MHCAX vs. TIPX

Last updated Aug 4, 2026

MHCAX (MainStay MacKay High Yield Corporate Bond Fund Class A) and TIPX (SPDR Bloomberg Barclays 1-10 Year TIPS ETF) are both funds - MHCAX is a High Yield Bonds fund managed by New York Life, while TIPX is a Inflation-Protected Bonds fund tracking the Bloomberg US Govt Inflation-Linked (1-10 Y). Over the past 10 years, MHCAX returned 9.40%/yr vs 2.81%/yr for TIPX. Their 0.18 correlation means their historical movements had little consistent relationship. MHCAX charges 0.95%/yr vs 0.15%/yr for TIPX.

Performance

MHCAX vs. TIPX - 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 SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MHCAX achieves a 0.90% return, which is significantly lower than TIPX's 1.16% return. Over the past 10 years, MHCAX has outperformed TIPX with an annualized return of 9.40%, while TIPX has yielded a comparatively lower 2.81% annualized return.

MHCAX

• 1D: -0.58%
• 1M: -0.97%
• 6M: 0.41%
• YTD: 0.90%
• 1Y: 3.50%
• 3Y*: 6.43%
• 5Y*: 12.97%
• 10Y*: 9.40%
• ALL TIME*: 8.29%

TIPX

• 1D: -0.01%
• 1M: -0.12%
• 6M: 0.79%
• YTD: 1.16%
• 1Y: 2.46%
• 3Y*: 4.58%
• 5Y*: 1.73%
• 10Y*: 2.81%
• ALL TIME*: 2.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MHCAX MainStay MacKay High Yield Corporate Bond Fund Class A	$0.00	$0.00	$0.00
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF	$6.38M	$5.20M	$8.29M

MHCAX vs. TIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MHCAX MainStay MacKay High Yield Corporate Bond Fund Class A	0.90%	6.44%	6.90%	11.27%	42.57%	5.10%	4.82%	12.76%	-1.92%	6.54%
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF	1.16%	7.15%	3.08%	4.43%	-7.58%	5.42%	8.51%	6.60%	-0.32%	2.54%

Correlation

The correlation between MHCAX and TIPX is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (5Y) Shows whether the relationship held over a longer period.	0.35
Correlation (10Y) Provides a long-term view across more market conditions.	0.24
Correlation (All Time) Calculated using the full available price history since May 30, 2013	0.18

The correlation between MHCAX and TIPX shifts across timeframes, from 0.18 (all time) to 0.35 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MHCAX vs. TIPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MHCAX

MHCAX Risk / Return Rank: 59
MHCAX Sharpe Ratio Rank: 49
MHCAX Sortino Ratio Rank: 49
MHCAX Omega Ratio Rank: 70
MHCAX Calmar Ratio Rank: 55
MHCAX Martin Ratio Rank: 74

TIPX

TIPX Risk / Return Rank: 41
TIPX Sharpe Ratio Rank: 38
TIPX Sortino Ratio Rank: 37
TIPX Omega Ratio Rank: 35
TIPX Calmar Ratio Rank: 51
TIPX Martin Ratio Rank: 44

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MHCAX vs. TIPX - 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 SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX). 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.

	MHCAX	TIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	0.96	+0.47
Sortino ratio: Return per unit of downside risk	2.08	1.41	+0.67
Omega ratio: Gain probability vs. loss probability	1.32	1.17	+0.15
Calmar ratio: Return relative to maximum drawdown	2.11	1.91	+0.20
Martin ratio: Return relative to average drawdown	9.55	5.06	+4.49

MHCAX vs. TIPX - Sharpe Ratio Comparison

The current MHCAX Sharpe Ratio is 1.44, which is higher than the TIPX Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of MHCAX and TIPX, 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

MHCAX vs. TIPX - Drawdown Comparison

The maximum MHCAX drawdown since its inception was -29.62%, which is greater than TIPX's maximum drawdown of -10.06%. Use the drawdown chart below to compare losses from any high point for MHCAX and TIPX.

Drawdown Indicators

	MHCAX	TIPX	Difference
Max Drawdown Largest peak-to-trough decline	-29.62%	-10.06%	-19.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.67%	-1.29%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-3.34%	-2.32%	-1.02%
Max Drawdown (5Y) Largest decline over 5 years	-11.74%	-10.06%	-1.68%
Max Drawdown (10Y) Largest decline over 10 years	-18.98%	-10.06%	-8.92%
Current Drawdown Current decline from peak	-0.97%	-0.85%	-0.12%
Average Drawdown Average peak-to-trough decline	-2.13%	-2.27%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.49%	-0.12%

Volatility

MHCAX vs. TIPX - Volatility Comparison

MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX) has a higher volatility of 0.92% compared to SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) at 0.64%. This indicates that MHCAX's price experiences larger fluctuations and is considered to be riskier than TIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MHCAX	TIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.64%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	1.99%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	2.57%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.36%	4.62%	+20.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	4.31%	+13.91%

MHCAX vs. TIPX - Expense Ratio Comparison

MHCAX has a 0.95% expense ratio, which is higher than TIPX's 0.15% expense ratio.

Dividends

MHCAX vs. TIPX - Dividend Comparison

MHCAX's dividend yield for the trailing twelve months is around 5.47%, less than TIPX's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MHCAX MainStay MacKay High Yield Corporate Bond Fund Class A	5.47%	6.06%	5.90%	5.56%	40.91%	5.00%	5.52%	5.58%	5.94%	6.20%	5.69%	6.72%
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF	5.65%	3.78%	3.57%	3.57%	6.08%	4.26%	1.73%	2.53%	1.90%	2.84%	1.04%	0.06%

Frequently Asked Questions

Can I hold both MHCAX and TIPX in my portfolio?

MHCAX and TIPX have a correlation of 0.27, 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 TIPX?

MHCAX has higher volatility (0.92%) compared to TIPX (0.64%). In terms of maximum drawdown, MHCAX dropped -29.62% vs TIPX's -10.06%.

Which has better risk-adjusted returns?

MHCAX currently has the higher Sharpe Ratio (1.44 vs 0.96), 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.