MKHCX vs. FIQTX

Last updated Aug 1, 2026

MKHCX (MainStay MacKay High Yield Corporate Bond Fund) and FIQTX (Fidelity Advisor High Income Advantage Fund Class Z) are both High Yield Bonds funds. Their 0.66 correlation means they have sometimes moved together and sometimes differently. MKHCX charges 1.83%/yr vs 0.64%/yr for FIQTX.

Performance

MKHCX vs. FIQTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay High Yield Corporate Bond Fund (MKHCX) and Fidelity Advisor High Income Advantage Fund Class Z (FIQTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MKHCX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FIQTX

• 1D: 0.92%
• 1M: -1.55%
• 6M: 3.35%
• YTD: 4.93%
• 1Y: 10.13%
• 3Y*: 10.64%
• 5Y*: 5.89%
• 10Y*: —
• ALL TIME*: 7.27%

*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)
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	$0.00	$0.00	$0.00

MKHCX vs. FIQTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MKHCX MainStay MacKay High Yield Corporate Bond Fund	0.00%	1.00%	5.72%	10.54%	-9.09%	4.07%	4.14%	11.68%	-3.30%
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	4.93%	12.17%	10.38%	12.37%	-11.16%	11.13%	9.06%	17.93%	-6.84%

Correlation

The correlation between MKHCX and FIQTX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.66

The correlation between MKHCX and FIQTX shifts across timeframes, from 0.47 (3 years) to 0.66 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MKHCX vs. FIQTX — Risk / Return Rank

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

MKHCX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FIQTX

FIQTX Risk / Return Rank: 73
FIQTX Sharpe Ratio Rank: 68
FIQTX Sortino Ratio Rank: 66
FIQTX Omega Ratio Rank: 65
FIQTX Calmar Ratio Rank: 82
FIQTX Martin Ratio Rank: 84

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.

MKHCX vs. FIQTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay High Yield Corporate Bond Fund (MKHCX) and Fidelity Advisor High Income Advantage Fund Class Z (FIQTX). 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.

	MKHCX	FIQTX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.56	—
Sortino ratio: Return per unit of downside risk	—	2.22	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.67	—
Martin ratio: Return relative to average drawdown	—	10.37	—

Drawdowns

Drawdown Indicators

	MKHCX	FIQTX	Difference
Max Drawdown Largest peak-to-trough decline	—	-28.49%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-3.71%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.96%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.16%	—
Current Drawdown Current decline from peak	—	-2.83%	—
Average Drawdown Average peak-to-trough decline	—	-3.26%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.95%	—

Volatility

Volatility by Period

	MKHCX	FIQTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.36%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	6.37%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	6.55%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	8.37%	—

MKHCX vs. FIQTX - Expense Ratio Comparison

MKHCX has a 1.83% expense ratio, which is higher than FIQTX's 0.64% expense ratio.

Dividends

MKHCX vs. FIQTX - Dividend Comparison

MKHCX has not paid dividends to shareholders, while FIQTX's dividend yield for the trailing twelve months is around 4.22%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	4.22%	4.83%	5.06%	4.79%	7.43%	5.01%	3.80%	4.61%	2.54%	0.00%	0.00%	0.00%
MKHCX MainStay MacKay High Yield Corporate Bond Fund	0.00%	0.42%	4.98%	4.69%	4.21%	4.19%	4.72%	4.78%	5.09%	5.39%	5.40%	5.85%

Frequently Asked Questions

Can I hold both MKHCX and FIQTX in my portfolio?

MKHCX and FIQTX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.