MNOVX vs. MMHVX
Compare and contrast key facts about MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) and MainStay MacKay High Yield Municipal Bond Fund (MMHVX).
MNOVX is managed by MainStay. It was launched on May 13, 2012. MMHVX is managed by MainStay. It was launched on Mar 30, 2010.
Performance
MNOVX vs. MMHVX - Performance Comparison
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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 | -0.23% | 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 | -0.22% | 4.27% | 4.24% | 8.60% | -14.42% | 6.12% | 5.18% | 9.18% | 4.06% | 8.60% |
Returns By Period
The year-to-date returns for both investments are quite close, with MNOVX having a -0.23% return and MMHVX slightly higher at -0.22%. Over the past 10 years, MNOVX has underperformed MMHVX with an annualized return of 2.16%, while MMHVX has yielded a comparatively higher 3.18% 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%
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%
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MNOVX vs. MMHVX - Expense Ratio Comparison
MNOVX has a 0.76% expense ratio, which is lower than MMHVX's 0.87% expense ratio.
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.
| MNOVX | MMHVX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.73 | 0.57 | +0.16 |
Sortino ratioReturn per unit of downside risk | 1.01 | 0.80 | +0.21 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.16 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.99 | 0.79 | +0.20 |
Martin ratioReturn relative to average drawdown | 2.80 | 2.20 | +0.60 |
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 | MMHVX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 0.57 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.18 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.60 | -0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 1.02 | -0.37 |
Correlation
The correlation between MNOVX and MMHVX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
MNOVX vs. MMHVX - Dividend Comparison
MNOVX's dividend yield for the trailing twelve months is around 3.72%, less than MMHVX's 4.04% 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% |
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% |
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 | -5.54% | -6.27% | +0.73% |
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 | -2.47% | -2.52% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -3.23% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.25% | -0.30% |
Volatility
MNOVX vs. MMHVX - Volatility Comparison
The current volatility for MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) is 1.30%, while MainStay MacKay High Yield Municipal Bond Fund (MMHVX) has a volatility of 1.39%. 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 | 1.30% | 1.39% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.02% | 2.13% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.85% | 6.65% | -0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 5.61% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.77% | 5.30% | -0.53% |