MHCAX vs. TIPX
Compare and contrast key facts about MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX) and SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX).
MHCAX is managed by New York Life Investments. It was launched on May 1, 1986. TIPX is a passively managed fund by State Street that tracks the performance of the Bloomberg US Govt Inflation-Linked (1-10 Y). It was launched on May 29, 2013.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: MHCAX or TIPX.
Key characteristics
| MHCAX | TIPX | |
|---|---|---|
| YTD Return | 6.70% | 3.00% |
| 1Y Return | 10.84% | 5.91% |
| 3Y Return (Ann) | 3.16% | -0.33% |
| 5Y Return (Ann) | 4.05% | 2.79% |
| 10Y Return (Ann) | 4.67% | 2.35% |
| Sharpe Ratio | 3.94 | 1.55 |
| Sortino Ratio | 6.75 | 2.36 |
| Omega Ratio | 2.02 | 1.29 |
| Calmar Ratio | 5.81 | 0.77 |
| Martin Ratio | 33.91 | 8.25 |
| Ulcer Index | 0.31% | 0.67% |
| Daily Std Dev | 2.70% | 3.58% |
| Max Drawdown | -29.56% | -10.06% |
| Current Drawdown | -0.38% | -1.98% |
Correlation
The correlation between MHCAX and TIPX is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
MHCAX vs. TIPX - Performance Comparison
In the year-to-date period, MHCAX achieves a 6.70% return, which is significantly higher than TIPX's 3.00% return. Over the past 10 years, MHCAX has outperformed TIPX with an annualized return of 4.67%, while TIPX has yielded a comparatively lower 2.35% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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MHCAX vs. TIPX - Expense Ratio Comparison
MHCAX has a 0.95% expense ratio, which is higher than TIPX's 0.15% expense ratio.
Risk-Adjusted Performance
MHCAX vs. TIPX - Risk-Adjusted Performance 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.
Dividends
MHCAX vs. TIPX - Dividend Comparison
MHCAX's dividend yield for the trailing twelve months is around 5.94%, more than TIPX's 3.31% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MHCAX MainStay MacKay High Yield Corporate Bond Fund Class A | 5.94% | 5.56% | 5.17% | 4.91% | 5.44% | 5.49% | 5.85% | 6.26% | 6.27% | 6.79% | 6.90% | 7.02% |
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 3.31% | 3.57% | 6.07% | 4.26% | 1.73% | 2.53% | 1.90% | 2.85% | 1.04% | 0.06% | 1.52% | 0.25% |
Drawdowns
MHCAX vs. TIPX - Drawdown Comparison
The maximum MHCAX drawdown since its inception was -29.56%, 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. For additional features, visit the drawdowns tool.
Volatility
MHCAX vs. TIPX - Volatility Comparison
The current volatility for MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX) is 0.60%, while SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) has a volatility of 0.80%. This indicates that MHCAX experiences smaller price fluctuations and is considered to be less risky than TIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.