MDHVX vs. MNOVX
MDHVX (MainStay MacKay Short Duration High Yield Fund) and MNOVX (MainStay MacKay New York Tax Free Opportunities Fund) are both mutual funds - MDHVX is a High Yield Bonds fund managed by MainStay, while MNOVX is a Municipal Bonds fund managed by MainStay. Over the past 10 years, MDHVX returned 4.63%/yr vs 2.12%/yr for MNOVX. At a 0.14 correlation, their price movements are largely independent. MDHVX charges 1.10%/yr vs 0.76%/yr for MNOVX.
Performance
MDHVX vs. MNOVX - Performance Comparison
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Returns By Period
In the year-to-date period, MDHVX achieves a 1.85% return, which is significantly lower than MNOVX's 2.75% return. Over the past 10 years, MDHVX has outperformed MNOVX with an annualized return of 4.63%, while MNOVX has yielded a comparatively lower 2.12% annualized return.
MDHVX
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.85%
- 6M
- 2.07%
- 1Y
- 4.67%
- 3Y*
- 6.53%
- 5Y*
- 4.25%
- 10Y*
- 4.63%
MNOVX
- 1D
- 0.00%
- 1M
- 2.12%
- YTD
- 2.75%
- 6M
- 3.18%
- 1Y
- 8.70%
- 3Y*
- 4.28%
- 5Y*
- 0.68%
- 10Y*
- 2.12%
MDHVX vs. MNOVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDHVX MainStay MacKay Short Duration High Yield Fund | 1.85% | 5.38% | 6.51% | 9.86% | -2.81% | 4.38% | 2.92% | 9.00% | -0.13% | 4.30% |
MNOVX MainStay MacKay New York Tax Free Opportunities Fund | 2.75% | 4.39% | 2.21% | 6.55% | -12.42% | 3.68% | 5.10% | 7.59% | 1.92% | 5.64% |
Correlation
The correlation between MDHVX and MNOVX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2012 | 0.14 |
The correlation between MDHVX and MNOVX shifts across timeframes, from 0.14 (all time) to 0.33 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MDHVX vs. MNOVX — Risk / Return Rank
MDHVX
MNOVX
MDHVX vs. MNOVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Short Duration High Yield Fund (MDHVX) and MainStay MacKay New York Tax Free Opportunities Fund (MNOVX). 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.
| MDHVX | MNOVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.69 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.69 | 2.97 | +1.71 |
| Martin ratioReturn relative to average drawdown | 23.17 | 10.68 | +12.49 |
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Drawdowns
MDHVX vs. MNOVX - Drawdown Comparison
The maximum MDHVX drawdown since its inception was -18.04%, roughly equal to the maximum MNOVX drawdown of -18.57%. Use the drawdown chart below to compare losses from any high point for MDHVX and MNOVX.
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Drawdown Indicators
| MDHVX | MNOVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.04% | -18.57% | +0.53% |
Max Drawdown (1Y)Largest decline over 1 year | -1.06% | -2.99% | +1.93% |
Max Drawdown (3Y)Largest decline over 3 years | -2.65% | -7.07% | +4.42% |
Max Drawdown (5Y)Largest decline over 5 years | -6.26% | -18.57% | +12.31% |
Max Drawdown (10Y)Largest decline over 10 years | -18.04% | -18.57% | +0.53% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.77% | -3.39% | +2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 0.83% | -0.62% |
Volatility
MDHVX vs. MNOVX - Volatility Comparison
The current volatility for MainStay MacKay Short Duration High Yield Fund (MDHVX) is 0.40%, while MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) has a volatility of 0.87%. This indicates that MDHVX experiences smaller price fluctuations and is considered to be less risky than MNOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDHVX | MNOVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 0.87% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 1.42% | 2.42% | -1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.82% | 3.34% | -1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.59% | 4.93% | -2.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 4.79% | -1.37% |
MDHVX vs. MNOVX - Expense Ratio Comparison
MDHVX has a 1.10% expense ratio, which is higher than MNOVX's 0.76% expense ratio.
Dividends
MDHVX vs. MNOVX - Dividend Comparison
MDHVX's dividend yield for the trailing twelve months is around 5.33%, more than MNOVX's 3.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MNOVX MainStay MacKay New York Tax Free Opportunities Fund | 3.70% | 4.85% | 3.65% | 2.92% | 2.92% | 2.24% | 2.68% | 3.17% | 3.35% | 3.42% | 3.47% | 3.53% |
Frequently Asked Questions
MDHVX and MNOVX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNOVX has higher volatility (0.87%) compared to MDHVX (0.40%). In terms of maximum drawdown, MDHVX dropped -18.04% vs MNOVX's -18.57%.
MDHVX currently has the higher Sharpe Ratio (2.73 vs 2.67), 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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