MNOVX vs. MMHVX
MNOVX (MainStay MacKay New York Tax Free Opportunities Fund) and MMHVX (MainStay MacKay High Yield Municipal Bond Fund) are both mutual funds - MNOVX is a Municipal Bonds fund managed by MainStay, while MMHVX is a High Yield Muni fund managed by MainStay. Over the past 10 years, MNOVX returned 2.17%/yr vs 3.17%/yr for MMHVX. Their correlation of 0.86 suggests significant overlap in exposure. MNOVX charges 0.76%/yr vs 0.87%/yr for MMHVX.
Performance
MNOVX vs. MMHVX - Performance Comparison
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Returns By Period
In the year-to-date period, MNOVX achieves a 2.75% return, which is significantly lower than MMHVX's 3.14% return. Over the past 10 years, MNOVX has underperformed MMHVX with an annualized return of 2.17%, while MMHVX has yielded a comparatively higher 3.17% annualized return.
MNOVX
- 1D
- 0.10%
- 1M
- 2.12%
- YTD
- 2.75%
- 6M
- 3.18%
- 1Y
- 8.82%
- 3Y*
- 4.39%
- 5Y*
- 0.65%
- 10Y*
- 2.17%
MMHVX
- 1D
- 0.08%
- 1M
- 2.32%
- YTD
- 3.14%
- 6M
- 3.68%
- 1Y
- 9.01%
- 3Y*
- 5.31%
- 5Y*
- 1.08%
- 10Y*
- 3.17%
MNOVX vs. MMHVX - 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% |
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 3.14% | 4.27% | 4.24% | 8.60% | -14.42% | 6.12% | 5.18% | 9.18% | 4.06% | 8.60% |
Correlation
The correlation between MNOVX and MMHVX is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since May 14, 2012 | 0.86 |
The correlation between MNOVX and MMHVX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.
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Return for Risk
MNOVX vs. MMHVX — Risk / Return Rank
MNOVX
MMHVX
MNOVX vs. MMHVX - 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 High Yield Municipal Bond Fund (MMHVX). 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 | MMHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.61 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 2.92 | +0.05 |
| Martin ratioReturn relative to average drawdown | 10.68 | 10.25 | +0.43 |
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Drawdowns
MNOVX vs. MMHVX - Drawdown Comparison
The maximum MNOVX drawdown since its inception was -18.57%, smaller than the maximum MMHVX drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for MNOVX and MMHVX.
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Drawdown Indicators
| MNOVX | MMHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.57% | -20.86% | +2.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -3.11% | +0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -8.16% | +1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -18.57% | -20.86% | +2.29% |
Max Drawdown (10Y)Largest decline over 10 years | -18.57% | -20.86% | +2.29% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -3.19% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.88% | -0.05% |
Volatility
MNOVX vs. MMHVX - Volatility Comparison
The current volatility for MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) is 0.87%, while MainStay MacKay High Yield Municipal Bond Fund (MMHVX) has a volatility of 0.96%. This indicates that MNOVX experiences smaller price fluctuations and is considered to be less risky than MMHVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNOVX | MMHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.96% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.42% | 2.57% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.33% | 3.56% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.93% | 5.66% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.79% | 5.33% | -0.54% |
MNOVX vs. MMHVX - Expense Ratio Comparison
MNOVX has a 0.76% expense ratio, which is lower than MMHVX's 0.87% expense ratio.
Dividends
MNOVX vs. MMHVX - Dividend Comparison
MNOVX's dividend yield for the trailing twelve months is around 3.70%, less than MMHVX's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 3.96% | 5.31% | 3.98% | 3.28% | 3.47% | 2.71% | 3.32% | 3.83% | 3.91% | 3.92% | 4.20% | 4.40% |
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
With a correlation of 0.91, MNOVX and MMHVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MMHVX has higher volatility (0.96%) compared to MNOVX (0.87%). In terms of maximum drawdown, MNOVX dropped -18.57% vs MMHVX's -20.86%.
MNOVX currently has the higher Sharpe Ratio (2.67 vs 2.55), 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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