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MMHVX vs. VTEB
Performance
Return for Risk
Dividends
Drawdowns
Volatility

Performance

MMHVX vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay High Yield Municipal Bond Fund (MMHVX) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

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MMHVX vs. VTEB - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
MMHVX
MainStay MacKay High Yield Municipal Bond Fund
-0.22%4.27%4.24%8.60%-14.42%6.12%5.18%9.18%4.06%8.60%
VTEB
Vanguard Tax-Exempt Bond ETF
0.09%3.72%1.31%6.15%-7.99%1.14%5.19%7.35%1.04%4.87%

Returns By Period

In the year-to-date period, MMHVX achieves a -0.22% return, which is significantly lower than VTEB's 0.09% return. Over the past 10 years, MMHVX has outperformed VTEB with an annualized return of 3.18%, while VTEB has yielded a comparatively lower 2.09% annualized return.


MMHVX

1D
0.43%
1M
-2.19%
YTD
-0.22%
6M
1.25%
1Y
3.27%
3Y*
4.58%
5Y*
1.01%
10Y*
3.18%

VTEB

1D
0.32%
1M
-1.61%
YTD
0.09%
6M
1.54%
1Y
3.92%
3Y*
2.78%
5Y*
0.88%
10Y*
2.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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MMHVX vs. VTEB - Expense Ratio Comparison

MMHVX has a 0.87% expense ratio, which is higher than VTEB's 0.05% expense ratio.


Return for Risk

MMHVX vs. VTEB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MMHVX
MMHVX Risk / Return Rank: 1919
Overall Rank
MMHVX Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
MMHVX Sortino Ratio Rank: 1414
Sortino Ratio Rank
MMHVX Omega Ratio Rank: 2525
Omega Ratio Rank
MMHVX Calmar Ratio Rank: 2121
Calmar Ratio Rank
MMHVX Martin Ratio Rank: 1616
Martin Ratio Rank

VTEB
VTEB Risk / Return Rank: 4848
Overall Rank
VTEB Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
VTEB Sortino Ratio Rank: 4343
Sortino Ratio Rank
VTEB Omega Ratio Rank: 5959
Omega Ratio Rank
VTEB Calmar Ratio Rank: 4646
Calmar Ratio Rank
VTEB Martin Ratio Rank: 3939
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MMHVX vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay High Yield Municipal Bond Fund (MMHVX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.


MMHVXVTEBDifference

Sharpe ratio

Return per unit of total volatility

0.57

0.99

-0.42

Sortino ratio

Return per unit of downside risk

0.80

1.25

-0.45

Omega ratio

Gain probability vs. loss probability

1.16

1.23

-0.07

Calmar ratio

Return relative to maximum drawdown

0.79

1.25

-0.46

Martin ratio

Return relative to average drawdown

2.20

3.69

-1.49

MMHVX vs. VTEB - Sharpe Ratio Comparison

The current MMHVX Sharpe Ratio is 0.57, which is lower than the VTEB Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of MMHVX and VTEB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


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Sharpe Ratios by Period


MMHVXVTEBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.57

0.99

-0.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.18

0.23

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.60

0.40

+0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

1.02

0.45

+0.57

Correlation

The correlation between MMHVX and VTEB is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.


Dividends

MMHVX vs. VTEB - Dividend Comparison

MMHVX's dividend yield for the trailing twelve months is around 4.04%, more than VTEB's 3.37% yield.


TTM20252024202320222021202020192018201720162015
MMHVX
MainStay MacKay High Yield Municipal Bond Fund
4.04%5.31%3.98%3.28%3.47%2.71%3.32%3.83%3.91%3.92%4.20%4.40%
VTEB
Vanguard Tax-Exempt Bond ETF
3.37%3.29%3.14%2.79%2.09%1.64%1.99%2.30%2.25%1.96%1.66%0.58%

Drawdowns

MMHVX vs. VTEB - Drawdown Comparison

The maximum MMHVX drawdown since its inception was -20.86%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for MMHVX and VTEB.


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Drawdown Indicators


MMHVXVTEBDifference

Max Drawdown

Largest peak-to-trough decline

-20.86%

-17.00%

-3.86%

Max Drawdown (1Y)

Largest decline over 1 year

-6.27%

-3.45%

-2.82%

Max Drawdown (5Y)

Largest decline over 5 years

-20.86%

-12.64%

-8.22%

Max Drawdown (10Y)

Largest decline over 10 years

-20.86%

-17.00%

-3.86%

Current Drawdown

Current decline from peak

-2.52%

-1.86%

-0.66%

Average Drawdown

Average peak-to-trough decline

-3.23%

-2.35%

-0.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

1.17%

+1.08%

Volatility

MMHVX vs. VTEB - Volatility Comparison

MainStay MacKay High Yield Municipal Bond Fund (MMHVX) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 1.39% and 1.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


MMHVXVTEBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.39%

1.37%

+0.02%

Volatility (6M)

Calculated over the trailing 6-month period

2.13%

1.87%

+0.26%

Volatility (1Y)

Calculated over the trailing 1-year period

6.65%

4.00%

+2.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.61%

3.88%

+1.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.30%

5.25%

+0.05%