MDHVX vs. AWF
MDHVX (MainStay MacKay Short Duration High Yield Fund) and AWF (AllianceBernstein Global High Income Closed Fund) are both High Yield Bonds funds. Over the past 10 years, MDHVX returned 4.63%/yr vs 5.81%/yr for AWF. At a 0.40 correlation, their price movements are largely independent. MDHVX charges 1.10%/yr vs 1.00%/yr for AWF.
Performance
MDHVX vs. AWF - Performance Comparison
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Returns By Period
In the year-to-date period, MDHVX achieves a 1.75% return, which is significantly higher than AWF's -1.70% return. Over the past 10 years, MDHVX has underperformed AWF with an annualized return of 4.63%, while AWF has yielded a comparatively higher 5.81% annualized return.
MDHVX
- 1D
- 0.00%
- 1M
- 0.48%
- YTD
- 1.75%
- 6M
- 1.53%
- 1Y
- 5.11%
- 3Y*
- 6.53%
- 5Y*
- 4.31%
- 10Y*
- 4.63%
AWF
- 1D
- -0.97%
- 1M
- 0.44%
- YTD
- -1.70%
- 6M
- -1.84%
- 1Y
- 1.42%
- 3Y*
- 8.89%
- 5Y*
- 4.17%
- 10Y*
- 5.81%
MDHVX vs. AWF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDHVX MainStay MacKay Short Duration High Yield Fund | 1.75% | 5.38% | 6.51% | 9.86% | -2.81% | 4.38% | 2.92% | 9.00% | -0.13% | 4.30% |
AWF AllianceBernstein Global High Income Closed Fund | -1.70% | 7.54% | 14.30% | 18.37% | -16.62% | 9.95% | 4.40% | 23.40% | -11.35% | 7.77% |
Correlation
The correlation between MDHVX and AWF is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2012 | 0.40 |
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Return for Risk
MDHVX vs. AWF — Risk / Return Rank
MDHVX
AWF
MDHVX vs. AWF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Short Duration High Yield Fund (MDHVX) and AllianceBernstein Global High Income Closed Fund (AWF). 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.
| MDHVX | AWF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.78 | ||
| Sortino ratioReturn per unit of downside risk | +4.13 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 1.04 | +0.75 |
| Calmar ratioReturn relative to maximum drawdown | 5.01 | 0.14 | +4.87 |
| Martin ratioReturn relative to average drawdown | 24.92 | 0.33 | +24.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MDHVX | AWF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | 0.16 | +2.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.68 | 0.35 | +1.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.36 | 0.38 | +0.97 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.37 | 0.31 | +1.07 |
Drawdowns
MDHVX vs. AWF - Drawdown Comparison
The maximum MDHVX drawdown since its inception was -18.04%, smaller than the maximum AWF drawdown of -55.54%. Use the drawdown chart below to compare losses from any high point for MDHVX and AWF.
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Drawdown Indicators
| MDHVX | AWF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.04% | -55.54% | +37.50% |
Max Drawdown (1Y)Largest decline over 1 year | -1.06% | -10.19% | +9.13% |
Max Drawdown (3Y)Largest decline over 3 years | -2.65% | -11.12% | +8.47% |
Max Drawdown (5Y)Largest decline over 5 years | -6.26% | -25.25% | +18.99% |
Max Drawdown (10Y)Largest decline over 10 years | -18.04% | -40.12% | +22.08% |
Current DrawdownCurrent decline from peak | 0.00% | -5.81% | +5.81% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -12.31% | +11.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 4.26% | -4.05% |
Volatility
MDHVX vs. AWF - Volatility Comparison
The current volatility for MainStay MacKay Short Duration High Yield Fund (MDHVX) is 0.48%, while AllianceBernstein Global High Income Closed Fund (AWF) has a volatility of 3.53%. This indicates that MDHVX experiences smaller price fluctuations and is considered to be less risky than AWF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDHVX | AWF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 3.53% | -3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.42% | 7.25% | -5.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.79% | 8.70% | -6.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.58% | 12.11% | -9.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.43% | 15.22% | -11.79% |
MDHVX vs. AWF - Expense Ratio Comparison
MDHVX has a 1.10% expense ratio, which is higher than AWF's 1.00% expense ratio.
Dividends
MDHVX vs. AWF - Dividend Comparison
MDHVX's dividend yield for the trailing twelve months is around 5.33%, less than AWF's 7.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | 7.68% | 7.81% | 7.47% | 7.33% | 10.30% | 6.48% | 6.68% | 6.62% | 7.97% | 6.03% | 7.73% | 10.28% |
MDHVX MainStay MacKay Short Duration High Yield Fund | 5.33% | 5.47% | 6.01% | 5.53% | 4.31% | 3.80% | 4.44% | 4.37% | 4.33% | 4.03% | 4.95% | 4.87% |
Frequently Asked Questions
MDHVX and AWF have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AWF has higher volatility (3.53%) compared to MDHVX (0.48%). In terms of maximum drawdown, MDHVX dropped -18.04% vs AWF's -55.54%.
MDHVX currently has the higher Sharpe Ratio (2.95 vs 0.16), 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.
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