MSPIX vs. MSOAX

Last updated Jun 23, 2026

MSPIX (MainStay S&P 500 Index Fund) and MSOAX (MainStay WMC Enduring Capital Fund) are both Large Cap Blend Equities funds from New York Life. Over the past 10 years, MSPIX returned 15.30%/yr vs 10.71%/yr for MSOAX. Their correlation of 0.94 suggests significant overlap in exposure. MSPIX charges 0.25%/yr vs 0.91%/yr for MSOAX.

Performance

MSPIX vs. MSOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay S&P 500 Index Fund (MSPIX) and MainStay WMC Enduring Capital Fund (MSOAX). 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 MSOAX's 2.15% return. Over the past 10 years, MSPIX has outperformed MSOAX with an annualized return of 15.30%, while MSOAX has yielded a comparatively lower 10.71% 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%

MSOAX

• 1D: 0.49%
• 1M: 2.83%
• YTD: 2.15%
• 6M: 0.98%
• 1Y: -0.65%
• 3Y*: 7.98%
• 5Y*: 6.43%
• 10Y*: 10.71%

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

MSPIX vs. MSOAX - 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%
MSOAX MainStay WMC Enduring Capital Fund	2.15%	-0.61%	10.54%	17.67%	-13.18%	35.36%	15.48%	24.80%	-7.00%	23.82%

Correlation

The correlation between MSPIX and MSOAX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 29, 1998	0.94

Over the past year, the correlation between MSPIX and MSOAX has dropped to 0.55 - well below their long-term average of 0.94, suggesting their price drivers have been diverging.

Return for Risk

MSPIX vs. MSOAX — 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

MSOAX

MSOAX Risk / Return Rank: 3
MSOAX Sharpe Ratio Rank: 3
MSOAX Sortino Ratio Rank: 2
MSOAX Omega Ratio Rank: 2
MSOAX Calmar Ratio Rank: 3
MSOAX Martin Ratio Rank: 3

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. MSOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay S&P 500 Index Fund (MSPIX) and MainStay WMC Enduring Capital Fund (MSOAX). 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	MSOAX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	-0.04	+2.19
Sortino ratio: Return per unit of downside risk	2.91	0.03	+2.87
Omega ratio: Gain probability vs. loss probability	1.39	1.00	+0.39
Calmar ratio: Return relative to maximum drawdown	3.01	-0.05	+3.05
Martin ratio: Return relative to average drawdown	13.54	-0.10	+13.64

MSPIX vs. MSOAX - Sharpe Ratio Comparison

The current MSPIX Sharpe Ratio is 2.15, which is higher than the MSOAX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of MSPIX and MSOAX, 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. MSOAX - Drawdown Comparison

The maximum MSPIX drawdown since its inception was -55.30%, roughly equal to the maximum MSOAX drawdown of -55.16%. Use the drawdown chart below to compare losses from any high point for MSPIX and MSOAX.

Drawdown Indicators

	MSPIX	MSOAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.30%	-55.16%	-0.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-11.43%	+2.50%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-14.69%	-4.07%
Max Drawdown (5Y) Largest decline over 5 years	-24.64%	-21.27%	-3.37%
Max Drawdown (10Y) Largest decline over 10 years	-33.78%	-34.01%	+0.23%
Current Drawdown Current decline from peak	-1.36%	-8.31%	+6.95%
Average Drawdown Average peak-to-trough decline	-8.69%	-13.28%	+4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	5.64%	-3.67%

Volatility

MSPIX vs. MSOAX - Volatility Comparison

MainStay S&P 500 Index Fund (MSPIX) has a higher volatility of 4.76% compared to MainStay WMC Enduring Capital Fund (MSOAX) at 3.56%. This indicates that MSPIX's price experiences larger fluctuations and is considered to be riskier than MSOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSPIX	MSOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	3.56%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	9.70%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	12.86%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	15.92%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	17.81%	+0.31%

MSPIX vs. MSOAX - Expense Ratio Comparison

MSPIX has a 0.25% expense ratio, which is lower than MSOAX's 0.91% expense ratio.

Dividends

MSPIX vs. MSOAX - Dividend Comparison

MSPIX's dividend yield for the trailing twelve months is around 1.13%, less than MSOAX's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSOAX MainStay WMC Enduring Capital Fund	3.98%	4.07%	0.26%	0.64%	4.00%	8.70%	0.83%	5.99%	13.82%	0.88%	1.22%	1.11%
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 MSOAX in my portfolio?

MSPIX and MSOAX have a correlation of 0.55, 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 MSOAX?

MSPIX has higher volatility (4.76%) compared to MSOAX (3.56%). In terms of maximum drawdown, MSPIX dropped -55.30% vs MSOAX's -55.16%.

Which has better risk-adjusted returns?

MSPIX currently has the higher Sharpe Ratio (2.15 vs -0.04), 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.