MNOVX vs. LSMSX

Last updated Jun 5, 2026

MNOVX (MainStay MacKay New York Tax Free Opportunities Fund) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, MNOVX returned 0.69%/yr vs 1.17%/yr for LSMSX. Their correlation of 0.82 suggests significant overlap in exposure. MNOVX charges 0.76%/yr vs 0.01%/yr for LSMSX.

Performance

MNOVX vs. LSMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) and Western Asset SMASh Series TF Fund (LSMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNOVX achieves a 2.53% return, which is significantly higher than LSMSX's 2.18% return.

MNOVX

• 1D: 0.00%
• 1M: 1.05%
• YTD: 2.53%
• 6M: 2.86%
• 1Y: 8.71%
• 3Y*: 4.39%
• 5Y*: 0.69%
• 10Y*: 2.25%

LSMSX

• 1D: 0.00%
• 1M: 0.97%
• YTD: 2.18%
• 6M: 2.48%
• 1Y: 8.19%
• 3Y*: 4.03%
• 5Y*: 1.17%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MNOVX vs. LSMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNOVX MainStay MacKay New York Tax Free Opportunities Fund	2.53%	4.39%	2.21%	6.55%	-12.42%	3.68%	5.10%	7.59%	1.92%	5.53%
LSMSX Western Asset SMASh Series TF Fund	2.18%	3.22%	2.22%	7.96%	-10.03%	4.11%	4.48%	8.16%	0.46%	4.92%

Correlation

The correlation between MNOVX and LSMSX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.82

The correlation between MNOVX and LSMSX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

MNOVX vs. LSMSX — Risk / Return Rank

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

MNOVX

MNOVX Risk / Return Rank: 78
MNOVX Sharpe Ratio Rank: 85
MNOVX Sortino Ratio Rank: 91
MNOVX Omega Ratio Rank: 92
MNOVX Calmar Ratio Rank: 67
MNOVX Martin Ratio Rank: 56

LSMSX

LSMSX Risk / Return Rank: 78
LSMSX Sharpe Ratio Rank: 90
LSMSX Sortino Ratio Rank: 93
LSMSX Omega Ratio Rank: 94
LSMSX Calmar Ratio Rank: 64
LSMSX Martin Ratio Rank: 50

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.

MNOVX vs. LSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) and Western Asset SMASh Series TF Fund (LSMSX). 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.

	MNOVX	LSMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.99	-0.27
Sortino ratio: Return per unit of downside risk	4.47	4.68	-0.22
Omega ratio: Gain probability vs. loss probability	1.71	1.74	-0.03
Calmar ratio: Return relative to maximum drawdown	3.06	3.04	+0.02
Martin ratio: Return relative to average drawdown	10.98	10.21	+0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNOVX vs. LSMSX - Sharpe Ratio Comparison

The current MNOVX Sharpe Ratio is 2.72, which is comparable to the LSMSX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of MNOVX and LSMSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MNOVX	LSMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.99	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.26	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.63	+0.06

Drawdowns

MNOVX vs. LSMSX - Drawdown Comparison

The maximum MNOVX drawdown since its inception was -18.57%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for MNOVX and LSMSX.

Drawdown Indicators

	MNOVX	LSMSX	Difference
Max Drawdown Largest peak-to-trough decline	-18.57%	-15.00%	-3.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-2.82%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-7.07%	-7.49%	+0.42%
Max Drawdown (5Y) Largest decline over 5 years	-18.57%	-15.00%	-3.57%
Max Drawdown (10Y) Largest decline over 10 years	-18.57%	—	—
Current Drawdown Current decline from peak	0.00%	-0.23%	+0.23%
Average Drawdown Average peak-to-trough decline	-3.40%	-2.85%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.84%	-0.01%

Volatility

MNOVX vs. LSMSX - Volatility Comparison

MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) has a higher volatility of 1.27% compared to Western Asset SMASh Series TF Fund (LSMSX) at 1.19%. This indicates that MNOVX's price experiences larger fluctuations and is considered to be riskier than LSMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNOVX	LSMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.19%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	2.06%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	2.87%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.93%	4.49%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.79%	4.51%	+0.28%

MNOVX vs. LSMSX - Expense Ratio Comparison

MNOVX has a 0.76% expense ratio, which is higher than LSMSX's 0.01% expense ratio.

Dividends

MNOVX vs. LSMSX - Dividend Comparison

MNOVX's dividend yield for the trailing twelve months is around 3.71%, less than LSMSX's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSMSX Western Asset SMASh Series TF Fund	3.86%	3.83%	4.30%	3.37%	2.38%	2.73%	2.33%	2.55%	2.34%	0.90%	0.00%	0.00%
MNOVX MainStay MacKay New York Tax Free Opportunities Fund	3.71%	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

Can I hold both MNOVX and LSMSX in my portfolio?

MNOVX and LSMSX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MNOVX or LSMSX?

MNOVX has higher volatility (1.27%) compared to LSMSX (1.19%). In terms of maximum drawdown, MNOVX dropped -18.57% vs LSMSX's -15.00%.

Which has better risk-adjusted returns?

LSMSX currently has the higher Sharpe Ratio (2.99 vs 2.72), 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.