MKHCX vs. MLAAX

Last updated Jul 11, 2026

MKHCX (MainStay MacKay High Yield Corporate Bond Fund) and MLAAX (MainStay Winslow Large Cap Growth Fund) are both mutual funds - MKHCX is a High Yield Bonds fund managed by New York Life, while MLAAX is a Large Cap Growth Equities fund managed by New York Life. At a 0.30 correlation, their price movements are largely independent. MKHCX charges 1.83%/yr vs 0.93%/yr for MLAAX.

Performance

MKHCX vs. MLAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay High Yield Corporate Bond Fund (MKHCX) and MainStay Winslow Large Cap Growth Fund (MLAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MKHCX

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

MLAAX

• 1D: 1.21%
• 1M: 2.56%
• 6M: 4.19%
• YTD: 4.78%
• 1Y: 9.04%
• 3Y*: 21.16%
• 5Y*: 10.27%
• 10Y*: 16.73%

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

MKHCX vs. MLAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MKHCX MainStay MacKay High Yield Corporate Bond Fund	0.00%	1.00%	5.72%	10.54%	-9.09%	4.07%	4.14%	11.68%	-2.55%	5.69%
MLAAX MainStay Winslow Large Cap Growth Fund	4.78%	14.20%	28.95%	43.10%	-31.51%	25.00%	36.95%	33.18%	3.81%	32.19%

Correlation

The correlation between MKHCX and MLAAX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 7, 1995	0.30

The correlation between MKHCX and MLAAX shifts across timeframes, from 0.29 (3 years) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MKHCX vs. MLAAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

MLAAX

MLAAX Risk / Return Rank: 8
MLAAX Sharpe Ratio Rank: 8
MLAAX Sortino Ratio Rank: 8
MLAAX Omega Ratio Rank: 8
MLAAX Calmar Ratio Rank: 7
MLAAX Martin Ratio Rank: 7

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.

MKHCX vs. MLAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay High Yield Corporate Bond Fund (MKHCX) and MainStay Winslow Large Cap Growth Fund (MLAAX). 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	MLAAX	Difference
Sharpe ratio: Return per unit of total volatility	—	0.45	—
Sortino ratio: Return per unit of downside risk	—	0.73	—
Omega ratio: Gain probability vs. loss probability	—	1.09	—
Calmar ratio: Return relative to maximum drawdown	—	0.40	—
Martin ratio: Return relative to average drawdown	—	1.16	—

Drawdowns

Drawdown Indicators

	MKHCX	MLAAX	Difference
Max Drawdown Largest peak-to-trough decline	—	-83.01%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-20.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-35.43%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-39.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.36%	—
Current Drawdown Current decline from peak	—	-5.40%	—
Average Drawdown Average peak-to-trough decline	—	-38.70%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.01%	—

Volatility

Volatility by Period

	MKHCX	MLAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	18.35%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	25.85%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	25.80%	—

MKHCX vs. MLAAX - Expense Ratio Comparison

MKHCX has a 1.83% expense ratio, which is higher than MLAAX's 0.93% expense ratio.

Dividends

MKHCX vs. MLAAX - Dividend Comparison

MKHCX has not paid dividends to shareholders, while MLAAX's dividend yield for the trailing twelve months is around 23.26%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MLAAX MainStay Winslow Large Cap Growth Fund	23.26%	24.37%	22.54%	10.59%	14.95%	26.64%	5.40%	11.55%	23.59%	17.20%	13.18%	13.61%

Frequently Asked Questions

Can I hold both MKHCX and MLAAX in my portfolio?

MKHCX and MLAAX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.