MMHVX vs. AMHIX
MMHVX (MainStay MacKay High Yield Municipal Bond Fund) and AMHIX (American High-Income Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, MMHVX returned 3.25%/yr vs 3.29%/yr for AMHIX. Their correlation of 0.84 suggests significant overlap in exposure. MMHVX charges 0.87%/yr vs 0.63%/yr for AMHIX.
Performance
MMHVX vs. AMHIX - Performance Comparison
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Returns By Period
In the year-to-date period, MMHVX achieves a 2.88% return, which is significantly higher than AMHIX's 2.23% return. Both investments have delivered pretty close results over the past 10 years, with MMHVX having a 3.25% annualized return and AMHIX not far ahead at 3.29%.
MMHVX
- 1D
- 0.25%
- 1M
- 1.28%
- YTD
- 2.88%
- 6M
- 3.16%
- 1Y
- 9.31%
- 3Y*
- 5.41%
- 5Y*
- 1.15%
- 10Y*
- 3.25%
AMHIX
- 1D
- 0.19%
- 1M
- 0.97%
- YTD
- 2.23%
- 6M
- 2.71%
- 1Y
- 8.39%
- 3Y*
- 6.13%
- 5Y*
- 1.74%
- 10Y*
- 3.29%
MMHVX vs. AMHIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 2.88% | 4.27% | 4.24% | 8.60% | -14.42% | 6.12% | 5.18% | 9.18% | 4.06% | 8.60% |
AMHIX American High-Income Municipal Bond Fund | 2.23% | 5.70% | 6.19% | 7.18% | -12.59% | 5.28% | 4.39% | 8.88% | 1.59% | 8.89% |
Correlation
The correlation between MMHVX and AMHIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2010 | 0.84 |
The correlation between MMHVX and AMHIX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
MMHVX vs. AMHIX — Risk / Return Rank
MMHVX
AMHIX
MMHVX vs. AMHIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay High Yield Municipal Bond Fund (MMHVX) and American High-Income Municipal Bond Fund (AMHIX). 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.
| MMHVX | AMHIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.67 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.99 | 3.02 | -0.03 |
| Martin ratioReturn relative to average drawdown | 10.49 | 10.73 | -0.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MMHVX | AMHIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.59 | 2.77 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.36 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.73 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.05 | 1.40 | -0.35 |
Drawdowns
MMHVX vs. AMHIX - Drawdown Comparison
The maximum MMHVX drawdown since its inception was -20.86%, roughly equal to the maximum AMHIX drawdown of -21.74%. Use the drawdown chart below to compare losses from any high point for MMHVX and AMHIX.
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Drawdown Indicators
| MMHVX | AMHIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.86% | -21.74% | +0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.76% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -8.16% | -6.25% | -1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -20.86% | -17.81% | -3.05% |
Max Drawdown (10Y)Largest decline over 10 years | -20.86% | -17.81% | -3.05% |
Current DrawdownCurrent decline from peak | 0.00% | -0.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -3.20% | -2.12% | -1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.78% | +0.10% |
Volatility
MMHVX vs. AMHIX - Volatility Comparison
MainStay MacKay High Yield Municipal Bond Fund (MMHVX) has a higher volatility of 1.36% compared to American High-Income Municipal Bond Fund (AMHIX) at 1.10%. This indicates that MMHVX's price experiences larger fluctuations and is considered to be riskier than AMHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMHVX | AMHIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.10% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 2.20% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 3.03% | +0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.66% | 4.84% | +0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.33% | 4.53% | +0.80% |
MMHVX vs. AMHIX - Expense Ratio Comparison
MMHVX has a 0.87% expense ratio, which is higher than AMHIX's 0.63% expense ratio.
Dividends
MMHVX vs. AMHIX - Dividend Comparison
MMHVX's dividend yield for the trailing twelve months is around 3.97%, more than AMHIX's 3.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMHIX American High-Income Municipal Bond Fund | 3.88% | 5.26% | 3.80% | 3.10% | 2.53% | 3.23% | 3.40% | 3.46% | 3.67% | 4.01% | 3.55% | 4.03% |
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 3.97% | 5.31% | 3.98% | 3.28% | 3.47% | 2.71% | 3.32% | 3.83% | 3.91% | 3.92% | 4.20% | 4.40% |
Frequently Asked Questions
With a correlation of 0.91, MMHVX and AMHIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MMHVX has higher volatility (1.36%) compared to AMHIX (1.10%). In terms of maximum drawdown, MMHVX dropped -20.86% vs AMHIX's -21.74%.
AMHIX currently has the higher Sharpe Ratio (2.77 vs 2.59), 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.
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