MNOVX vs. MDHVX
Compare and contrast key facts about MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) and MainStay MacKay Short Duration High Yield Fund (MDHVX).
MNOVX is managed by MainStay. It was launched on May 13, 2012. MDHVX is managed by MainStay. It was launched on Dec 17, 2012.
Performance
MNOVX vs. MDHVX - Performance Comparison
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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 | -0.23% | 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 | -0.42% | 5.38% | 6.51% | 9.86% | -2.81% | 4.38% | 2.92% | 9.00% | -0.13% | 4.30% |
Returns By Period
In the year-to-date period, MNOVX achieves a -0.23% return, which is significantly higher than MDHVX's -0.42% return. Over the past 10 years, MNOVX has underperformed MDHVX with an annualized return of 2.16%, while MDHVX has yielded a comparatively higher 4.79% annualized return.
MNOVX
- 1D
- 0.32%
- 1M
- -2.17%
- YTD
- -0.23%
- 6M
- 1.13%
- 1Y
- 3.83%
- 3Y*
- 3.37%
- 5Y*
- 0.60%
- 10Y*
- 2.16%
MDHVX
- 1D
- -0.11%
- 1M
- -0.95%
- YTD
- -0.42%
- 6M
- 0.11%
- 1Y
- 3.81%
- 3Y*
- 6.06%
- 5Y*
- 4.15%
- 10Y*
- 4.79%
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MNOVX vs. MDHVX - Expense Ratio Comparison
MNOVX has a 0.76% expense ratio, which is lower than MDHVX's 1.10% expense ratio.
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.
| MNOVX | MDHVX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.73 | 1.58 | -0.85 |
Sortino ratioReturn per unit of downside risk | 1.01 | 2.06 | -1.05 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.41 | -0.21 |
Calmar ratioReturn relative to maximum drawdown | 0.99 | 1.52 | -0.53 |
Martin ratioReturn relative to average drawdown | 2.80 | 7.91 | -5.11 |
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
| MNOVX | MDHVX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 1.58 | -0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 1.63 | -1.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 1.40 | -0.95 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 1.33 | -0.68 |
Correlation
The correlation between MNOVX and MDHVX is 0.13, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MNOVX vs. MDHVX - Dividend Comparison
MNOVX's dividend yield for the trailing twelve months is around 3.72%, less than MDHVX's 4.98% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MNOVX MainStay MacKay New York Tax Free Opportunities Fund | 3.72% | 4.85% | 3.65% | 2.92% | 2.92% | 2.24% | 2.68% | 3.17% | 3.35% | 3.42% | 3.47% | 3.53% |
MDHVX MainStay MacKay Short Duration High Yield Fund | 4.98% | 5.47% | 6.01% | 5.53% | 4.31% | 3.80% | 4.44% | 4.37% | 4.33% | 4.03% | 4.95% | 4.87% |
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 | -5.54% | -2.32% | -3.22% |
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 | -2.47% | -1.06% | -1.41% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -0.79% | -2.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 0.45% | +1.50% |
Volatility
MNOVX vs. MDHVX - Volatility Comparison
MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) has a higher volatility of 1.30% compared to MainStay MacKay Short Duration High Yield Fund (MDHVX) at 0.75%. 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 | 1.30% | 0.75% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.02% | 1.35% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.85% | 2.44% | +3.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 2.57% | +2.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.77% | 3.43% | +1.34% |