MDHVX vs. VWEAX
MDHVX (MainStay MacKay Short Duration High Yield Fund) and VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) are both High Yield Bonds funds. Over the past 10 years, MDHVX returned 4.34%/yr vs 4.94%/yr for VWEAX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. MDHVX charges 1.10%/yr vs 0.12%/yr for VWEAX.
Performance
MDHVX vs. VWEAX - Performance Comparison
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Returns By Period
In the year-to-date period, MDHVX achieves a 1.46% return, which is significantly higher than VWEAX's 0.63% return. Over the past 10 years, MDHVX has underperformed VWEAX with an annualized return of 4.34%, while VWEAX has yielded a comparatively higher 4.94% annualized return.
MDHVX
- 1D
- -0.43%
- 1M
- -0.64%
- 6M
- 1.02%
- YTD
- 1.46%
- 1Y
- 3.44%
- 3Y*
- 5.91%
- 5Y*
- 4.15%
- 10Y*
- 4.34%
- ALL TIME*
- 4.27%
VWEAX
- 1D
- -0.18%
- 1M
- -0.91%
- 6M
- 0.28%
- YTD
- 0.63%
- 1Y
- 4.42%
- 3Y*
- 7.64%
- 5Y*
- 3.79%
- 10Y*
- 4.94%
- ALL TIME*
- 5.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MDHVX vs. VWEAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDHVX MainStay MacKay Short Duration High Yield Fund | 1.46% | 5.38% | 6.51% | 9.86% | -2.81% | 4.38% | 2.92% | 9.00% | -0.13% | 4.30% |
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares | 0.63% | 9.49% | 6.42% | 11.79% | -8.95% | 3.04% | 5.41% | 15.92% | -2.80% | 7.17% |
Correlation
The correlation between MDHVX and VWEAX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2012 | 0.70 |
The correlation between MDHVX and VWEAX has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.
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Return for Risk
MDHVX vs. VWEAX — Risk / Return Rank
MDHVX
VWEAX
MDHVX vs. VWEAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Short Duration High Yield Fund (MDHVX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). 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 | VWEAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.31 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 1.76 | +1.33 |
| Martin ratioReturn relative to average drawdown | 14.49 | 8.39 | +6.10 |
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Drawdowns
MDHVX vs. VWEAX - Drawdown Comparison
The maximum MDHVX drawdown since its inception was -18.04%, smaller than the maximum VWEAX drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for MDHVX and VWEAX.
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Drawdown Indicators
| MDHVX | VWEAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.04% | -30.05% | +12.01% |
Max Drawdown (1Y)Largest decline over 1 year | -1.06% | -2.52% | +1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -2.65% | -3.32% | +0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -6.26% | -13.77% | +7.51% |
Max Drawdown (10Y)Largest decline over 10 years | -18.04% | -19.68% | +1.64% |
Current DrawdownCurrent decline from peak | -0.74% | -1.09% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -0.77% | -2.11% | +1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.53% | -0.30% |
Volatility
MDHVX vs. VWEAX - Volatility Comparison
The current volatility for MainStay MacKay Short Duration High Yield Fund (MDHVX) is 0.62%, while Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) has a volatility of 0.70%. This indicates that MDHVX experiences smaller price fluctuations and is considered to be less risky than VWEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDHVX | VWEAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 0.70% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.40% | 2.70% | -1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.85% | 3.32% | -1.47% |
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 | 3.41% | 5.25% | -1.84% |
MDHVX vs. VWEAX - Expense Ratio Comparison
MDHVX has a 1.10% expense ratio, which is higher than VWEAX's 0.12% expense ratio.
Dividends
MDHVX vs. VWEAX - Dividend Comparison
MDHVX's dividend yield for the trailing twelve months is around 4.82%, less than VWEAX's 5.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDHVX MainStay MacKay Short Duration High Yield Fund | 4.82% | 5.47% | 6.01% | 5.53% | 4.31% | 3.80% | 4.44% | 4.37% | 4.33% | 4.03% | 4.95% | 4.87% |
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares | 5.88% | 6.25% | 6.20% | 5.79% | 5.21% | 3.49% | 4.71% | 5.33% | 6.07% | 5.39% | 5.51% | 6.53% |
Frequently Asked Questions
MDHVX and VWEAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWEAX has higher volatility (0.70%) compared to MDHVX (0.62%). In terms of maximum drawdown, MDHVX dropped -18.04% vs VWEAX's -30.05%.
MDHVX currently has the higher Sharpe Ratio (1.76 vs 1.35), 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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