MHCAX vs. MSOAX

Last updated Jun 4, 2026

MHCAX (MainStay MacKay High Yield Corporate Bond Fund Class A) and MSOAX (MainStay WMC Enduring Capital Fund) are both mutual funds - MHCAX is a High Yield Bonds fund managed by New York Life, while MSOAX is a Large Cap Blend Equities fund managed by New York Life. Over the past 10 years, MHCAX returned 9.83%/yr vs 10.41%/yr for MSOAX. At a 0.31 correlation, their price movements are largely independent. MHCAX charges 0.95%/yr vs 0.91%/yr for MSOAX.

Performance

MHCAX vs. MSOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX) and MainStay WMC Enduring Capital Fund (MSOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MHCAX achieves a 1.40% return, which is significantly higher than MSOAX's -0.19% return. Over the past 10 years, MHCAX has underperformed MSOAX with an annualized return of 9.83%, while MSOAX has yielded a comparatively higher 10.41% annualized return.

MHCAX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.40%
• 6M: 1.75%
• 1Y: 5.69%
• 3Y*: 7.15%
• 5Y*: 13.35%
• 10Y*: 9.83%

MSOAX

• 1D: 0.14%
• 1M: 1.46%
• YTD: -0.19%
• 6M: -1.14%
• 1Y: -5.60%
• 3Y*: 7.99%
• 5Y*: 5.22%
• 10Y*: 10.41%

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

MHCAX vs. MSOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MHCAX MainStay MacKay High Yield Corporate Bond Fund Class A	1.40%	6.44%	6.90%	11.27%	42.57%	5.10%	4.82%	12.76%	-1.92%	6.54%
MSOAX MainStay WMC Enduring Capital Fund	-0.19%	-0.61%	10.54%	17.67%	-13.18%	35.36%	15.48%	24.80%	-7.00%	23.82%

Correlation

The correlation between MHCAX and MSOAX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jun 1, 1998	0.31

The correlation between MHCAX and MSOAX shifts across timeframes, from 0.31 (all time) to 0.49 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MHCAX vs. MSOAX — Risk / Return Rank

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

MHCAX

MHCAX Risk / Return Rank: 85
MHCAX Sharpe Ratio Rank: 81
MHCAX Sortino Ratio Rank: 87
MHCAX Omega Ratio Rank: 92
MHCAX Calmar Ratio Rank: 78
MHCAX Martin Ratio Rank: 87

MSOAX

MSOAX Risk / Return Rank: 1
MSOAX Sharpe Ratio Rank: 1
MSOAX Sortino Ratio Rank: 1
MSOAX Omega Ratio Rank: 1
MSOAX Calmar Ratio Rank: 1
MSOAX Martin Ratio Rank: 1

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.

MHCAX vs. MSOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX) and MainStay WMC Enduring Capital Fund (MSOAX). 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.

	MHCAX	MSOAX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	-0.40	+3.03
Sortino ratio: Return per unit of downside risk	4.13	-0.49	+4.62
Omega ratio: Gain probability vs. loss probability	1.68	0.94	+0.73
Calmar ratio: Return relative to maximum drawdown	3.55	-0.45	+4.00
Martin ratio: Return relative to average drawdown	16.91	-0.91	+17.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MHCAX vs. MSOAX - Sharpe Ratio Comparison

The current MHCAX Sharpe Ratio is 2.62, which is higher than the MSOAX Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of MHCAX and MSOAX, 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

	MHCAX	MSOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	-0.40	+3.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.33	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.59	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.37	+0.41

Drawdowns

MHCAX vs. MSOAX - Drawdown Comparison

The maximum MHCAX drawdown since its inception was -29.62%, smaller than the maximum MSOAX drawdown of -55.16%. Use the drawdown chart below to compare losses from any high point for MHCAX and MSOAX.

Drawdown Indicators

	MHCAX	MSOAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.62%	-55.16%	+25.54%
Max Drawdown (1Y) Largest decline over 1 year	-1.67%	-11.43%	+9.76%
Max Drawdown (3Y) Largest decline over 3 years	-3.34%	-14.69%	+11.35%
Max Drawdown (5Y) Largest decline over 5 years	-11.74%	-21.27%	+9.53%
Max Drawdown (10Y) Largest decline over 10 years	-18.98%	-34.01%	+15.03%
Current Drawdown Current decline from peak	0.00%	-10.41%	+10.41%
Average Drawdown Average peak-to-trough decline	-2.14%	-13.29%	+11.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	5.55%	-5.20%

Volatility

MHCAX vs. MSOAX - Volatility Comparison

The current volatility for MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX) is 0.77%, while MainStay WMC Enduring Capital Fund (MSOAX) has a volatility of 3.08%. This indicates that MHCAX experiences smaller price fluctuations and is considered to be less risky than MSOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MHCAX	MSOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	3.08%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	1.72%	9.35%	-7.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	12.66%	-10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.35%	15.87%	+9.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	17.79%	+0.44%

MHCAX vs. MSOAX - Expense Ratio Comparison

MHCAX has a 0.95% expense ratio, which is higher than MSOAX's 0.91% expense ratio.

Dividends

MHCAX vs. MSOAX - Dividend Comparison

MHCAX's dividend yield for the trailing twelve months is around 5.98%, more than MSOAX's 4.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MHCAX MainStay MacKay High Yield Corporate Bond Fund Class A	5.98%	6.06%	5.90%	5.56%	40.91%	5.00%	5.52%	5.58%	5.94%	6.20%	5.69%	6.72%
MSOAX MainStay WMC Enduring Capital Fund	4.08%	4.07%	0.26%	0.64%	4.00%	8.70%	0.83%	5.99%	13.82%	0.88%	1.22%	1.11%

Frequently Asked Questions

Can I hold both MHCAX and MSOAX in my portfolio?

MHCAX and MSOAX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MHCAX or MSOAX?

MSOAX has higher volatility (3.08%) compared to MHCAX (0.77%). In terms of maximum drawdown, MHCAX dropped -29.62% vs MSOAX's -55.16%.

Which has better risk-adjusted returns?

MHCAX currently has the higher Sharpe Ratio (2.62 vs -0.40), 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.