MSCVX vs. DFABX
Compare and contrast key facts about MainStay MacKay California Tax Free Opportunities Fund (MSCVX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX).
MSCVX is managed by MainStay. It was launched on Feb 27, 2013. DFABX is managed by Dimensional. It was launched on Apr 11, 2022.
Performance
MSCVX vs. DFABX - Performance Comparison
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MSCVX vs. DFABX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSCVX MainStay MacKay California Tax Free Opportunities Fund | -0.63% | 3.53% | 2.74% | 6.09% | -2.04% |
DFABX DFA Short-Term Selective State Municipal Bond Portfolio | 0.58% | 2.46% | 2.90% | 2.87% | 0.55% |
Returns By Period
In the year-to-date period, MSCVX achieves a -0.63% return, which is significantly lower than DFABX's 0.58% return.
MSCVX
- 1D
- 0.11%
- 1M
- -2.86%
- YTD
- -0.63%
- 6M
- 1.03%
- 1Y
- 2.97%
- 3Y*
- 3.21%
- 5Y*
- 0.42%
- 10Y*
- 2.14%
DFABX
- 1D
- 0.05%
- 1M
- -0.05%
- YTD
- 0.58%
- 6M
- 1.12%
- 1Y
- 2.73%
- 3Y*
- 2.60%
- 5Y*
- —
- 10Y*
- —
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MSCVX vs. DFABX - Expense Ratio Comparison
MSCVX has a 0.77% expense ratio, which is higher than DFABX's 0.25% expense ratio.
Return for Risk
MSCVX vs. DFABX — Risk / Return Rank
MSCVX
DFABX
MSCVX vs. DFABX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay California Tax Free Opportunities Fund (MSCVX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX). 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.
| MSCVX | DFABX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.78 | 3.90 | -3.12 |
Sortino ratioReturn per unit of downside risk | 1.05 | 7.13 | -6.08 |
Omega ratioGain probability vs. loss probability | 1.23 | 3.50 | -2.27 |
Calmar ratioReturn relative to maximum drawdown | 0.75 | 4.84 | -4.09 |
Martin ratioReturn relative to average drawdown | 2.18 | 26.76 | -24.59 |
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
| MSCVX | DFABX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 3.90 | -3.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 2.44 | -1.62 |
Correlation
The correlation between MSCVX and DFABX is 0.39, 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
MSCVX vs. DFABX - Dividend Comparison
MSCVX's dividend yield for the trailing twelve months is around 3.34%, more than DFABX's 2.70% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSCVX MainStay MacKay California Tax Free Opportunities Fund | 3.34% | 4.45% | 3.84% | 2.84% | 2.81% | 2.13% | 2.48% | 2.78% | 3.01% | 3.07% | 3.16% | 3.50% |
DFABX DFA Short-Term Selective State Municipal Bond Portfolio | 2.70% | 2.33% | 2.86% | 2.52% | 1.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
MSCVX vs. DFABX - Drawdown Comparison
The maximum MSCVX drawdown since its inception was -17.13%, which is greater than DFABX's maximum drawdown of -2.46%. Use the drawdown chart below to compare losses from any high point for MSCVX and DFABX.
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Drawdown Indicators
| MSCVX | DFABX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.13% | -2.46% | -14.67% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -0.50% | -4.58% |
Max Drawdown (5Y)Largest decline over 5 years | -17.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.13% | — | — |
Current DrawdownCurrent decline from peak | -2.86% | -0.06% | -2.80% |
Average DrawdownAverage peak-to-trough decline | -3.07% | -0.25% | -2.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 0.09% | +1.65% |
Volatility
MSCVX vs. DFABX - Volatility Comparison
MainStay MacKay California Tax Free Opportunities Fund (MSCVX) has a higher volatility of 1.01% compared to DFA Short-Term Selective State Municipal Bond Portfolio (DFABX) at 0.18%. This indicates that MSCVX's price experiences larger fluctuations and is considered to be riskier than DFABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSCVX | DFABX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.18% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 1.68% | 0.40% | +1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.88% | 0.71% | +4.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.43% | 0.97% | +3.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.67% | 0.97% | +3.70% |