MMHVX vs. EWC
MMHVX (MainStay MacKay High Yield Municipal Bond Fund) and EWC (iShares MSCI Canada ETF) are both funds - MMHVX is a High Yield Muni fund managed by MainStay, while EWC is a Canada Equities fund tracking the MSCI Canada Index. Over the past 10 years, MMHVX returned 3.25%/yr vs 11.19%/yr for EWC. At a correlation of -0.02, they often move in opposite directions. MMHVX charges 0.87%/yr vs 0.49%/yr for EWC.
Performance
MMHVX vs. EWC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MMHVX achieves a 2.88% return, which is significantly lower than EWC's 8.73% return. Over the past 10 years, MMHVX has underperformed EWC with an annualized return of 3.25%, while EWC has yielded a comparatively higher 11.19% annualized return.
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%
EWC
- 1D
- -1.38%
- 1M
- 1.30%
- YTD
- 8.73%
- 6M
- 12.75%
- 1Y
- 31.36%
- 3Y*
- 21.89%
- 5Y*
- 11.19%
- 10Y*
- 11.19%
MMHVX vs. EWC - 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% |
EWC iShares MSCI Canada ETF | 8.73% | 35.92% | 12.38% | 14.73% | -12.95% | 26.98% | 5.52% | 27.58% | -17.16% | 15.73% |
Correlation
The correlation between MMHVX and EWC is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2010 | -0.02 |
The correlation between MMHVX and EWC shifts across timeframes, from -0.02 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MMHVX vs. EWC — Risk / Return Rank
MMHVX
EWC
MMHVX vs. EWC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay High Yield Municipal Bond Fund (MMHVX) and iShares MSCI Canada ETF (EWC). 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 | EWC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.39 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.99 | 3.70 | -0.71 |
| Martin ratioReturn relative to average drawdown | 10.49 | 15.25 | -4.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MMHVX | EWC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.59 | 2.24 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.65 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.60 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.05 | 0.41 | +0.65 |
Drawdowns
MMHVX vs. EWC - Drawdown Comparison
The maximum MMHVX drawdown since its inception was -20.86%, smaller than the maximum EWC drawdown of -60.75%. Use the drawdown chart below to compare losses from any high point for MMHVX and EWC.
Loading charts...
Drawdown Indicators
| MMHVX | EWC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.86% | -60.75% | +39.89% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -8.51% | +5.40% |
Max Drawdown (3Y)Largest decline over 3 years | -8.16% | -12.97% | +4.81% |
Max Drawdown (5Y)Largest decline over 5 years | -20.86% | -24.81% | +3.95% |
Max Drawdown (10Y)Largest decline over 10 years | -20.86% | -42.66% | +21.80% |
Current DrawdownCurrent decline from peak | 0.00% | -1.38% | +1.38% |
Average DrawdownAverage peak-to-trough decline | -3.20% | -13.14% | +9.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.06% | -1.18% |
Volatility
MMHVX vs. EWC - Volatility Comparison
The current volatility for MainStay MacKay High Yield Municipal Bond Fund (MMHVX) is 1.36%, while iShares MSCI Canada ETF (EWC) has a volatility of 3.46%. This indicates that MMHVX experiences smaller price fluctuations and is considered to be less risky than EWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MMHVX | EWC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 3.46% | -2.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 11.03% | -8.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 14.04% | -10.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.66% | 17.25% | -11.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.33% | 18.74% | -13.41% |
MMHVX vs. EWC - Expense Ratio Comparison
MMHVX has a 0.87% expense ratio, which is higher than EWC's 0.49% expense ratio.
Dividends
MMHVX vs. EWC - Dividend Comparison
MMHVX's dividend yield for the trailing twelve months is around 3.97%, more than EWC's 1.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWC iShares MSCI Canada ETF | 1.33% | 1.45% | 2.23% | 2.27% | 2.34% | 1.85% | 2.09% | 2.16% | 2.65% | 1.97% | 1.75% | 2.34% |
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
MMHVX and EWC have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWC has higher volatility (3.46%) compared to MMHVX (1.36%). In terms of maximum drawdown, MMHVX dropped -20.86% vs EWC's -60.75%.
MMHVX currently has the higher Sharpe Ratio (2.59 vs 2.24), 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.
Find the right allocation for MMHVX and EWC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer