MKHCX vs. MSXAX

Last updated Apr 1, 2026

Compare and contrast key facts about MainStay MacKay High Yield Corporate Bond Fund (MKHCX) and NYLI S&P 500 Index Class A (MSXAX).

MKHCX is managed by New York Life. It was launched on May 1, 1986. MSXAX is a passively managed fund by New York Life that tracks the performance of the S&P 500 Index. It was launched on Jan 2, 2004.

Performance

MKHCX vs. MSXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay High Yield Corporate Bond Fund (MKHCX) and NYLI S&P 500 Index Class A (MSXAX). The values are adjusted to include any dividend payments, if applicable.

MKHCX vs. MSXAX - 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%
MSXAX NYLI S&P 500 Index Class A	-7.16%	17.26%	23.98%	25.96%	-18.52%	28.13%	17.86%	30.69%	-4.71%	21.07%

Returns By Period

MKHCX

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

MSXAX

• 1D: -0.40%
• 1M: -7.71%
• YTD: -7.16%
• 6M: -4.84%
• 1Y: 13.86%
• 3Y*: 16.56%
• 5Y*: 10.85%
• 10Y*: 13.18%

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

MKHCX vs. MSXAX - Expense Ratio Comparison

MKHCX has a 1.83% expense ratio, which is higher than MSXAX's 0.52% expense ratio.

MKHCX

MainStay MacKay High Yield Corporate Bond Fund

MSXAX

NYLI S&P 500 Index Class A

Return for Risk

MKHCX vs. MSXAX — Risk / Return Rank

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

MSXAX

MSXAX Risk / Return Rank: 41
MSXAX Sharpe Ratio Rank: 38
MSXAX Sortino Ratio Rank: 41
MSXAX Omega Ratio Rank: 45
MSXAX Calmar Ratio Rank: 35
MSXAX Martin Ratio Rank: 46

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. MSXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay High Yield Corporate Bond Fund (MKHCX) and NYLI S&P 500 Index Class A (MSXAX). 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.

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

Sharpe Ratios by Period

	MKHCX	MSXAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.81	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.51	—

Correlation

The correlation between MKHCX and MSXAX is 0.34, 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.

Dividends

MKHCX vs. MSXAX - Dividend Comparison

MKHCX has not paid dividends to shareholders, while MSXAX's dividend yield for the trailing twelve months is around 1.14%.

	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%
MSXAX NYLI S&P 500 Index Class A	1.14%	1.06%	5.20%	4.04%	10.30%	4.44%	8.78%	17.42%	14.49%	15.18%	9.63%	5.53%

Drawdowns

Drawdown Indicators

	MKHCX	MSXAX	Difference
Max Drawdown Largest peak-to-trough decline	—	-55.48%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-12.11%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.78%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	—	-8.97%	—
Average Drawdown Average peak-to-trough decline	—	-7.21%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.58%	—

Volatility

Volatility by Period

	MKHCX	MSXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	18.13%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	16.87%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.03%	—