MMHVX vs. MNOVX
MMHVX (MainStay MacKay High Yield Municipal Bond Fund) and MNOVX (MainStay MacKay New York Tax Free Opportunities Fund) are both mutual funds - MMHVX is a High Yield Muni fund managed by MainStay, while MNOVX is a Municipal Bonds fund managed by MainStay. Over the past 10 years, MMHVX returned 2.94%/yr vs 1.97%/yr for MNOVX. Their correlation of 0.86 means they have usually moved in the same direction. MMHVX charges 0.87%/yr vs 0.76%/yr for MNOVX.
Performance
MMHVX vs. MNOVX - Performance Comparison
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Returns By Period
In the year-to-date period, MMHVX achieves a 1.73% return, which is significantly higher than MNOVX's 1.13% return. Over the past 10 years, MMHVX has outperformed MNOVX with an annualized return of 2.94%, while MNOVX has yielded a comparatively lower 1.97% annualized return.
MMHVX
- 1D
- -0.34%
- 1M
- -2.18%
- 6M
- 1.04%
- YTD
- 1.73%
- 1Y
- 7.82%
- 3Y*
- 4.66%
- 5Y*
- 0.51%
- 10Y*
- 2.94%
- ALL TIME*
- 4.91%
MNOVX
- 1D
- -0.32%
- 1M
- -2.27%
- 6M
- 0.49%
- YTD
- 1.13%
- 1Y
- 6.88%
- 3Y*
- 3.63%
- 5Y*
- 0.13%
- 10Y*
- 1.97%
- ALL TIME*
- 2.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MMHVX vs. MNOVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 1.73% | 4.27% | 4.24% | 8.60% | -14.42% | 6.12% | 5.18% | 9.18% | 4.06% | 8.60% |
MNOVX MainStay MacKay New York Tax Free Opportunities Fund | 1.13% | 4.39% | 2.21% | 6.55% | -12.42% | 3.68% | 5.10% | 7.59% | 1.92% | 5.64% |
Correlation
The correlation between MMHVX and MNOVX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since May 14, 2012 | 0.86 |
The correlation between MMHVX and MNOVX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.
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Return for Risk
MMHVX vs. MNOVX — Risk / Return Rank
MMHVX
MNOVX
MMHVX vs. MNOVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay High Yield Municipal Bond Fund (MMHVX) and MainStay MacKay New York Tax Free Opportunities Fund (MNOVX). 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.
| MMHVX | MNOVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.57 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 2.68 | +0.24 |
| Martin ratioReturn relative to average drawdown | 10.82 | 9.32 | +1.50 |
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Drawdowns
MMHVX vs. MNOVX - Drawdown Comparison
The maximum MMHVX drawdown since its inception was -20.86%, which is greater than MNOVX's maximum drawdown of -18.57%. Use the drawdown chart below to compare losses from any high point for MMHVX and MNOVX.
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Drawdown Indicators
| MMHVX | MNOVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.86% | -18.57% | -2.29% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.99% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -7.27% | -6.07% | -1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -20.86% | -18.57% | -2.29% |
Max Drawdown (10Y)Largest decline over 10 years | -20.86% | -18.57% | -2.29% |
Current DrawdownCurrent decline from peak | -2.18% | -2.27% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -3.18% | -3.37% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.86% | -0.03% |
Volatility
MMHVX vs. MNOVX - Volatility Comparison
The current volatility for MainStay MacKay High Yield Municipal Bond Fund (MMHVX) is 1.05%, while MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) has a volatility of 1.11%. This indicates that MMHVX experiences smaller price fluctuations and is considered to be less risky than MNOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMHVX | MNOVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 1.11% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 2.66% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 3.44% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.68% | 4.96% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.33% | 4.80% | +0.53% |
MMHVX vs. MNOVX - Expense Ratio Comparison
MMHVX has a 0.87% expense ratio, which is higher than MNOVX's 0.76% expense ratio.
Dividends
MMHVX vs. MNOVX - Dividend Comparison
MMHVX's dividend yield for the trailing twelve months is around 3.69%, more than MNOVX's 3.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 3.69% | 5.31% | 3.98% | 3.28% | 3.47% | 2.71% | 3.32% | 3.83% | 3.91% | 3.92% | 4.20% | 4.40% |
MNOVX MainStay MacKay New York Tax Free Opportunities Fund | 3.45% | 4.85% | 3.65% | 2.92% | 2.92% | 2.24% | 2.68% | 3.17% | 3.35% | 3.42% | 3.47% | 3.53% |
Frequently Asked Questions
With a correlation of 0.91, MMHVX and MNOVX 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.
MNOVX has higher volatility (1.11%) compared to MMHVX (1.05%). In terms of maximum drawdown, MMHVX dropped -20.86% vs MNOVX's -18.57%.
MMHVX currently has the higher Sharpe Ratio (2.52 vs 2.33), 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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