MDHVX vs. PSHNX

Last updated Jun 24, 2026

MDHVX (MainStay MacKay Short Duration High Yield Fund) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. Over the past 5 years, MDHVX returned 4.25%/yr vs 4.82%/yr for PSHNX. A 0.74 correlation means they provide meaningful diversification when combined. MDHVX charges 1.10%/yr vs 1.01%/yr for PSHNX.

Performance

MDHVX vs. PSHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay Short Duration High Yield Fund (MDHVX) and Penn Capital Short Duration High Income Fund (PSHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MDHVX having a 1.85% return and PSHNX slightly lower at 1.84%.

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%

PSHNX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 1.84%
• 6M: 2.05%
• 1Y: 5.89%
• 3Y*: 7.32%
• 5Y*: 4.82%
• 10Y*: —

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

MDHVX vs. PSHNX - 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%	1.48%
PSHNX Penn Capital Short Duration High Income Fund	1.84%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	0.61%	0.65%

Correlation

The correlation between MDHVX and PSHNX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017	0.74

The correlation between MDHVX and PSHNX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

Return for Risk

MDHVX vs. PSHNX — Risk / Return Rank

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

MDHVX

MDHVX Risk / Return Rank: 92
MDHVX Sharpe Ratio Rank: 89
MDHVX Sortino Ratio Rank: 90
MDHVX Omega Ratio Rank: 94
MDHVX Calmar Ratio Rank: 92
MDHVX Martin Ratio Rank: 97

PSHNX

PSHNX Risk / Return Rank: 96
PSHNX Sharpe Ratio Rank: 96
PSHNX Sortino Ratio Rank: 97
PSHNX Omega Ratio Rank: 96
PSHNX Calmar Ratio Rank: 95
PSHNX Martin Ratio Rank: 98

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.

MDHVX vs. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Short Duration High Yield Fund (MDHVX) and Penn Capital Short Duration High Income Fund (PSHNX). 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	PSHNX	Difference
Sharpe ratio: Return per unit of total volatility	2.73	3.25	-0.52
Sortino ratio: Return per unit of downside risk	4.06	5.30	-1.24
Omega ratio: Gain probability vs. loss probability	1.70	1.77	-0.07
Calmar ratio: Return relative to maximum drawdown	4.69	5.36	-0.68
Martin ratio: Return relative to average drawdown	23.17	27.21	-4.04

MDHVX vs. PSHNX - Sharpe Ratio Comparison

The current MDHVX Sharpe Ratio is 2.73, which is comparable to the PSHNX Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of MDHVX and PSHNX, 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

MDHVX vs. PSHNX - Drawdown Comparison

The maximum MDHVX drawdown since its inception was -18.04%, which is greater than PSHNX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for MDHVX and PSHNX.

Drawdown Indicators

	MDHVX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-18.04%	-14.53%	-3.51%
Max Drawdown (1Y) Largest decline over 1 year	-1.06%	-1.14%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-2.65%	-2.83%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-6.26%	-6.02%	-0.24%
Max Drawdown (10Y) Largest decline over 10 years	-18.04%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.77%	-0.88%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.23%	-0.02%

Volatility

MDHVX vs. PSHNX - Volatility Comparison

The current volatility for MainStay MacKay Short Duration High Yield Fund (MDHVX) is 0.40%, while Penn Capital Short Duration High Income Fund (PSHNX) has a volatility of 0.44%. This indicates that MDHVX experiences smaller price fluctuations and is considered to be less risky than PSHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDHVX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.44%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.42%	1.48%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.82%	1.89%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.59%	2.65%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.42%	3.15%	+0.27%

MDHVX vs. PSHNX - Expense Ratio Comparison

MDHVX has a 1.10% expense ratio, which is higher than PSHNX's 1.01% expense ratio.

Dividends

MDHVX vs. PSHNX - Dividend Comparison

MDHVX's dividend yield for the trailing twelve months is around 5.33%, less than PSHNX's 6.06% 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%
PSHNX Penn Capital Short Duration High Income Fund	6.06%	6.27%	6.43%	4.95%	3.47%	3.17%	3.95%	3.65%	3.13%	1.46%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDHVX and PSHNX in my portfolio?

MDHVX and PSHNX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDHVX or PSHNX?

PSHNX has higher volatility (0.44%) compared to MDHVX (0.40%). In terms of maximum drawdown, MDHVX dropped -18.04% vs PSHNX's -14.53%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.25 vs 2.73), 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.