Allocation Fund	1.60%	4.65%	2.02%	5.14%	-7.11%	2.07%	4.32%	2.87%

Correlation

The correlation between MCYVX and MTFEX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jul 1, 2019	0.09

Return for Risk

MCYVX vs. MTFEX — Risk / Return Rank

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

MCYVX

MCYVX Risk / Return Rank: 93
MCYVX Sharpe Ratio Rank: 98
MCYVX Sortino Ratio Rank: 90
MCYVX Omega Ratio Rank: 90
MCYVX Calmar Ratio Rank: 95
MCYVX Martin Ratio Rank: 94

MTFEX

MTFEX Risk / Return Rank: 73
MTFEX Sharpe Ratio Rank: 91
MTFEX Sortino Ratio Rank: 94
MTFEX Omega Ratio Rank: 96
MTFEX Calmar Ratio Rank: 43
MTFEX Martin Ratio Rank: 39

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. MTFEX - 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 Strategic Municipal Allocation Fund (MTFEX). 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.

	MCYVX	MTFEX	Difference
Sharpe ratio Return per unit of total volatility	3.79	3.06	+0.74
Sortino ratio Return per unit of downside risk	4.46	4.89	-0.43
Omega ratio Gain probability vs. loss probability	1.65	1.85	-0.20
Calmar ratio Return relative to maximum drawdown	5.95	2.50	+3.45
Martin ratio Return relative to average drawdown	21.38	8.50	+12.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCYVX vs. MTFEX - Sharpe Ratio Comparison

The current MCYVX Sharpe Ratio is 3.79, which is comparable to the MTFEX Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of MCYVX and MTFEX, 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

	MCYVX	MTFEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.79	3.06	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.40	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.56	-0.15

Drawdowns

MCYVX vs. MTFEX - Drawdown Comparison

The maximum MCYVX drawdown since its inception was -44.62%, which is greater than MTFEX's maximum drawdown of -11.88%. Use the drawdown chart below to compare losses from any high point for MCYVX and MTFEX.

Drawdown Indicators

	MCYVX	MTFEX	Difference
Max Drawdown Largest peak-to-trough decline	-44.62%	-11.88%	-32.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-2.78%	-9.34%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	-4.34%	-13.45%
Max Drawdown (5Y) Largest decline over 5 years	-41.04%	-11.88%	-29.16%
Current Drawdown Current decline from peak	0.00%	-0.60%	+0.60%
Average Drawdown Average peak-to-trough decline	-20.86%	-2.74%	-18.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	0.81%	+2.55%

Volatility

MCYVX vs. MTFEX - Volatility Comparison

MainStay Candriam Emerging Markets Equity Fund (MCYVX) has a higher volatility of 6.79% compared to MainStay MacKay Strategic Municipal Allocation Fund (MTFEX) at 0.85%. This indicates that MCYVX's price experiences larger fluctuations and is considered to be riskier than MTFEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCYVX	MTFEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.79%	0.85%	+5.94%
Volatility (6M) Calculated over the trailing 6-month period	16.10%	1.79%	+14.31%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	2.27%	+16.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	3.13%	+13.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	3.92%	+14.84%

MCYVX vs. MTFEX - Expense Ratio Comparison

MCYVX has a 1.57% expense ratio, which is higher than MTFEX's 0.97% expense ratio.

Dividends

MCYVX vs. MTFEX - Dividend Comparison

MCYVX's dividend yield for the trailing twelve months is around 3.93%, more than MTFEX's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MCYVX MainStay Candriam Emerging Markets Equity Fund	3.93%	5.27%	0.14%	0.62%	0.63%	0.45%	0.19%	1.74%	0.37%
MTFEX MainStay MacKay Strategic Municipal Allocation Fund	3.33%	3.33%	3.48%	2.74%	2.30%	2.36%	1.74%	1.83%	0.00%

Frequently Asked Questions

Can I hold both MCYVX and MTFEX in my portfolio?

MCYVX and MTFEX have a correlation of 0.15, 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 MTFEX?

MCYVX has higher volatility (6.79%) compared to MTFEX (0.85%). In terms of maximum drawdown, MCYVX dropped -44.62% vs MTFEX's -11.88%.

Which has better risk-adjusted returns?

MCYVX currently has the higher Sharpe Ratio (3.79 vs 3.06), 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.