MMHVX vs. TLH
MMHVX (MainStay MacKay High Yield Municipal Bond Fund) and TLH (iShares 10-20 Year Treasury Bond ETF) are both funds - MMHVX is a High Yield Muni fund managed by MainStay, while TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index. Over the past 10 years, MMHVX returned 3.25%/yr vs -0.83%/yr for TLH. At a 0.37 correlation, their price movements are largely independent. MMHVX charges 0.87%/yr vs 0.15%/yr for TLH.
Performance
MMHVX vs. TLH - 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 TLH's -0.51% return. Over the past 10 years, MMHVX has outperformed TLH with an annualized return of 3.25%, while TLH has yielded a comparatively lower -0.83% 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%
TLH
- 1D
- -0.38%
- 1M
- 0.62%
- YTD
- -0.51%
- 6M
- -1.42%
- 1Y
- 5.33%
- 3Y*
- 0.59%
- 5Y*
- -3.80%
- 10Y*
- -0.83%
MMHVX vs. TLH - 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% |
TLH iShares 10-20 Year Treasury Bond ETF | -0.51% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | 10.11% | 0.37% | 4.21% |
Correlation
The correlation between MMHVX and TLH is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2010 | 0.37 |
The correlation between MMHVX and TLH shifts across timeframes, from 0.37 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MMHVX vs. TLH — Risk / Return Rank
MMHVX
TLH
MMHVX vs. TLH - 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 10-20 Year Treasury Bond ETF (TLH). 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 | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.92 | ||
| Sortino ratioReturn per unit of downside risk | +3.23 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.12 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 2.99 | 0.82 | +2.17 |
| Martin ratioReturn relative to average drawdown | 10.49 | 2.28 | +8.22 |
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 | TLH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.59 | 0.67 | +1.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | -0.30 | +0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | -0.07 | +0.69 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.05 | 0.28 | +0.78 |
Drawdowns
MMHVX vs. TLH - Drawdown Comparison
The maximum MMHVX drawdown since its inception was -20.86%, smaller than the maximum TLH drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for MMHVX and TLH.
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Drawdown Indicators
| MMHVX | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.86% | -41.14% | +20.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -6.50% | +3.39% |
Max Drawdown (3Y)Largest decline over 3 years | -8.16% | -15.35% | +7.19% |
Max Drawdown (5Y)Largest decline over 5 years | -20.86% | -35.41% | +14.55% |
Max Drawdown (10Y)Largest decline over 10 years | -20.86% | -41.14% | +20.28% |
Current DrawdownCurrent decline from peak | 0.00% | -29.82% | +29.82% |
Average DrawdownAverage peak-to-trough decline | -3.20% | -10.76% | +7.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.35% | -1.47% |
Volatility
MMHVX vs. TLH - Volatility Comparison
The current volatility for MainStay MacKay High Yield Municipal Bond Fund (MMHVX) is 1.36%, while iShares 10-20 Year Treasury Bond ETF (TLH) has a volatility of 2.46%. This indicates that MMHVX experiences smaller price fluctuations and is considered to be less risky than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMHVX | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 2.46% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 5.49% | -2.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 8.01% | -4.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.66% | 12.70% | -7.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.33% | 11.19% | -5.86% |
MMHVX vs. TLH - Expense Ratio Comparison
MMHVX has a 0.87% expense ratio, which is higher than TLH's 0.15% expense ratio.
Dividends
MMHVX vs. TLH - Dividend Comparison
MMHVX's dividend yield for the trailing twelve months is around 3.97%, less than TLH's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.48% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
MMHVX and TLH have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLH has higher volatility (2.46%) compared to MMHVX (1.36%). In terms of maximum drawdown, MMHVX dropped -20.86% vs TLH's -41.14%.
MMHVX currently has the higher Sharpe Ratio (2.59 vs 0.67), 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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