MGDIX vs. MSXAX

Last updated Jun 4, 2026

MGDIX (MainStay Growth Allocation Fund) and MSXAX (NYLI S&P 500 Index Class A) are both mutual funds - MGDIX is a Diversified Portfolio fund managed by New York Life, while MSXAX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MGDIX returned 8.66%/yr vs 15.09%/yr for MSXAX. With a 0.95 correlation, they move nearly in lockstep. MGDIX charges 0.10%/yr vs 0.52%/yr for MSXAX.

Performance

MGDIX vs. MSXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay Growth Allocation Fund (MGDIX) and NYLI S&P 500 Index Class A (MSXAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGDIX achieves a 10.42% return, which is significantly lower than MSXAX's 11.46% return. Over the past 10 years, MGDIX has underperformed MSXAX with an annualized return of 8.66%, while MSXAX has yielded a comparatively higher 15.09% annualized return.

MGDIX

• 1D: 0.28%
• 1M: 4.38%
• YTD: 10.42%
• 6M: 10.82%
• 1Y: 21.89%
• 3Y*: 14.09%
• 5Y*: 7.29%
• 10Y*: 8.66%

MSXAX

• 1D: 0.12%
• 1M: 5.75%
• YTD: 11.46%
• 6M: 11.44%
• 1Y: 28.32%
• 3Y*: 22.12%
• 5Y*: 13.71%
• 10Y*: 15.09%

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

MGDIX vs. MSXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGDIX MainStay Growth Allocation Fund	10.42%	12.70%	9.98%	14.52%	-14.25%	16.64%	13.78%	21.36%	-11.50%	15.15%
MSXAX NYLI S&P 500 Index Class A	11.46%	17.26%	23.98%	25.96%	-18.52%	28.13%	17.86%	30.69%	-4.71%	21.07%

Correlation

The correlation between MGDIX and MSXAX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 5, 2005	0.95

The correlation between MGDIX and MSXAX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

MGDIX vs. MSXAX — Risk / Return Rank

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

MGDIX

MGDIX Risk / Return Rank: 58
MGDIX Sharpe Ratio Rank: 58
MGDIX Sortino Ratio Rank: 56
MGDIX Omega Ratio Rank: 55
MGDIX Calmar Ratio Rank: 56
MGDIX Martin Ratio Rank: 64

MSXAX

MSXAX Risk / Return Rank: 71
MSXAX Sharpe Ratio Rank: 72
MSXAX Sortino Ratio Rank: 65
MSXAX Omega Ratio Rank: 64
MSXAX Calmar Ratio Rank: 71
MSXAX Martin Ratio Rank: 81

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.

MGDIX vs. MSXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Growth Allocation Fund (MGDIX) and NYLI S&P 500 Index Class A (MSXAX). 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.

	MGDIX	MSXAX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.47	-0.22
Sortino ratio: Return per unit of downside risk	3.14	3.36	-0.22
Omega ratio: Gain probability vs. loss probability	1.41	1.45	-0.04
Calmar ratio: Return relative to maximum drawdown	2.87	3.27	-0.40
Martin ratio: Return relative to average drawdown	12.68	15.18	-2.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGDIX vs. MSXAX - Sharpe Ratio Comparison

The current MGDIX Sharpe Ratio is 2.25, which is comparable to the MSXAX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of MGDIX and MSXAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MGDIX	MSXAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.47	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.82	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.84	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.56	-0.07

Drawdowns

MGDIX vs. MSXAX - Drawdown Comparison

The maximum MGDIX drawdown since its inception was -46.05%, smaller than the maximum MSXAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for MGDIX and MSXAX.

Drawdown Indicators

	MGDIX	MSXAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.05%	-55.48%	+9.43%
Max Drawdown (1Y) Largest decline over 1 year	-7.84%	-8.97%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-18.78%	+3.11%
Max Drawdown (5Y) Largest decline over 5 years	-22.24%	-24.78%	+2.54%
Max Drawdown (10Y) Largest decline over 10 years	-30.13%	-33.79%	+3.66%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.23%	-7.17%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	1.92%	-0.15%

Volatility

MGDIX vs. MSXAX - Volatility Comparison

MainStay Growth Allocation Fund (MGDIX) and NYLI S&P 500 Index Class A (MSXAX) have volatilities of 2.81% and 2.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGDIX	MSXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	2.83%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.85%	8.99%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.01%	11.87%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.21%	16.91%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.11%	18.07%	-3.96%

MGDIX vs. MSXAX - Expense Ratio Comparison

MGDIX has a 0.10% expense ratio, which is lower than MSXAX's 0.52% expense ratio.

Dividends

MGDIX vs. MSXAX - Dividend Comparison

MGDIX's dividend yield for the trailing twelve months is around 4.63%, more than MSXAX's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGDIX MainStay Growth Allocation Fund	4.63%	5.11%	8.27%	0.14%	7.62%	11.17%	5.44%	4.58%	11.08%	2.83%	2.25%	5.77%
MSXAX NYLI S&P 500 Index Class A	0.95%	1.06%	5.20%	4.04%	10.30%	4.44%	8.78%	17.42%	14.49%	15.18%	9.63%	5.53%

Frequently Asked Questions

Can I hold both MGDIX and MSXAX in my portfolio?

With a correlation of 0.93, MGDIX and MSXAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MGDIX or MSXAX?

MSXAX has higher volatility (2.83%) compared to MGDIX (2.81%). In terms of maximum drawdown, MGDIX dropped -46.05% vs MSXAX's -55.48%.

Which has better risk-adjusted returns?

MSXAX currently has the higher Sharpe Ratio (2.47 vs 2.25), 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.