MECVX vs. MSCVX

Last updated Jun 23, 2026

MECVX (MainStay Epoch Capital Growth Fund) and MSCVX (MainStay MacKay California Tax Free Opportunities Fund) are both mutual funds - MECVX is a Global Equities fund managed by MainStay, while MSCVX is a Municipal Bonds fund managed by MainStay. Over the past 5 years, MECVX returned 9.54%/yr vs 0.55%/yr for MSCVX. At a 0.08 correlation, their price movements are largely independent. MECVX charges 1.39%/yr vs 0.77%/yr for MSCVX.

Performance

MECVX vs. MSCVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay Epoch Capital Growth Fund (MECVX) and MainStay MacKay California Tax Free Opportunities Fund (MSCVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MECVX achieves a 7.56% return, which is significantly higher than MSCVX's 1.89% return.

MECVX

• 1D: 1.04%
• 1M: 1.85%
• YTD: 7.56%
• 6M: 6.52%
• 1Y: 19.13%
• 3Y*: 14.04%
• 5Y*: 9.54%
• 10Y*: —

MSCVX

• 1D: 0.10%
• 1M: 1.76%
• YTD: 1.89%
• 6M: 2.28%
• 1Y: 7.03%
• 3Y*: 4.11%
• 5Y*: 0.55%
• 10Y*: 2.07%

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

MECVX vs. MSCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MECVX MainStay Epoch Capital Growth Fund	7.56%	13.10%	10.52%	29.35%	-19.63%	25.00%	29.21%	34.56%	-8.92%	26.65%
MSCVX MainStay MacKay California Tax Free Opportunities Fund	1.89%	3.53%	2.74%	6.09%	-11.16%	2.34%	4.75%	8.39%	1.67%	6.35%

Correlation

The correlation between MECVX and MSCVX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 6, 2016	0.08

The correlation between MECVX and MSCVX shifts across timeframes, from 0.08 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MECVX vs. MSCVX — Risk / Return Rank

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

MECVX

MECVX Risk / Return Rank: 29
MECVX Sharpe Ratio Rank: 29
MECVX Sortino Ratio Rank: 27
MECVX Omega Ratio Rank: 26
MECVX Calmar Ratio Rank: 28
MECVX Martin Ratio Rank: 35

MSCVX

MSCVX Risk / Return Rank: 71
MSCVX Sharpe Ratio Rank: 89
MSCVX Sortino Ratio Rank: 91
MSCVX Omega Ratio Rank: 93
MSCVX Calmar Ratio Rank: 43
MSCVX 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.

MECVX vs. MSCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Epoch Capital Growth Fund (MECVX) and MainStay MacKay California Tax Free Opportunities Fund (MSCVX). 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.

	MECVX	MSCVX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.70	-1.27
Sortino ratio: Return per unit of downside risk	2.02	4.21	-2.20
Omega ratio: Gain probability vs. loss probability	1.25	1.69	-0.44
Calmar ratio: Return relative to maximum drawdown	1.85	2.39	-0.54
Martin ratio: Return relative to average drawdown	7.30	7.94	-0.63

MECVX vs. MSCVX - Sharpe Ratio Comparison

The current MECVX Sharpe Ratio is 1.43, which is lower than the MSCVX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of MECVX and MSCVX, 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

MECVX vs. MSCVX - Drawdown Comparison

The maximum MECVX drawdown since its inception was -30.36%, which is greater than MSCVX's maximum drawdown of -17.13%. Use the drawdown chart below to compare losses from any high point for MECVX and MSCVX.

Drawdown Indicators

	MECVX	MSCVX	Difference
Max Drawdown Largest peak-to-trough decline	-30.36%	-17.13%	-13.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.06%	-2.97%	-7.09%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-6.10%	-10.47%
Max Drawdown (5Y) Largest decline over 5 years	-29.51%	-17.13%	-12.38%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.13%	—
Current Drawdown Current decline from peak	-0.78%	-0.40%	-0.38%
Average Drawdown Average peak-to-trough decline	-4.91%	-3.04%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	0.89%	+1.65%

Volatility

MECVX vs. MSCVX - Volatility Comparison

MainStay Epoch Capital Growth Fund (MECVX) has a higher volatility of 4.68% compared to MainStay MacKay California Tax Free Opportunities Fund (MSCVX) at 0.75%. This indicates that MECVX's price experiences larger fluctuations and is considered to be riskier than MSCVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MECVX	MSCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	0.75%	+3.93%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	2.05%	+8.42%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	2.63%	+10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	4.46%	+12.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	4.68%	+12.17%

MECVX vs. MSCVX - Expense Ratio Comparison

MECVX has a 1.39% expense ratio, which is higher than MSCVX's 0.77% expense ratio.

Dividends

MECVX vs. MSCVX - Dividend Comparison

MECVX's dividend yield for the trailing twelve months is around 7.55%, more than MSCVX's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MECVX MainStay Epoch Capital Growth Fund	7.55%	8.12%	4.30%	0.32%	1.01%	28.36%	19.49%	9.87%	7.96%	3.31%	0.22%	0.00%
MSCVX MainStay MacKay California Tax Free Opportunities Fund	3.27%	4.45%	3.84%	2.84%	2.81%	2.13%	2.48%	2.78%	3.01%	3.07%	3.16%	3.50%

Frequently Asked Questions

Can I hold both MECVX and MSCVX in my portfolio?

MECVX and MSCVX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MECVX or MSCVX?

MECVX has higher volatility (4.68%) compared to MSCVX (0.75%). In terms of maximum drawdown, MECVX dropped -30.36% vs MSCVX's -17.13%.

Which has better risk-adjusted returns?

MSCVX currently has the higher Sharpe Ratio (2.70 vs 1.43), 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.