MNOVX vs. MDHVX
MNOVX (MainStay MacKay New York Tax Free Opportunities Fund) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both mutual funds - MNOVX is a Municipal Bonds fund managed by MainStay, while MDHVX is a High Yield Bonds fund managed by MainStay. Over the past 10 years, MNOVX returned 2.12%/yr vs 4.63%/yr for MDHVX. At a 0.14 correlation, their price movements are largely independent. MNOVX charges 0.76%/yr vs 1.10%/yr for MDHVX.
Performance
MNOVX vs. MDHVX - Performance Comparison
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Returns By Period
In the year-to-date period, MNOVX achieves a 2.75% return, which is significantly higher than MDHVX's 1.85% return. Over the past 10 years, MNOVX has underperformed MDHVX with an annualized return of 2.12%, while MDHVX has yielded a comparatively higher 4.63% annualized return.
MNOVX
- 1D
- 0.00%
- 1M
- 2.12%
- YTD
- 2.75%
- 6M
- 3.18%
- 1Y
- 8.70%
- 3Y*
- 4.28%
- 5Y*
- 0.68%
- 10Y*
- 2.12%
MDHVX
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.85%
- 6M
- 2.07%
- 1Y
- 4.67%
- 3Y*
- 6.53%
- 5Y*
- 4.25%
- 10Y*
- 4.63%
MNOVX vs. MDHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MNOVX MainStay MacKay New York Tax Free Opportunities Fund | 2.75% | 4.39% | 2.21% | 6.55% | -12.42% | 3.68% | 5.10% | 7.59% | 1.92% | 5.64% |
MDHVX MainStay MacKay Short Duration High Yield Fund | 1.85% | 5.38% | 6.51% | 9.86% | -2.81% | 4.38% | 2.92% | 9.00% | -0.13% | 4.30% |
Correlation
The correlation between MNOVX and MDHVX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2012 | 0.14 |
The correlation between MNOVX and MDHVX shifts across timeframes, from 0.14 (all time) to 0.33 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MNOVX vs. MDHVX — Risk / Return Rank
MNOVX
MDHVX
MNOVX vs. MDHVX - 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 MainStay MacKay Short Duration High Yield Fund (MDHVX). 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.
| MNOVX | MDHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.70 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 4.69 | -1.71 |
| Martin ratioReturn relative to average drawdown | 10.68 | 23.17 | -12.49 |
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Drawdowns
MNOVX vs. MDHVX - Drawdown Comparison
The maximum MNOVX drawdown since its inception was -18.57%, roughly equal to the maximum MDHVX drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for MNOVX and MDHVX.
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Drawdown Indicators
| MNOVX | MDHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.57% | -18.04% | -0.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -1.06% | -1.93% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -2.65% | -4.42% |
Max Drawdown (5Y)Largest decline over 5 years | -18.57% | -6.26% | -12.31% |
Max Drawdown (10Y)Largest decline over 10 years | -18.57% | -18.04% | -0.53% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -0.77% | -2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.21% | +0.62% |
Volatility
MNOVX vs. MDHVX - Volatility Comparison
MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) has a higher volatility of 0.87% compared to MainStay MacKay Short Duration High Yield Fund (MDHVX) at 0.40%. This indicates that MNOVX's price experiences larger fluctuations and is considered to be riskier than MDHVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNOVX | MDHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.40% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.42% | 1.42% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.34% | 1.82% | +1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.93% | 2.59% | +2.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.79% | 3.42% | +1.37% |
MNOVX vs. MDHVX - Expense Ratio Comparison
MNOVX has a 0.76% expense ratio, which is lower than MDHVX's 1.10% expense ratio.
Dividends
MNOVX vs. MDHVX - Dividend Comparison
MNOVX's dividend yield for the trailing twelve months is around 3.70%, less than MDHVX's 5.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDHVX MainStay MacKay Short Duration High Yield Fund | 5.33% | 5.47% | 6.01% | 5.53% | 4.31% | 3.80% | 4.44% | 4.37% | 4.33% | 4.03% | 4.95% | 4.87% |
MNOVX MainStay MacKay New York Tax Free Opportunities Fund | 3.70% | 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
MNOVX and MDHVX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNOVX has higher volatility (0.87%) compared to MDHVX (0.40%). In terms of maximum drawdown, MNOVX dropped -18.57% vs MDHVX's -18.04%.
MDHVX currently has the higher Sharpe Ratio (2.73 vs 2.67), 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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