MMHVX vs. MTFEX
MMHVX (MainStay MacKay High Yield Municipal Bond Fund) and MTFEX (MainStay MacKay Strategic Municipal Allocation Fund) are both mutual funds - MMHVX is a High Yield Muni fund managed by MainStay, while MTFEX is a Municipal Bonds fund managed by MainStay. Over the past 5 years, MMHVX returned 1.08%/yr vs 1.22%/yr for MTFEX. Their correlation of 0.85 suggests significant overlap in exposure. MMHVX charges 0.87%/yr vs 0.97%/yr for MTFEX.
Performance
MMHVX vs. MTFEX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MMHVX achieves a 3.05% return, which is significantly higher than MTFEX's 1.50% return.
MMHVX
- 1D
- -0.08%
- 1M
- 2.23%
- YTD
- 3.05%
- 6M
- 3.60%
- 1Y
- 8.82%
- 3Y*
- 5.13%
- 5Y*
- 1.08%
- 10Y*
- 3.13%
MTFEX
- 1D
- -0.10%
- 1M
- 1.24%
- YTD
- 1.50%
- 6M
- 1.89%
- 1Y
- 6.31%
- 3Y*
- 3.77%
- 5Y*
- 1.22%
- 10Y*
- —
MMHVX vs. MTFEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 3.05% | 4.27% | 4.24% | 8.60% | -14.42% | 6.12% | 5.18% | 3.32% |
MTFEX MainStay MacKay Strategic Municipal Allocation Fund | 1.50% | 4.65% | 2.02% | 5.14% | -7.11% | 2.07% | 4.32% | 2.87% |
Correlation
The correlation between MMHVX and MTFEX is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019 | 0.85 |
The correlation between MMHVX and MTFEX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.
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. MTFEX — Risk / Return Rank
MMHVX
MTFEX
MMHVX vs. MTFEX - 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 Strategic Municipal Allocation Fund (MTFEX). 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 | MTFEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.78 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 2.33 | +0.56 |
| Martin ratioReturn relative to average drawdown | 10.15 | 7.78 | +2.37 |
Loading charts...
Drawdowns
MMHVX vs. MTFEX - Drawdown Comparison
The maximum MMHVX drawdown since its inception was -20.86%, which is greater than MTFEX's maximum drawdown of -11.88%. Use the drawdown chart below to compare losses from any high point for MMHVX and MTFEX.
Loading charts...
Drawdown Indicators
| MMHVX | MTFEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.86% | -11.88% | -8.98% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.78% | -0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -8.16% | -4.34% | -3.82% |
Max Drawdown (5Y)Largest decline over 5 years | -20.86% | -11.88% | -8.98% |
Max Drawdown (10Y)Largest decline over 10 years | -20.86% | — | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.70% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -3.19% | -2.72% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.83% | +0.05% |
Volatility
MMHVX vs. MTFEX - Volatility Comparison
MainStay MacKay High Yield Municipal Bond Fund (MMHVX) has a higher volatility of 0.98% compared to MainStay MacKay Strategic Municipal Allocation Fund (MTFEX) at 0.68%. This indicates that MMHVX's price experiences larger fluctuations and is considered to be riskier than MTFEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MMHVX | MTFEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 0.68% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 1.78% | +0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 2.26% | +1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.66% | 3.13% | +2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.33% | 3.90% | +1.43% |
MMHVX vs. MTFEX - Expense Ratio Comparison
MMHVX has a 0.87% expense ratio, which is lower than MTFEX's 0.97% expense ratio.
Dividends
MMHVX vs. MTFEX - Dividend Comparison
MMHVX's dividend yield for the trailing twelve months is around 3.96%, more than MTFEX's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 3.96% | 5.31% | 3.98% | 3.28% | 3.47% | 2.71% | 3.32% | 3.83% | 3.91% | 3.92% | 4.20% | 4.40% |
MTFEX MainStay MacKay Strategic Municipal Allocation Fund | 3.33% | 3.33% | 3.48% | 2.74% | 2.30% | 2.36% | 1.74% | 1.83% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MMHVX and MTFEX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMHVX has higher volatility (0.98%) compared to MTFEX (0.68%). In terms of maximum drawdown, MMHVX dropped -20.86% vs MTFEX's -11.88%.
MTFEX currently has the higher Sharpe Ratio (2.87 vs 2.52), 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 MTFEX
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