MSCVX vs. MTFEX
MSCVX (MainStay MacKay California Tax Free Opportunities Fund) and MTFEX (MainStay MacKay Strategic Municipal Allocation Fund) are both Municipal Bonds funds from MainStay. Over the past 5 years, MSCVX returned 0.55%/yr vs 1.20%/yr for MTFEX. Their correlation of 0.87 suggests significant overlap in exposure. MSCVX charges 0.77%/yr vs 0.97%/yr for MTFEX.
Performance
MSCVX vs. MTFEX - Performance Comparison
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Returns By Period
In the year-to-date period, MSCVX achieves a 1.89% return, which is significantly higher than MTFEX's 1.60% 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%
MTFEX
- 1D
- 0.10%
- 1M
- 1.35%
- YTD
- 1.60%
- 6M
- 2.00%
- 1Y
- 6.54%
- 3Y*
- 3.84%
- 5Y*
- 1.20%
- 10Y*
- —
MSCVX vs. MTFEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MSCVX MainStay MacKay California Tax Free Opportunities Fund | 1.89% | 3.53% | 2.74% | 6.09% | -11.16% | 2.34% | 4.75% | 3.24% |
MTFEX MainStay MacKay Strategic Municipal Allocation Fund | 1.60% | 4.65% | 2.02% | 5.14% | -7.11% | 2.07% | 4.32% | 2.87% |
Correlation
The correlation between MSCVX and MTFEX is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019 | 0.87 |
The correlation between MSCVX and MTFEX has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.
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Return for Risk
MSCVX vs. MTFEX — Risk / Return Rank
MSCVX
MTFEX
MSCVX vs. MTFEX - 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 MacKay Strategic Municipal Allocation Fund (MTFEX). 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 | MTFEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.81 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.37 | +0.02 |
| Martin ratioReturn relative to average drawdown | 7.94 | 7.93 | +0.01 |
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Drawdowns
MSCVX vs. MTFEX - Drawdown Comparison
The maximum MSCVX drawdown since its inception was -17.13%, which is greater than MTFEX's maximum drawdown of -11.88%. Use the drawdown chart below to compare losses from any high point for MSCVX and MTFEX.
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Drawdown Indicators
| MSCVX | MTFEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.13% | -11.88% | -5.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -2.78% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -6.10% | -4.34% | -1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -17.13% | -11.88% | -5.25% |
Max Drawdown (10Y)Largest decline over 10 years | -17.13% | — | — |
Current DrawdownCurrent decline from peak | -0.40% | -0.60% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -3.04% | -2.72% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.83% | +0.06% |
Volatility
MSCVX vs. MTFEX - Volatility Comparison
MainStay MacKay California Tax Free Opportunities Fund (MSCVX) has a higher volatility of 0.75% compared to MainStay MacKay Strategic Municipal Allocation Fund (MTFEX) at 0.65%. This indicates that MSCVX's price experiences larger fluctuations and is considered to be riskier than MTFEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSCVX | MTFEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.65% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 1.77% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.63% | 2.25% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.46% | 3.13% | +1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 3.90% | +0.78% |
MSCVX vs. MTFEX - Expense Ratio Comparison
MSCVX has a 0.77% expense ratio, which is lower than MTFEX's 0.97% expense ratio.
Dividends
MSCVX vs. MTFEX - Dividend Comparison
MSCVX's dividend yield for the trailing twelve months is around 3.27%, less than MTFEX's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MTFEX MainStay MacKay Strategic Municipal Allocation Fund | 3.33% | 3.33% | 3.48% | 2.74% | 2.30% | 2.36% | 1.74% | 1.83% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSCVX and MTFEX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSCVX has higher volatility (0.75%) compared to MTFEX (0.65%). In terms of maximum drawdown, MSCVX dropped -17.13% vs MTFEX's -11.88%.
MTFEX currently has the higher Sharpe Ratio (2.92 vs 2.70), 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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