MSPIX vs. MBAIX

Last updated Jun 23, 2026

MSPIX (MainStay S&P 500 Index Fund) and MBAIX (MainStay Balanced Fund) are both mutual funds - MSPIX is a Large Cap Blend Equities fund managed by New York Life, while MBAIX is a Diversified Portfolio fund managed by New York Life. Over the past 10 years, MSPIX returned 15.30%/yr vs 7.43%/yr for MBAIX. Their correlation of 0.87 suggests significant overlap in exposure. MSPIX charges 0.25%/yr vs 0.81%/yr for MBAIX.

Performance

MSPIX vs. MBAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay S&P 500 Index Fund (MSPIX) and MainStay Balanced Fund (MBAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSPIX achieves a 10.06% return, which is significantly higher than MBAIX's 4.75% return. Over the past 10 years, MSPIX has outperformed MBAIX with an annualized return of 15.30%, while MBAIX has yielded a comparatively lower 7.43% annualized return.

MSPIX

• 1D: 1.09%
• 1M: 0.45%
• YTD: 10.06%
• 6M: 9.56%
• 1Y: 26.86%
• 3Y*: 20.65%
• 5Y*: 13.81%
• 10Y*: 15.30%

MBAIX

• 1D: -0.15%
• 1M: -0.03%
• YTD: 4.75%
• 6M: 4.38%
• 1Y: 13.23%
• 3Y*: 9.96%
• 5Y*: 6.32%
• 10Y*: 7.43%

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

MSPIX vs. MBAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSPIX MainStay S&P 500 Index Fund	10.06%	17.55%	24.31%	26.29%	-18.33%	28.46%	18.14%	31.02%	-4.47%	21.38%
MBAIX MainStay Balanced Fund	4.75%	11.38%	7.59%	7.56%	-5.80%	17.13%	7.73%	19.28%	-7.53%	9.87%

Correlation

The correlation between MSPIX and MBAIX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 31, 1990	0.87

Over the past year, the correlation between MSPIX and MBAIX has dropped to 0.66 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

MSPIX vs. MBAIX — Risk / Return Rank

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

MSPIX

MSPIX Risk / Return Rank: 65
MSPIX Sharpe Ratio Rank: 64
MSPIX Sortino Ratio Rank: 57
MSPIX Omega Ratio Rank: 60
MSPIX Calmar Ratio Rank: 67
MSPIX Martin Ratio Rank: 77

MBAIX

MBAIX Risk / Return Rank: 55
MBAIX Sharpe Ratio Rank: 50
MBAIX Sortino Ratio Rank: 52
MBAIX Omega Ratio Rank: 48
MBAIX Calmar Ratio Rank: 61
MBAIX Martin Ratio Rank: 62

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.

MSPIX vs. MBAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay S&P 500 Index Fund (MSPIX) and MainStay Balanced Fund (MBAIX). 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.

	MSPIX	MBAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.91	+0.24
Sortino ratio: Return per unit of downside risk	2.91	2.78	+0.12
Omega ratio: Gain probability vs. loss probability	1.39	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	3.01	2.87	+0.14
Martin ratio: Return relative to average drawdown	13.54	11.54	+2.00

MSPIX vs. MBAIX - Sharpe Ratio Comparison

The current MSPIX Sharpe Ratio is 2.15, which is comparable to the MBAIX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of MSPIX and MBAIX, 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

MSPIX vs. MBAIX - Drawdown Comparison

The maximum MSPIX drawdown since its inception was -55.30%, which is greater than MBAIX's maximum drawdown of -39.74%. Use the drawdown chart below to compare losses from any high point for MSPIX and MBAIX.

Drawdown Indicators

	MSPIX	MBAIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.30%	-39.74%	-15.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-4.69%	-4.24%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-8.37%	-10.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.64%	-13.19%	-11.45%
Max Drawdown (10Y) Largest decline over 10 years	-33.78%	-25.87%	-7.91%
Current Drawdown Current decline from peak	-1.36%	-1.14%	-0.22%
Average Drawdown Average peak-to-trough decline	-8.69%	-3.56%	-5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.16%	+0.81%

Volatility

MSPIX vs. MBAIX - Volatility Comparison

MainStay S&P 500 Index Fund (MSPIX) has a higher volatility of 4.76% compared to MainStay Balanced Fund (MBAIX) at 2.12%. This indicates that MSPIX's price experiences larger fluctuations and is considered to be riskier than MBAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSPIX	MBAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	2.12%	+2.64%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	5.25%	+4.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	7.05%	+5.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	9.41%	+7.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	10.61%	+7.51%

MSPIX vs. MBAIX - Expense Ratio Comparison

MSPIX has a 0.25% expense ratio, which is lower than MBAIX's 0.81% expense ratio.

Dividends

MSPIX vs. MBAIX - Dividend Comparison

MSPIX's dividend yield for the trailing twelve months is around 1.13%, less than MBAIX's 6.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MBAIX MainStay Balanced Fund	6.65%	6.95%	6.14%	2.27%	1.86%	23.51%	2.24%	6.04%	9.37%	7.05%	2.94%	6.93%
MSPIX MainStay S&P 500 Index Fund	1.13%	1.25%	5.31%	4.17%	10.37%	4.57%	8.86%	17.41%	14.61%	15.26%	9.79%	5.75%

Frequently Asked Questions

Can I hold both MSPIX and MBAIX in my portfolio?

MSPIX and MBAIX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSPIX or MBAIX?

MSPIX has higher volatility (4.76%) compared to MBAIX (2.12%). In terms of maximum drawdown, MSPIX dropped -55.30% vs MBAIX's -39.74%.

Which has better risk-adjusted returns?

MSPIX currently has the higher Sharpe Ratio (2.15 vs 1.91), 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.