MSOAX vs. MSTIX

Last updated Aug 1, 2026

MSOAX (MainStay WMC Enduring Capital Fund) and MSTIX (MainStay MacKay Short Term Municipal Fund) are both mutual funds - MSOAX is a Large Cap Blend Equities fund managed by New York Life, while MSTIX is a Municipal Bonds fund managed by New York Life. Over the past 10 years, MSOAX returned 10.61%/yr vs 1.58%/yr for MSTIX. Their -0.11 correlation means they have often moved in opposite directions in the past. MSOAX charges 0.91%/yr vs 0.40%/yr for MSTIX.

Performance

MSOAX vs. MSTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay WMC Enduring Capital Fund (MSOAX) and MainStay MacKay Short Term Municipal Fund (MSTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSOAX achieves a 5.51% return, which is significantly higher than MSTIX's 0.71% return. Over the past 10 years, MSOAX has outperformed MSTIX with an annualized return of 10.61%, while MSTIX has yielded a comparatively lower 1.58% annualized return.

MSOAX

• 1D: -1.74%
• 1M: -1.29%
• 6M: 2.71%
• YTD: 5.51%
• 1Y: 2.36%
• 3Y*: 7.17%
• 5Y*: 5.81%
• 10Y*: 10.61%
• ALL TIME*: 7.14%

MSTIX

• 1D: -0.11%
• 1M: -0.64%
• 6M: 0.02%
• YTD: 0.71%
• 1Y: 2.35%
• 3Y*: 3.30%
• 5Y*: 1.51%
• 10Y*: 1.58%
• ALL TIME*: 4.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSOAX MainStay WMC Enduring Capital Fund	$0.00	$0.00	$0.00
MSTIX MainStay MacKay Short Term Municipal Fund	$0.00	$0.00	$0.00

MSOAX vs. MSTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSOAX MainStay WMC Enduring Capital Fund	5.51%	-0.61%	10.54%	17.67%	-13.18%	35.36%	15.48%	24.80%	-7.00%	23.82%
MSTIX MainStay MacKay Short Term Municipal Fund	0.71%	4.69%	2.41%	3.70%	-3.33%	0.43%	2.55%	2.53%	1.81%	1.29%

Correlation

The correlation between MSOAX and MSTIX is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (10Y) Provides a long-term view across more market conditions.	0.05
Correlation (All Time) Calculated using the full available price history since May 29, 1998	-0.11

The correlation between MSOAX and MSTIX shifts across timeframes, from -0.11 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MSOAX vs. MSTIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSOAX

MSOAX Risk / Return Rank: 5
MSOAX Sharpe Ratio Rank: 5
MSOAX Sortino Ratio Rank: 5
MSOAX Omega Ratio Rank: 5
MSOAX Calmar Ratio Rank: 5
MSOAX Martin Ratio Rank: 5

MSTIX

MSTIX Risk / Return Rank: 74
MSTIX Sharpe Ratio Rank: 79
MSTIX Sortino Ratio Rank: 88
MSTIX Omega Ratio Rank: 95
MSTIX Calmar Ratio Rank: 61
MSTIX Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSOAX vs. MSTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay WMC Enduring Capital Fund (MSOAX) and MainStay MacKay Short Term Municipal Fund (MSTIX). 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.

	MSOAX	MSTIX	Difference
Sharpe ratio: Return per unit of total volatility	0.05	1.88	-1.83
Sortino ratio: Return per unit of downside risk	0.17	3.27	-3.10
Omega ratio: Gain probability vs. loss probability	1.02	1.58	-0.56
Calmar ratio: Return relative to maximum drawdown	0.06	2.09	-2.03
Martin ratio: Return relative to average drawdown	0.13	6.73	-6.60

MSOAX vs. MSTIX - Sharpe Ratio Comparison

The current MSOAX Sharpe Ratio is 0.05, which is lower than the MSTIX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of MSOAX and MSTIX, 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

MSOAX vs. MSTIX - Drawdown Comparison

The maximum MSOAX drawdown since its inception was -55.16%, which is greater than MSTIX's maximum drawdown of -8.99%. Use the drawdown chart below to compare losses from any high point for MSOAX and MSTIX.

Drawdown Indicators

	MSOAX	MSTIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.16%	-8.99%	-46.17%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-1.38%	-9.26%
Max Drawdown (3Y) Largest decline over 3 years	-14.69%	-1.83%	-12.86%
Max Drawdown (5Y) Largest decline over 5 years	-21.27%	-5.62%	-15.65%
Max Drawdown (10Y) Largest decline over 10 years	-34.01%	-5.62%	-28.39%
Current Drawdown Current decline from peak	-5.30%	-0.65%	-4.65%
Average Drawdown Average peak-to-trough decline	-13.25%	-0.54%	-12.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.98%	0.43%	+4.55%

Volatility

MSOAX vs. MSTIX - Volatility Comparison

MainStay WMC Enduring Capital Fund (MSOAX) has a higher volatility of 4.97% compared to MainStay MacKay Short Term Municipal Fund (MSTIX) at 0.39%. This indicates that MSOAX's price experiences larger fluctuations and is considered to be riskier than MSTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSOAX	MSTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	0.39%	+4.58%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	1.23%	+8.94%
Volatility (1Y) Calculated over the trailing 1-year period	13.33%	1.54%	+11.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	1.84%	+14.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.80%	1.58%	+16.22%

MSOAX vs. MSTIX - Expense Ratio Comparison

MSOAX has a 0.91% expense ratio, which is higher than MSTIX's 0.40% expense ratio.

Dividends

MSOAX vs. MSTIX - Dividend Comparison

MSOAX's dividend yield for the trailing twelve months is around 3.86%, more than MSTIX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSOAX MainStay WMC Enduring Capital Fund	3.86%	4.07%	0.26%	0.64%	4.00%	8.70%	0.83%	5.99%	13.82%	0.88%	1.22%	1.11%
MSTIX MainStay MacKay Short Term Municipal Fund	2.99%	3.38%	3.14%	2.85%	1.38%	0.85%	1.37%	1.76%	1.48%	1.28%	0.87%	0.82%

Frequently Asked Questions

Can I hold both MSOAX and MSTIX in my portfolio?

MSOAX and MSTIX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSOAX or MSTIX?

MSOAX has higher volatility (4.97%) compared to MSTIX (0.39%). In terms of maximum drawdown, MSOAX dropped -55.16% vs MSTIX's -8.99%.

Which has better risk-adjusted returns?

MSTIX currently has the higher Sharpe Ratio (1.88 vs 0.05), 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.