MMHVX vs. VTEB
Compare and contrast key facts about MainStay MacKay High Yield Municipal Bond Fund (MMHVX) and Vanguard Tax-Exempt Bond ETF (VTEB).
MMHVX is managed by MainStay. It was launched on Mar 30, 2010. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
MMHVX vs. VTEB - Performance Comparison
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MMHVX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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%
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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
MMHVX
VTEB
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.
| MMHVX | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.57 | 0.99 | -0.42 |
Sortino ratioReturn per unit of downside risk | 0.80 | 1.25 | -0.45 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.23 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 0.79 | 1.25 | -0.46 |
Martin ratioReturn relative to average drawdown | 2.20 | 3.69 | -1.49 |
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 | VTEB | Difference | |
|---|---|---|---|
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.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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
| MMHVX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -2.52% | -1.86% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -3.23% | -2.35% | -0.88% |
Ulcer IndexDepth 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
| MMHVX | VTEB | Difference | |
|---|---|---|---|
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% |