MGXIX vs. MSPIX

Last updated Jun 23, 2026

MGXIX (MainStay Equity Allocation Fund) and MSPIX (MainStay S&P 500 Index Fund) are both mutual funds - MGXIX is a Diversified Portfolio fund managed by New York Life, while MSPIX is a Large Cap Blend Equities fund managed by New York Life. Over the past 10 years, MGXIX returned 10.26%/yr vs 15.30%/yr for MSPIX. With a 0.96 correlation, they move nearly in lockstep. MGXIX charges 0.12%/yr vs 0.25%/yr for MSPIX.

Performance

MGXIX vs. MSPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, MGXIX achieves a 12.27% return, which is significantly higher than MSPIX's 10.06% return. Over the past 10 years, MGXIX has underperformed MSPIX with an annualized return of 10.26%, while MSPIX has yielded a comparatively higher 15.30% annualized return.

MGXIX

• 1D: 1.10%
• 1M: 2.17%
• YTD: 12.27%
• 6M: 11.47%
• 1Y: 26.00%
• 3Y*: 15.57%
• 5Y*: 8.64%
• 10Y*: 10.26%

MSPIX

• 1D: 1.09%
• 1M: 0.45%
• YTD: 10.06%
• 6M: 9.56%
• 1Y: 26.86%
• 3Y*: 20.65%
• 5Y*: 13.81%
• 10Y*: 15.30%

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

MGXIX vs. MSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGXIX MainStay Equity Allocation Fund	12.27%	14.31%	11.47%	17.67%	-17.08%	20.76%	15.71%	24.59%	-13.47%	18.74%
MSPIX MainStay S&P 500 Index Fund	10.06%	17.55%	24.31%	26.29%	-18.33%	28.46%	18.14%	31.02%	-4.47%	21.38%

Correlation

The correlation between MGXIX and MSPIX 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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 6, 2005	0.96

The correlation between MGXIX and MSPIX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

MGXIX vs. MSPIX — Risk / Return Rank

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

MGXIX

MGXIX Risk / Return Rank: 57
MGXIX Sharpe Ratio Rank: 56
MGXIX Sortino Ratio Rank: 53
MGXIX Omega Ratio Rank: 54
MGXIX Calmar Ratio Rank: 56
MGXIX Martin Ratio Rank: 66

MSPIX

MSPIX Risk / Return Rank: 65
MSPIX Sharpe Ratio Rank: 64
MSPIX Sortino Ratio Rank: 57
MSPIX Omega Ratio Rank: 60
MSPIX Calmar Ratio Rank: 67
MSPIX Martin Ratio Rank: 77

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.

MGXIX vs. MSPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Equity Allocation Fund (MGXIX) and MainStay S&P 500 Index Fund (MSPIX). 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.

	MGXIX	MSPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.15	-0.11
Sortino ratio: Return per unit of downside risk	2.80	2.91	-0.10
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	2.76	3.01	-0.25
Martin ratio: Return relative to average drawdown	12.09	13.54	-1.45

MGXIX vs. MSPIX - Sharpe Ratio Comparison

The current MGXIX Sharpe Ratio is 2.04, which is comparable to the MSPIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of MGXIX and MSPIX, 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

MGXIX vs. MSPIX - Drawdown Comparison

The maximum MGXIX drawdown since its inception was -53.45%, roughly equal to the maximum MSPIX drawdown of -55.30%. Use the drawdown chart below to compare losses from any high point for MGXIX and MSPIX.

Drawdown Indicators

	MGXIX	MSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-53.45%	-55.30%	+1.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-8.93%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.23%	-18.76%	+0.53%
Max Drawdown (5Y) Largest decline over 5 years	-25.63%	-24.64%	-0.99%
Max Drawdown (10Y) Largest decline over 10 years	-34.63%	-33.78%	-0.85%
Current Drawdown Current decline from peak	-0.20%	-1.36%	+1.16%
Average Drawdown Average peak-to-trough decline	-8.40%	-8.69%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	1.97%	+0.15%

Volatility

MGXIX vs. MSPIX - Volatility Comparison

MainStay Equity Allocation Fund (MGXIX) and MainStay S&P 500 Index Fund (MSPIX) have volatilities of 4.76% and 4.76%, 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

	MGXIX	MSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.76%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	10.28%	9.90%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	12.48%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.80%	17.01%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	18.12%	-0.96%

MGXIX vs. MSPIX - Expense Ratio Comparison

MGXIX has a 0.12% expense ratio, which is lower than MSPIX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MGXIX vs. MSPIX - Dividend Comparison

MGXIX's dividend yield for the trailing twelve months is around 5.45%, more than MSPIX's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGXIX MainStay Equity Allocation Fund	5.45%	6.12%	6.68%	0.00%	11.02%	12.58%	4.97%	5.52%	12.44%	3.42%	2.90%	5.94%
MSPIX MainStay S&P 500 Index Fund	1.13%	1.25%	5.31%	4.17%	10.37%	4.57%	8.86%	17.41%	14.61%	15.26%	9.79%	5.75%

Frequently Asked Questions

Can I hold both MGXIX and MSPIX in my portfolio?

With a correlation of 0.93, MGXIX and MSPIX 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, MGXIX or MSPIX?

MSPIX has higher volatility (4.76%) compared to MGXIX (4.76%). In terms of maximum drawdown, MGXIX dropped -53.45% vs MSPIX's -55.30%.

Which has better risk-adjusted returns?

MSPIX currently has the higher Sharpe Ratio (2.15 vs 2.04), 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.