MSCVX vs. MECVX

Last updated Jun 23, 2026

MSCVX (MainStay MacKay California Tax Free Opportunities Fund) and MECVX (MainStay Epoch Capital Growth Fund) are both mutual funds - MSCVX is a Municipal Bonds fund managed by MainStay, while MECVX is a Global Equities fund managed by MainStay. Over the past 5 years, MSCVX returned 0.55%/yr vs 9.54%/yr for MECVX. At a 0.08 correlation, their price movements are largely independent. MSCVX charges 0.77%/yr vs 1.39%/yr for MECVX.

Performance

MSCVX vs. MECVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay California Tax Free Opportunities Fund (MSCVX) and MainStay Epoch Capital Growth Fund (MECVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSCVX achieves a 1.89% return, which is significantly lower than MECVX's 7.56% return.

MSCVX

• 1D: 0.10%
• 1M: 1.76%
• YTD: 1.89%
• 6M: 2.28%
• 1Y: 7.03%
• 3Y*: 4.11%
• 5Y*: 0.55%
• 10Y*: 2.07%

MECVX

• 1D: 1.04%
• 1M: 1.85%
• YTD: 7.56%
• 6M: 6.52%
• 1Y: 19.13%
• 3Y*: 14.04%
• 5Y*: 9.54%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MSCVX vs. MECVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSCVX MainStay MacKay California Tax Free Opportunities Fund	1.89%	3.53%	2.74%	6.09%	-11.16%	2.34%	4.75%	8.39%	1.67%	6.35%
MECVX MainStay Epoch Capital Growth Fund	7.56%	13.10%	10.52%	29.35%	-19.63%	25.00%	29.21%	34.56%	-8.92%	26.65%

Correlation

The correlation between MSCVX and MECVX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 6, 2016	0.08

The correlation between MSCVX and MECVX shifts across timeframes, from 0.08 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MSCVX vs. MECVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSCVX

MSCVX Risk / Return Rank: 71
MSCVX Sharpe Ratio Rank: 89
MSCVX Sortino Ratio Rank: 91
MSCVX Omega Ratio Rank: 93
MSCVX Calmar Ratio Rank: 43
MSCVX Martin Ratio Rank: 39

MECVX

MECVX Risk / Return Rank: 29
MECVX Sharpe Ratio Rank: 29
MECVX Sortino Ratio Rank: 27
MECVX Omega Ratio Rank: 26
MECVX Calmar Ratio Rank: 28
MECVX Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MSCVX vs. MECVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay California Tax Free Opportunities Fund (MSCVX) and MainStay Epoch Capital Growth Fund (MECVX). 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.

	MSCVX	MECVX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	1.43	+1.27
Sortino ratio: Return per unit of downside risk	4.21	2.02	+2.20
Omega ratio: Gain probability vs. loss probability	1.69	1.25	+0.44
Calmar ratio: Return relative to maximum drawdown	2.39	1.85	+0.54
Martin ratio: Return relative to average drawdown	7.94	7.30	+0.63

MSCVX vs. MECVX - Sharpe Ratio Comparison

The current MSCVX Sharpe Ratio is 2.70, which is higher than the MECVX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of MSCVX and MECVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSCVX vs. MECVX - Drawdown Comparison

The maximum MSCVX drawdown since its inception was -17.13%, smaller than the maximum MECVX drawdown of -30.36%. Use the drawdown chart below to compare losses from any high point for MSCVX and MECVX.

Drawdown Indicators

	MSCVX	MECVX	Difference
Max Drawdown Largest peak-to-trough decline	-17.13%	-30.36%	+13.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-10.06%	+7.09%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-16.57%	+10.47%
Max Drawdown (5Y) Largest decline over 5 years	-17.13%	-29.51%	+12.38%
Max Drawdown (10Y) Largest decline over 10 years	-17.13%	—	—
Current Drawdown Current decline from peak	-0.40%	-0.78%	+0.38%
Average Drawdown Average peak-to-trough decline	-3.04%	-4.91%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	2.54%	-1.65%

Volatility

MSCVX vs. MECVX - Volatility Comparison

The current volatility for MainStay MacKay California Tax Free Opportunities Fund (MSCVX) is 0.75%, while MainStay Epoch Capital Growth Fund (MECVX) has a volatility of 4.68%. This indicates that MSCVX experiences smaller price fluctuations and is considered to be less risky than MECVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSCVX	MECVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	4.68%	-3.93%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	10.47%	-8.42%
Volatility (1Y) Calculated over the trailing 1-year period	2.63%	13.02%	-10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.46%	16.52%	-12.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	16.85%	-12.17%

MSCVX vs. MECVX - Expense Ratio Comparison

MSCVX has a 0.77% expense ratio, which is lower than MECVX's 1.39% expense ratio.

Dividends

MSCVX vs. MECVX - Dividend Comparison

MSCVX's dividend yield for the trailing twelve months is around 3.27%, less than MECVX's 7.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MECVX MainStay Epoch Capital Growth Fund	7.55%	8.12%	4.30%	0.32%	1.01%	28.36%	19.49%	9.87%	7.96%	3.31%	0.22%	0.00%
MSCVX MainStay MacKay California Tax Free Opportunities Fund	3.27%	4.45%	3.84%	2.84%	2.81%	2.13%	2.48%	2.78%	3.01%	3.07%	3.16%	3.50%

Frequently Asked Questions

Can I hold both MSCVX and MECVX in my portfolio?

MSCVX and MECVX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSCVX or MECVX?

MECVX has higher volatility (4.68%) compared to MSCVX (0.75%). In terms of maximum drawdown, MSCVX dropped -17.13% vs MECVX's -30.36%.

Which has better risk-adjusted returns?

MSCVX currently has the higher Sharpe Ratio (2.70 vs 1.43), 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.